When the Great Recession hit the United States just more than a decade ago, the media was ripe with stories of companies dumping their airplanes faster than McDonalds flips burgers. That flurry of sales—roughly one in five airplanes—followed the PR nightmare created after a number of automakers flew their business jets to Washington to ask for a government bailout.
Business Jet Owners Holding On To Their Airplanes
Key Takeaways:
- Unlike the Great Recession of 2008 where companies rapidly sold business jets, the current 2020 economic crisis has seen owners largely retain their private aircraft.
- Data indicates the used business jet market supply has remained remarkably steady and low during the pandemic, despite the severe economic downturn.
- This retention is attributed to private jets offering a safer travel alternative to commercial airlines, with expectations for faster recovery in business aviation and increased demand for charter services from new clients.
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