Buying a Jet in 2022? Tips to Start the Process

If you are planning on buying a used business jet or turboprop in 2022, where do you begin? Dave Higdon shares some tips to help get your foray into the market off to the best start…

According to JETNET iQ’s December ‘Pulse’ report, what appeared as the nascent easing of business aircraft market pressures at mid-year took a battering from a pair of Covid-19 variants as the year rolled toward its inevitable conclusion.

“Would-be buyers of late-model pre-owned aircraft have had few, if any, good alternatives to select from for much of the past 12-plus months, further bolstering OEM sales in an environment of stronger pricing,” the report said.

For most of 2021, good, late-model pre-owned business aircraft have been in short supply. So much so that pricing helped make new-production models a financially competitive alternative to those attractive, late-model pre-owned aircraft – providing, of course, that you can find one that matches your operating needs.

“For the OEMs, 2021 has been – and will continue to be – a year to long remember, when orders were well in excess of deliveries, and firm order backlogs were replenished,” said JETNET. “We expect that business jet manufacturers will deliver just shy of 700 new business jets in 2021, up approximately 11% over the Covid-reduced levels of 2020.

“Year-over-year delivery volume increases will be broad-based across all aircraft size categories, led by a resurgent Textron Aviation.”

Price competition helped boost those orders, at least in part because of demand for pre-owned jets and turboprops under 10 years old. And now, due to the two new Covid-19 variants, higher demand looks set to continue well into 2022.

So, what should a would-be buyer do? If you hope to find the perfect business aircraft for your operation in 2022, you are going to need some trusted dealers and brokers on speed dial. At a time where buyers are already active – and prices are rising – shop early, and shop diligently.

The Fundamentals Still Apply…

Hard times may tempt the unwise to hurry the process and jump on the first “good deal” to present itself. The old proverb “act in haste, repent at leisure” would

certainly apply here. Rushing the process could cost the buyer in many ways.

It is always best to define and use the process that’s helped many a rookie buyer land their best deal knowing that their choice was wise and well-informed.

While it is difficult to imagine starting the shopping process too early into the New Year, to do so you will need clear definition of what exactly is needed. Following, we’ve provided some tips and pointers to help establish that definition.

Defining your needs could be the toughest step, especially if you are a first-time owner who is new to the processes, terms, and common knowledge. Here are some tips to help get the process off on the right footing…

1. Mission Minima

You will need a well-defined vision of the mission need for your private jet or turboprop to help ensure you do not buy too much, or too little performance and capacity. Establish how many seats need to be occupied on a typical trip in the cabin, and how often additional or fewer seats may be needed.

Will the airplane need to provide more than the average luggage space? And who will be flying aboard the aircraft most of the time? Executives, technicians, or others?

By establishing this, you can build a picture of how the cabin needs to function, and the types of equipage your passengers will need to have on your newly-acquired aircraft to enable them to function at optimal capacity.

2. Where Will You Fly?

What is the ideal range of the aircraft you need to buy? Are you planning on flying shorter legs within your own continent, or to traverse vast swathes of ocean on lengthy trans-continental trips across multiple time-zones?

With capabilities ranging from just over 1,000 nautical miles, to approximately 7,500nm, the options available from today’s business jets can be dizzying – especially when you consider that the published range number of an aircraft can be impacted by the payload it’s carrying (and various other factors).

So, the answer to ‘where will you fly?’ needs to be married to ‘with whom?’

It is wise to determine what percentage of anticipated travel the aircraft will need to cover as well, and what percentage would it make better sense to utilize supplemental lift (charter)?

Factoring in the costs of ownership, it would make little sense to buy a bigger jet that can cover an extra 10% of your flying needs, when a smaller (less costly to buy and operate) airplane can cover 90% of your mission needs.

Focus on your core mission needs. Chartering for the occasional longer-range or higher capacity needs beyond your regular mission profile would be the prudent way to go. 

3. Budget Matters

A business aircraft can do wonders for the company that owns it. That’s why so many successful businesses use them in their day-to-day work. Business aircraft pay off.

Nevertheless, the sums of money involved to own one can be daunting – particularly for a new owner. It’s vital to understand all of these, and have a budget for a projected period of ownership. Some costs will vary, while others are fixed.

Maintenance; hangar rental; insurance; crew costs; fuel; navigation charts; software updates for the pilots’ devices; and any upgrades a candidate aircraft on the pre-owned market will need – these all add up. But you should create a budget for them once the aircraft type has been determined.

Start the Process Now

It’s impossible to predict how many of any given aircraft type will be available at any given time on the market, according to various experts polled. They recommend starting the search process early in 2022 – right after agreeing on the need.

Consult with a trusted broker, dealer, or well-versed consultant to help answer mission-related questions, the search, and finally the selection, including prepurchase inspections, and registration issues. They will ultimately save you a lot of time and expense, and maximize the chance of success for your upcoming foray on the market.

With your mission questions answered, you can get a running start right off the bat. So give your company the benefit of putting time on your side as you enter the pre-owned business aircraft market in 2022. ❚

“Chartering for the occasional longer-range or higher capacity needs beyond your regular mission profile would be the prudent way to go.”

DAVE HIGDON

is a highly respected aviation journalist who has covered all aspects of civil aviation over the past 36 years. Based in Wichita, he has several thousand flight hours, and has piloted pretty much everything from foot-launched wings to combat jets.

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