Our August 2024 update on what’s happening in the Citation Encore preowned sales market;
There are 159 Citation Encores still in operation as of August 1, 2024, and of those, there are 9 available for sale (5.7% of the fleet). This is up from July when there were 8 available for sale, or 5.0% of the fleet. We saw a slight increase in listings from May to June, and again from June to July.
The 9 Citation Encores that are available for sale have been on the market for an average of 145 days, mostly unchanged from last month when the same average was 147 days. If you are in the market for an Encore, you can expect to see asking prices between $2,750,000 to $4,695,000. Prices vary greatly depending upon whether there is. an engine program and what the coverage level is of the engine program.
There were 3 Citation Encores sold in July, and over the last six months 8 have sold. 5 of those 8 Citation Encores were sold off-market, never having been advertised to the public. The Encores that were publicly listed for sale averaged 98 days on the market before trading, up slightly from last month when the average was 83 days. Over the last six months, the range of sold prices for Citation Encores was $2,900,000 to approximately $4,700,000.
The Citation Encore is somewhat of a niche market. Buyers that choose to trade in this market generally choose the Encore because of the value it presents compared to similar aircraft. 435 knots with an 1800 nm range is impressive for a light jet with 8 cabin seats (including belted lavatory) that can be flown single pilot for under 5 million. Sellers tend to hold onto their aircraft longer than most other airframe types because they understand the value the airframe presents. For these reasons and more, both buyers and sellers should use a representative that is an expert in the operation of this airframe to ensure money isn’t left on the table during negotiations.
Each aircraft market is unique and full of intricacies that can be difficult to follow. As the markets shift, it is more important than ever to work with a professional aircraft broker who studies these markets daily and can make expert recommendations based on actual market data. If you are interested in buying or selling an aircraft, or are just interested in learning more about the Citation markets, contact The Jet Agent today and let our team of experts share our insights with you.
