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 2008 recession, corporate America is largely holding onto business jets in 2020 despite a more severe economic crisis and idle fleets, with the percentage of jets for sale remaining remarkably steady.
- Industry strategist Brian Foley suggests this retention is due to the perceived safety of private jet travel, which allows owners to avoid crowded commercial airliners during the pandemic.
- Consequently, business aviation, including charter and other non-ownership models, is expected to recover faster than airlines as travelers prioritize safer, more controlled environments.
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