Business jets are expensive, complex pieces of machinery owned by the most powerful companies and the wealthiest people in the world. Most of us can only dream of owning a modern jet capable of reaching the far corners of the world and taking us there in luxury.
The private aircraft industry is estimated to be a $24.21 billion business. This number comes even after the pandemic’s effects on the aviation market, which resulted in just about all manufacturing ceasing for a period of time. Private aircraft are even harder to find now than since the start of the pandemic, and this is a trend that won’t end any time soon.
The pandemic brought several first-time buyers into the market, as well as several seasoned aircraft owners that decided to upgrade to meet the demands of safe travel and a lack of desire to return to the airlines.
Purchasing a business jet, assuming you can afford one is a great idea; it can save time and provide you and your family with security and privacy. Howevers a level of depreciatiot affects the overall value of a private aircraft and exists even in a bull market like we see today.
And if you’re the owner and operator of an aging business jet, you’ve likely questioned the shelf life and may even be facing some challenging decisions like heavy maintenance and modernization. You may even have more questions as to what causes them to age out. But, there are things you can do to add value.
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Aircraft Owners: Add Value To Your Aging Business Jet
The aviation industry is hot. However, private aircraft aren’t exactly plentiful. When you combine these facts with the ongoing labor shortage and supply chain management slowdown, options for buying a private jet are even slimmer. This means there are two primary choices buyers have. They can buy a pre-owned quality condition business jet or hit the showroom floor and purchase one that’s brand new and get inline as the backlog is growing.
Buying brand new oftentimes requires a much larger budget and that often means you will need financing which isn’t a possibility for everyone. But even if buyers purchase pre-owned, they can find a quality business jet models listed on the open market.
As the soon to be new owner, you can do things to improve the marketability of your aging business jet.
Keep in mind that buyers do have the option to choose an outsourced private jet company for their travels. This is why it’s important to maintain your business jet with the utmost care and gear up with all the necessary equipment to entice buyers.
Join A Jet Maintenance Program
You will already spend a large amount of your aviation budget on the aircraft itself, along with maintenance costs. One of the best ways to ensure that your business jet receives the attention to mantenance it needs is by enroling in a hourly cost maintenance program.
Even the savviest pilots and private aircraft owners need help managing their aircraft expenses. This is true whether you own one or ten aircraft (regardless of the aircraft size). enroling in a hourly cost maintenance program can help you:
- Stay protected from unexpected costs or breakdowns
- Better predict maintenance costs and stay within budget
- Increase risidual value
- Maintain the pedigree of your business jet
A hourly cost maintenance program is more than just unscheduled coverage. Enrolling in one is a preventive measure for retaining the value of your aircraft. Because when thinking about the sale of your business jet, that are a few things that can completely halt the process, like:
- Missing maintenance documents
- Unknown maintenance costs including Airworthiness Directives
- Depreciation due to heavy mainteance
Each of these key items can lead to killing your aircraft’s value. Enroling in a hourly cost maintenance program can help alleviate some of the stress by overseeing these issues. So if you don’t have a full time director of mainenance, or need added resources, a maintenece program can offer you everythign from troubleshooting to securing proposals for future maintenance.
Upgrade Your Avionics System
Now, updating your avionics won’t guarantee a major boost in value. However, it will attract more buyers and provide a wider range of potential finaincing. This alone will help when it comes to reselling the aircraft.
These types of refurbsihiment projects are complex, time consuming and often times super customized. My advice is reach out to the leading experts for your airctaft type and seek out their advice before jumping into an aging aircraft that needs everything refurbed.
Add Enhanced Vision Systems
Adding upgraded Enhanced Flight Vision Systems (EFVS) can improve visibility and safety for anyone flying a business jet. These high-tech infrared cameras detect objects and landscapes with ease in real-time, appearing on an easy-to-view display. Upgrade this system, and you’ll have a little something extra to add to your aircraft value.
Include High-Speed Internet And Wi-Fi
These days, you really can’t go without high-speed internet and Wi-Fi onboard. Whether passengers want to watch a movie or conduct business in-flight, it’s necessary to have these two items set up. Think of it this way… Other business aircraft will likely offer it. If yours doesn’t, it could be a simple make or break for someone looking to buy.
Create A Mood With Luxurious Lighting
It may sound futile, but adding lighting externally and inside an aircraft offers a special added touch. Consider High-Intensity Discharge (HID) lighting on the outside for improved safety and visibility. Then take the technology towards the inside with LED lighting. Set the mood with a dimmer or color change.
Don’t Buy Or Sell An Aging Business Jet Without Using The Carfax® Of The Skies
An aging business jet purchase is no small feat. Making the wrong decision can leave you with a lemon. You don’t want to go about buying an aircraft without the information you need to make a smart buying decision. Whether you’re interested in purchasing a single-piston aircraft or massive business jet, VREF Online is ready whenever you need it. Also, if you’re a member of the Aircraft Owners And Pilots Association (AOPA), you’re eligible to get special discounts.