July 5, 2022
8 Tips for Selling Your Used Business Jet
Buyers Ready to Own a Private Jet Will Be Clamoring for Your Aircraft
Ready to sell your business jet and upgrade to one that better meets your needs? These eight tips can help your transaction go more smoothly so that you can quickly pursue an acquisition of your own.
Schedule a Pre-Purchase Inspection of Your Used Private Jet
Even just a few months ago, buyers were forgoing aircraft inspections or simply accepting them as-is because of the heavy market competition. However, now that the market is cooling a bit, buyers are moving forward with inspections again to identify potential issues with an aircraft.
To prepare for selling your jet, it’s wise to ask a trusted aircraft mechanic or other expert to conduct a preliminary pre-purchase inspection to identify anything that could arise during the official inspection. Making minor repairs or updates as a result of this inspection can help to ensure the business jet you are selling stands out among the rest.
Correct any cosmetic issues, have leather seats conditioned, polish all the chrome, and make your aircraft look pristine to attract motivated buyers. These efforts are proven to help get your used private jet sold more quickly.
Don’t Rush to Make Upgrades
Don’t assume you need to add the latest technology to your business jet to make it more appealing to buyers. Newer avionics and in-flight entertainment can make an older aircraft shine, but scheduling and carrying out these upgrades take a lot of time - and do you really have that much time to wait to sell your private jet?
Instead, think of upgrades as long-term investments you make to a jet you’re committed to for several years. Otherwise, you’re unlikely to fully recoup the cost.
Make Sure Your Paperwork and Documentation Are In Order Before Listing Your Private Jet for Sale
You can hasten the selling process and help it go more smoothly by ensuring all your documentation and paperwork are available and in order prior to listing. Ensure that the aircraft’s records are easily accessible to potential buyers, and that your maintenance logs are up-to-date and complete.
Complete documentation can help you get top value for your used private jet.
Ask for the Right Price
Just as you’ll get more offers on a house listed for the right price, the same goes for a pre-owned jet for sale. When your aircraft is priced right, potential buyers are attracted to the jet.
To determine the best asking price, your broker or dealer will conduct market research, comparing your aircraft to comparables that were recently sold, plus taking into consideration your jet’s avionics, engine time and cycles, and maintenance history.
Understand Tax Implications Before You Begin a Transaction
How you used your business jet, how long you owned it, and the amount of property and sales tax you’re required to pay for it can affect your transaction. Addressing any tax issues prior to listing your jet for sale is vital if you want the process to go as smoothly as possible.
The FAA’s regulatory considerations - or international equivalent - are also important. Ensure all your obligations are met before listing your used private jet for sale.
Have Professional Photographs Taken of Your Jet
Clear, bright professional photography can attract buyers to your aircraft. Have a professional capture the essence of your business jet, taking interior and exterior photos to show the condition and quality.
Avoid the urge to digitally manipulate these photos; misrepresentation of your jet will put a bad taste in potential buyers’ mouths. They’re not interested in owning a private jet that was misrepresented to them.
Consider International Buyers
Anyone from anywhere in the world can express interest in your pre-owned jet for sale. Your dealer or broker can help you sort truly interested parties from those who are merely curious, so don’t hesitate when qualified international buyers express a desire to see or inspect your used private jet.
Work With an IADA Accredited Aircraft Dealer
Sell more quickly and at a higher value when you work with the industry’s consummate professionals. An International Aircraft Dealer Association (IADA) Accredited Dealer has a demonstrated record of successful aircraft sales and acquisitions, as well as a commitment to ethics and service.
All IADA Accredited Dealers are eligible to list private jets for sale on AircraftExchange.com, their exclusive listing site of vetted and verified aircraft.