Billionaires and larger corporates have had tens of millions of dollars wiped off the value of their business jets, as massive oversupply in the run-up to the 2008-2009 credit crisis in Europe has left the industry awash with pre-owned aircraft.
Prices for second-hand private jets, many of which have barely been flown, have dropped as much as 35 per cent over three years to the end of April. The average price of a pre-owned business jet has fallen from $13.7m in April 2014 to $8.9m, according to research by Colibri Aircraft, which specialises in the marketing, resale and purchase of pre-owned private aircraft.