Business jet buying frenzy calms with more second-hand planes for sale

Buyer “hysteria” for pre-owned business jets during the pandemic that triggered a recent wave of bidding wars is now easing, with more corporate aircraft coming up for sale, brokers say. The uptick in supply of pre-owned jets from historic lows will be in focus as corporate planemakers Textron Inc, General Dynamics Corp’s Gulfstream and Bombardier Inc unveil earnings in coming weeks, with investors looking for any early signs of softening demand for new planes. While US business jet traffic remains above 2019 levels, the combination of listed planes and aircraft sold through word-of-mouth is giving buyers more choice, while price increases have at least temporarily flattened. “The market is kind of taking a breath,” said Paul Kirby, Executive Vice President at QS Partners, a whole-aircraft brokerage and dealership. “You had this kind of hysteria that some buyers were going to miss the next airplane.” Fueled by a cutback in commercial flights and crowded airports during the pandemic, the rush by wealthy travelers toward private transport was so marked last year and this past winter that some buyers were snapping up second-hand planes before fully inspecting the wares. Story has more. <br/>