Selling a jet can be a complex process, but with a few considerations, you may be able to maximize the amount of the sale.
First, it’s helpful to have a bit of background on what to expect. There are three categories of jets available on the market:
- “Like New”
It’s up to the buyer to determine if the aircraft is “like new” or used, as the buyer has the option of spending slightly more for new, or slightly less for “like new.” In order for the seller to get top dollar for an aircraft, it must be presented to highlight its value relative to other aircraft available. Sellers will likely see a higher dollar amount for a “like new” jet, but it’s a more restrictive category. Your jet would need to be less than two years old, with an unusually low amount of flight hours to fit that category.
Additional Considerations While Selling a Jet
Have a Plan Ahead of Time
The most successful sales happen because the seller executed an effective plan. When you buy a jet, you should understand what your ownership intentions are. Do you plan on keeping the jet for more than five years while racking up business mileage?
Or do you plan on a quick turnaround and resale?
If you are looking to receive top dollar on a jet sale, you should be taking steps with that goal in mind from the point of the sale. It will influence the features and ad-ons, as well as the maintenance schedule you choose to keep.
Consider the Ad-Ons
If your plan involves selling a jet in “like new” condition, make sure that you consider the ad-ons at the time of purchase. Buyers will be interested in the planes that already have things like HF radios or flight data recorders installed. They are looking for the jets that will require the minimal amount of work after the sale.
Maintenance is another frequent sticking point between the seller and buyer. It can be frustrating to sellers, but the success of your sale may hinge on how much you are willing to spend. That maintenance bill you were looking to avoid could be the very thing that speeds up the sale.
Remember, there are instances were a buyer may find a better deal in a new jet. The more you can do to make the sale more attractive, the better your chances of success are.
Your ownership attitude is conducive to your success. When you take care of the airplane maintenance, remember that factory authorized repairs give the airplane a higher pedigree.
It’s similar to selling a used car in that respect – a buyer will value factory authorized repairs over someone who changes the oil themselves. While DIY repairs may be convenient, your future buyer will have something to say about that arrangement.
Work with an Aircraft Broker
An aircraft broker, or a seller’s agent, will help you attract top dollar for your sale. He or she will help you land an advertisement in the top trade publications, and market the sale of your jet in a competitive manner.
When you’re selling a jet, it’s common for the process to take more than a year. The length of time the jet has been on the market will be visible on the ad. Buyers may start to wonder what is wrong with a plane that has sat on the market for an extended length of time. The truth is there may not be anything wrong with it, other than it’s overpriced for the current market.
Working with a professional broker provides the seller with accurate market data. This data enables the seller to accurately price the aircraft respective of the maintenance pedigree, options, and cosmetic condition which ultimately leads to a shorter sales cycle.
If you have any questions, or are considering selling a jet, contact us today!