October 1, 2022
Tips for Understanding How and When to Sell a Private Jet Plane
Business Jet Owners Can Maximize Profit and Make the Most of The Transaction
Those seeking to sell their aircraft must do as much legwork as those looking to own a private jet. Unlike certain real estate or used car markets, selling your business jet is more nuanced and less foolproof.
To better understand how and when to sell your aircraft and maximize your profit, consider these five tips for the process from the experts at AircraftExchange.com, the International Aircraft Dealers Association (IADA) exclusive listing site of preowned jets for sale.
Work with the Right Private Jet Plane Industry Experts
The private and business aviation industries have unique requirements for buying and selling aircraft. This is one major reason why it’s vital to assemble a team of experts as you pursue offering your pre-owned jet for sale.
Industry professionals can answer all your questions, guide the sales process, and ensure all necessary documentation is completed to the letter of the law. They’ll be able to help you, the seller, understand the value of your jet and how to market it for a quick and assured sale.
Smart private jet plane owners looking to sell their aircraft turn to an IADA Accredited Aircraft Dealer. These professionals are the most ethical in the business, promising to abide by a rigorous code of ethics, and providing proven experience in aircraft sales and acquisitions.
Understand the Tax Implication of Selling Your Used Private Jet
Tax planning is vital in any major transaction, and the same goes for selling your business jet. Just as you wouldn’t enter into a real estate deal without understanding tax implications, you should approach selling your private jet plane with the same level of preparation.
It’s up to the aircraft buyer to address tax implications of a jet purchase, but as the seller, you’ll need to do the same from your perspective. Assessing sales tax, federal excise tax, income tax, and FAA and other international regulations before selling means you’ve made an effort to ensure you can and will meet your tax obligations.
Bear in mind that as a seller, you will likely need to settle any existing tax burdens on your used private jet. This is a process that requires time and money, so plan ahead so as not to delay the sale when an interested party reaches out. It’s also worth remembering that tax implications and obligations vary by year, as laws change, and as elected officials enter office. Speak to an expert about the current year’s tax regulations in your country.
Choose the Right List Price for Your Pre-owned Jet for Sale
During the pandemic, the business aviation industry saw unprecedented sales prices with some buyers willing to acquire business jets that met some, but not all, of their requirements. This was, in part, due to the low inventory and increasing number of shoppers.
Today, the used private jet market is still a competitive one, with jet buyers shopping for quality aircraft at the right prices. This means your aircraft broker or dealer must strategically price your used private jet in order to garner the maximum amount of interest from buyers.
Pricing strategy for pre-owned jets for sale is complex and requires a deep understanding of the industry, current trends, and recent appraisals of similar aircraft.
Develop a Marketing Campaign for Your Private Jet Plane
There’s more to offering a used private jet for sale than simply posting it on a listing site like AircraftExchange.com. Your IADA Accredited Aircraft Dealer will assemble a nuanced marketing plan for your jet so that those looking to own a private jet can consider it.
This can include creating a detailed dossier on the aircraft, taking high-resolution photos of the interior and exterior, networking with other dealers and brokers, or creating a specialized website that includes video tours of the aircraft cabin and access to the latest inspections and maintenance records.
Watch the Business Aviation Market
In general, regardless of market temperatures, high-quality, well-maintained used private jets will always be in demand. With a continual upward trend, the business aviation industry is an active one, as more businesses and financially well-positioned individuals seek to streamline their travel in their own aircraft.
This is especially true in a post-pandemic world, as more countries open up to visitors and travelers remain wary of the close contact with strangers on commercial flights and in major airports.
Partner with an Aircraft Dealer to Sell Your Private Jet Plane
To find an IADA Accredited Aircraft Dealer to sell your jet, browse the list on AircraftExchange.com, where you’ll also find well-qualified industry partners for every business aviation service you need throughout the private jet ownership and sales processes.