From Citation CJ3 to CJ4 Gen2: Finding the Right Aircraft in Australia
When repeat client Durkin, Inc. was ready to move from its Citation CJ3 into a CJ4 Gen2, the assignment to The Jet Agent was clear: find the newest CJ4 Gen2 available at the best possible price.
The search ultimately led outside the United States.
A 2023 Citation CJ4 Gen2 in Australia stood out from the other available aircraft. The seller had recently reduced the asking price by $600,000, but U.S. buyers appeared reluctant to pursue it because of the perceived complexity of evaluating, purchasing and importing an aircraft from Australia.
The Jet Agent saw an opportunity.
After conducting early due diligence and reviewing the aircraft’s electronic logbooks, we negotiated a purchase approximately $1 million below the already-reduced asking price, subject to a full inspection.
From there, our role expanded well beyond negotiating the acquisition. The Jet Agent coordinated the technical evaluation in Australia, the pre-purchase inspection, U.S. airworthiness certification and the aircraft’s ferry flight to the United States.
For Durkin’s Flight Department Manager and pilot, Tucker Lambert, the result was what he described as a “stellar airplane” and an “absolutely amazing purchase.”
Transaction Snapshot
Aircraft Sold: Cessna Citation CJ3
Aircraft Acquired: 2023 Cessna Citation CJ4 Gen2
Serial Number: 525C-0407
Aircraft Owner: Durkin, Inc.
Flight Department Manager/Pilot: Tucker Lambert
Representation: Seller and buyer
Acquisition Location: Australia Transaction: Citation CJ3 sale and international CJ4 Gen2 acquisition
The Jet Agent’s involvement included:
- Citation CJ3 sale
- CJ4 Gen2 market analysis and aircraft sourcing
- Electronic logbook review and early due diligence
- Acquisition negotiation
- Technical consultant coordination in Australia
- Detailed cosmetic review
- Test flight
- Mechanical pre-purchase inspection
- U.S. airworthiness certificate coordination
- International import coordination
- Ferry flight arrangements
- Post-closing support through aircraft delivery
The Assignment: Find the Newest CJ4 Gen2 at the Best Possible Price
Durkin, Inc. had already worked with The Jet Agent on the sale of its Citation CJ3.
For the replacement aircraft, the company wanted to move into a Citation CJ4 Gen2.
The objective wasn’t simply to find a CJ4 Gen2 for sale. The client wanted the newest aircraft possible while also achieving an attractive acquisition price.
At the time of the search, most of the relevant aircraft were being offered in the mid-$12 million range.
One aircraft was different.
An Opportunity in Australia
A 2023 Citation CJ4 Gen2 located in Australia had recently received a $600,000 asking-price reduction.
Yet the aircraft wasn’t attracting the same buyer interest as comparable U.S.-based airplanes.
The apparent reason was geography.
Buying an aircraft internationally introduces additional considerations. The buyer needs a way to conduct meaningful due diligence and inspection despite the distance, and the transaction must address export, import, airworthiness and aircraft repositioning requirements.
Those additional steps can discourage buyers who would otherwise consider the aircraft.
Rather than treating the Australian location as a reason to eliminate the CJ4 Gen2 from consideration, The Jet Agent evaluated whether the additional complexity was manageable—and whether it had created a buying opportunity for our client.
Due Diligence Before Making the Offer
Before committing the client to pursue an aircraft on the other side of the world, The Jet Agent began with early due diligence.
The aircraft’s electronic logbooks were reviewed to better understand the candidate before advancing the transaction.
That preliminary work provided enough confidence to move forward with an offer while protecting the client’s ability to fully evaluate the aircraft through a subsequent inspection.
The offer remained contingent upon a full pre-purchase inspection.
Negotiating Approximately $1 Million Below the Reduced Asking Price
The seller had already reduced the aircraft’s asking price by $600,000.
The Jet Agent negotiated further.
Our offer was approximately $1 million below the newly reduced asking price and remained subject to a complete inspection of the aircraft.
The negotiation demonstrates why an asking price—even a recently reduced one—does not necessarily establish an aircraft’s market value or the price at which a transaction can be completed.
Market conditions, aircraft location, buyer demand and the circumstances surrounding an individual aircraft can all influence negotiating strategy.
For Durkin, the aircraft’s Australian location had created complexity.
It had also created leverage.
Evaluating the Aircraft in Australia
Negotiating an attractive purchase price was only useful if the aircraft itself proved to be the right airplane.
The Jet Agent coordinated an on-site technical evaluation in Australia.
Our technical consultant traveled to the aircraft for a detailed cosmetic review, test flight and mechanical pre-purchase inspection.
This allowed the acquisition decision to be based on an actual evaluation of the aircraft rather than allowing the distance involved in the transaction to compromise the inspection process.
The objective remained the same as it would have been for an aircraft located in the United States:
Understand what the client was buying before completing the acquisition.
Bringing the CJ4 Gen2 to the United States
Once the aircraft satisfied the acquisition requirements, another stage of the transaction began.
The Jet Agent coordinated the process necessary to bring the Australian aircraft into the United States.
That included coordination of the U.S. airworthiness certificate and arrangements for the ferry flight home.
Our involvement continued after closing until the CJ4 Gen2 reached its new home.
Tucker specifically identified that continued post-closing support as an important part of his experience with The Jet Agent.
In Tucker’s Words
“I had the privilege of working with Denise and her team at The Jet Agent through both a sale and a subsequent aircraft acquisition. It was apparent from the beginning that Denise’s expertise, attention to detail, and constant communication are second to none in this industry.
She found a stellar airplane and brokered an absolutely amazing purchase! I am confident that no other firm could have managed as excellent of a purchase in as great a fit of an airplane as Denise did.
Plus, she didn’t stop there – she was on our side even after closing, supporting us all the way until the airplane was delivered to its new home.
For all these reasons, and more, it is with the highest of regards that I recommend Denise and The Jet Agent!”
— Tucker Lambert, Flight Department Manager, Durkin, Inc.
The Result
Durkin, Inc. successfully transitioned from its Citation CJ3 into a 2023 Citation CJ4 Gen2.
The aircraft was acquired approximately $1 million below its already-reduced asking price after The Jet Agent identified an opportunity that other buyers appeared reluctant to pursue because of its Australian location.
The transaction included technical evaluation and inspection in Australia, U.S. airworthiness coordination, international import logistics and delivery of the aircraft to the United States.
And the economics remained compelling after the transaction.
Approximately one year later, The Jet Agent reviewed recent CJ4 Gen2 transactions and competing listings and estimated that the aircraft’s market value was approximately $800,000 greater than the client’s original acquisition price.
That subsequent increase wasn’t something that could have been guaranteed when the aircraft was purchased.
But it provides useful perspective on the acquisition price
