Zurich-based ExecuJet Aviation Group said there is so much demand for used business jets that it has created a dedicated division with sales representatives in Europe, South Africa and the Middle East to cater to this segment. It said that demand was being fueled primarily by Middle East customers, where sales of such jets was growing 20 per cent annually.
ExecuJet is an aircraft sales, management, charter, maintenance, completions and FBO firm.
Last year, the firm logged some $300 million in sales of used aircraft in the Middle East, with more than a dozen transactions. These represented nearly 50 per cent of ExecuJet's total transactions for 2007.
It also said that used jet sales were also climbing in India and China, where it recently opened offices in Beijing and the commercial capital of Mumbai.
ExecuJet officials said the used jets market was booming particularly as lead times on new-build aircraft were huge. A customer would have to wait till 2011 for a new Learjet and to the first quarter of 2012 for a new Challenger 605.
Such lead times, they said, was already ensuring a premium of up to 15 per cent on late-model aircraft due to unavailability of new aircraft and also the lack of willingness on part of existing customers to sell.