Preowned private jet sales dropped 4.2% as inventory increased

Preowned private jet sales dropped 4.2% with 2,309 transactions, while the 1,168 turboprop transactions marked a 6.8% year-over-year drop in 2024, according to business aviation intelligence provider JetNet.

At the same time, the inventory of used private jets on the market increased by 24% before peaking at 2,016 units for sale in November.

2024 closed with 1,851 units on the market.

That means 7.4% of the private jet fleet was for sale at the end of 2024.

The preowned private jet inventory consisted mainly of Light Jets (48%), followed by Large Jets (28%) and Midsize Jets (24%).

Turboprop inventory increased by 22%.

Turboprops peaked at 822 units before settling at 779 units by year-end.

One-third of the year’s sales were consummated in the year’s final quarter.

Vice President of Sales Paul Cardarelli says, “The 2024 pre-owned business aircraft market demonstrated significant supply-side growth, with inventory levels rising sharply across all segments.”

He continued, “While pricing trends varied, the market remained resilient, and strong Q4 sales activity underscored continued buyer demand.”

JetNet says, “Despite a sharp increase in available inventory, the percentage of the in-service fleet for sale remained at seller’s market levels.”

Preowned Private Jet Trends

In terms of pricing, the results in the used private jet market were mixed.

• Light Jets maintained an average asking price of approximately $3 million.
• Large Jets experienced an 11% price increase, reaching $14.6 million.
• Midsize Jets saw a 13% decline, closing the year at $4.75 million.

However, it was the more expensive aircraft that ended up selling.

• Light Jets’ average sale price was $4 million versus the inventory average of $3 million.
• Midsize Jets’ average sale price was $6 million versus the inventory average of 4.75 million.
• Large Jet’s average price was $17.5 million versus the inventory average of $14.6 million.

Age Before Beauty

The inventory of all preowned private jets for sale averaged 21 years old.

This equates to the 2003 vintage.

• Light Jets for sale were an average age of 22 years old.
• Midsize Jets trended younger, from 24 years to 22 years.
• Large Jets were also steady at about 20 years old.

However, it was the newer vintage aircraft that moved.

Aircraft sold average age:

• Light jets sold averaged 18 years old, four years newer than the inventory average.
• Midsize jets sold averaged 19 years old, three years newer than the inventory average.
• Large jets sold averaged 15 years old, five years newer than the inventory average.

Cardarelli noted, “The average sales cycle has shortened since pre-pandemic 2019.”

He added, “In 2024, jets averaged 207 days to sell, down from 249 in 2019.”

Turboprops are averaging 190 days on the market.

That’s down from 279 in 2019.

Looking ahead

In January, IADA Executive Director Louis Seno, Jr. said, “With post-election clarity in the U.S., market confidence has strengthened, leading to healthy sales projections and optimistic financial forecasts.”

IADA is the International Aircraft Dealers Association.

Their members claim over 50% of all preowned private aircraft sales worldwide.

For 2024, IADA dealers reported 1,559 closed deals, up 10% from 1,421 deals in 2023.

Per JetNet, its numbers signal “strong demand for well-maintained aircraft.”

It also helps to be younger.

According to GAMA, the General Aviation Manufacturers Association, the 764 new private jets delivered last year marked the industry’s second-best year since 2010.