Overhauling Pre-Owned Private Jets Is Saving Owners Both Time and Money

The past two years have been extremely busy in private aviationPrivate AviationAir travel by privately owned, chartered, or fractionally owned aircraft, offering fully customized schedules, privacy, and access to smaller airports. Private aviation saves time and enables flexible itineraries, and interestGo to Private Aviation Glossary and have yielded banner sales figures. This rally, though, has created long production backlogs. “If you’re waiting for a Falcon 10X, 2030 is what they’re saying now,” says Sarah Mespelt Larrañaga, principal at Los Angeles–based Sarah Larrañaga Aviation Design. High demand has also elevated new-jet pricing, which can reach $75 million before the start of any customization measures.

These issues are driving a robust market in pre-owned planes. Owners can take advantage of new possibilities to update these jets for a fraction of the cost of one that’s factory-fresh. And instead of waiting years, buyers can take delivery in months.

“There has definitely been an uptick in used aircraft being purchased to be refurbished,” says Larrañaga, whose company has recently worked on many such projects. “There’s so much available technology that we can actually take a used aircraft and almost make it stronger than when it first came out.” Popular starting points include examples of the Gulfstream G550 and G650, the Bombardier Global 6000, 6500, and 7500, and the Falcon 7X and 8X. Such aircraft, which deliver proven reliability, range, and efficient fuel consumption, cost between $20 million and $50 million. Core updates—averaging about $5 million or so, according to Larrañaga—comprise interior and exterior enhancements that include new avionics, cabin-management systems, cockpit equipment, sound and entertainment setups, lighting, and Starlink high-speed internet. Further indulgences can entail cocktail bars or DJ booths.

Mechanical overhauls are also de rigueur, and even advantageous. “There can be efficiencies in coordinating upgrades with scheduled maintenance,” says James Carroll of Duncan Aviation’s sales and acquisition team. “If an aircraft is already going to be down for significant service, combining that visit with paint, interior, avionics, or other modifications can reduce the number of separate downtime events and return a substantially updated aircraft to service more efficiently.”

Before buying a used bird, Carroll recommends a comprehensive prepurchase evaluation. “The key is starting with the right airplane,” he says. It’s also important to recognize that not all modifications will enhance value. “Highly customized changes will almost certainly diminish the size of the available resale market for an aircraft and the price it will command,” says independent industry analyst Rolland Vincent.

Thus far, this trend is complementing new-aircraft sales, not superseding them. “What we see is that buyers have more than one path to achieving their mission,” Carroll says. As for the remodeling option, owners seem highly satisfied. A refurbishment client recently called Larrañaga from his made-over jet, with his team aboard. Because of the new capabilities, they were able to work for the entirety of their eight-hour round trip, just as if they were in their office. “We’re helping people do business at a higher level,” Larrañaga notes. “Literally and figuratively.”

This article originally appeared in Robb Report US.