“In general terms, we see the pre-owned aircraft market activity as improving. However, the market remains difficult for many sellers and it still remains predominantly a buyer's market.

Over the past few quarters, we have noticed more activity in the smaller and midsize sector than the large cabin, long range sector. Buyers appear more willing to justify this level of acquisition and certain types such as young Citation CJ1/CJ2+ and Citation XLS are now more limited in supply, with prices firming up as opposed to going up.

“We see continuing downward pricing pressures and increasing supply of large cabin aircraft such as the Global Express series, Gulfstream G450/G550 and Dassault Falcon 900 and 7X.

“Supply needs to be much reduced in order to help firm up large cabin pricing and lower the time an aircraft spends on the market.

“Fundamentally, we believe there are too few buyers. What buyers there are observe the continuing downward pricing trend and are biding their time. They also have many aircraft options to choose from and can be confused by the many complex variables that each individual aircraft presents. Funding can still be difficult too.

“It is remarkable to see a 15-year-old Global Express or Gulfstream G-V slipping below USD 10 million. This was a Challenger 604 or GIV-SP price only a few years ago.

“The continuing factors of business growth, the need for effective time management, overcrowded airports and security will continue to drive business jet demand. The only exceptions to this demand will be for aircraft over 20 years of age, where new avionic and technology demands will make them increasingly redundant.”