Asking prices for preowned business jets continued to soften in November, dropping 2.4% month-over-month and 6.2% year-over-year (YOY), according to market valuation analyst Sandhills Global. The firm's latest market report also noted a 5% YOY decline in prices for October, though prices had shown a slight uptick of 1.8% compared to September.
"Inventory levels of used jets continue to climb," said Brant Washburn, controller department manager at Sandhills, which manages platforms like Aircraft Cost Calculator, AircraftEvaluation, Charter Hub, and Aviation Trader. "Similarly, the used turboprop market is also seeing inventory growth. However, while turboprop asking prices edged up slightly in November, used jet prices experienced a more pronounced decline."
Despite a 3.3% month-over-month decrease in global inventory of preowned business jets during November, inventory remained 4.7% higher compared to a year ago. Super-midsize jets saw the largest YOY inventory increase at 15.6%, along with a 5.5% month-over-month rise. Meanwhile, light jets experienced the most significant month-over-month price drop of 4.1%, and large jets recorded the steepest YOY price decline at 6.8%.
In the U.S. and Canada, turboprop inventory levels edged up 0.7% from October and were up 9.2% YOY. However, their asking values declined by 1.2% compared to the same period last year.