The average asking price across six pre-owned business jet types decreased by approximately 35 percent, falling from $13.7 million to $8.9 million, between April 2014 and April 2017, according to research from London-based business aircraft broker Colibri Aircraft. Models in the study included the Cessna Citation Mustang, CJ2 and Excel; Bombardier Learjet 45 and Global XRS; and Gulfstream G550.

In just the last year of the study period, the average asking price fell by $1.97 million for these aircraft models, which represent the light, midsize and large-cabin business jet segments. They are also taking longer to sell, with the average number of days on the market before sale increasing from 345 days in April 2014 to 391 days this past April.

Colibri’s research indicates that larger business jets have seen the biggest fall in asking prices and are taking longer to sell. In fact, average asking prices for pre-owned Bombardier Global XRSs fell from $31.3 million to $20.36 million, or 34.9 percent, over the three-year time frame. However, the corresponding figures for the entry-level Citation Mustang are $2.15 million and $1.93 million, a decrease of only 10.2 percent.

“Given the backdrop of these continued falling prices, the importance of marketing pre-owned private aircraft properly has never been greater,” said Colibri Aircraft managing director Oliver Stone.