Aircraft ownership is reflective of your personal preferences and financial circumstances. As your life changes, so often does the jet you own.
It is commonly thought that the main reason aircraft owners downsize their jet is due to economic reasons, but we have found this to be the case in only a few situations. The most likely reason an owner downsizes their jet is because their need to travel is less than it was and the capability of their larger jet is no longer needed. Typically, the larger the jet the higher the cost of ownership, so it makes sense for someone who is using their jet less and flying with fewer people to consider downsizing to a jet that more suits their needs. For instance, after a professional retirement, an owner may still want to fly around Europe, but does not need to make the trip to Hong Kong he was having to make previously.
Another reason to downsize is the requirements needed changes. As an example, a recent purchase of a home in the mountains of Switzerland could require short runway capability that a lot of larger jets do not have.
Less travel use and different requirements are very common reasons to downsize, much more so than an economic reason. A few moves we have seen are from a Bombardier Global XRS to a Challenger 604, and from a Challenger 300 to a Cessna CJ2+. And remember, on the whole, downsizing rarely limits the ability to complete the majority of trips taken, with statistically the majority of flights involving two to three passengers and average around 2.5 hours.
Talk to your trusted broker or operator if your needs have changed and see if maybe downsizing your aircraft would work for you in your life.
Blogs are written from real world experience by Colibri Aircraft’s individuals. If you have any questions or comments about the topic of this blog, please feel free to contact us at enquiries@colibriaircraft.com
