PUBLISHED BY
JETSWISS AVIATION
PILATUS MARKET DATA | FEB 2024
PRE-OWNED PILATUS MARKET: FINDING YOUR PERFECT MATCH
THIS MONTH’S BACK PAGE FEATURE: CHOOSING THE RIGHT PILATUS PC-12: A LINEAGE GUIDE
INTRODUCTION
FINDING YOUR PERFECT MATCH PILATUS PC-12 MARKET OVERVIEW FOR FEBRUARY 2024 Matchmaker, matchmaker, make me a match — if you’re old enough to recall, this is one of the famous show tunes from the musical, “Fiddler on the Roof.” I may or may not have participated in the production during high school… But be that as it may, I do find myself as a matchmaker today. February is the month of love and, of course, Valentine’s Day. “Matchmaker, matchmaker, make me a match” as the song goes — well, we see the Pilatus market challenged in the matchmaking process. Sellers’ expectations don’t match the buyers’. One-third of our yearly business consists of playing ‘matchmaker.’ It is a very time-consuming process and, at times, can weigh on everyone’s patience. However, it is also the most rewarding aspect of our business. There’s something about diving deep into a client’s mindset to unpack their perfect PC-12 that is extremely rewarding. Once we’ve done this, the fun really begins. Now we must play matchmaker and educate our clients by providing enough background and useful information for them to find their match. The matchmaker challenge in today’s Pilatus market is exemplified by the disconnect between asking prices and market prices. Several sellers are still demanding pricing and terms indicative of a market that existed 18 months ago. For example: there are 88 PC-12s and PC-24s on the market today and 39 of these have been available for over 120 days. 27 of these aircraft have not had price adjustments! This is exactly what we are talking about. Recently we were working on a matchmaker project whereby pricing on a ‘shortlist’ aircraft had been quoted 30 days ago at one number, and then when we called back to verify pricing recently, the asking price had gone up and was set at “firm” by the seller. Another great example of this phenomenon is the amount of market adjustment pricing. So, how many aircraft have been on the market for a considerable time, but have gone through significant pricing changes? The answer: 12 of the 39 aircraft (having spent over 120 days on the market) averaged a
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7% reduction in price. Folks, just two months ago we acquired an aircraft for a client for around the $4 million mark. This aircraft was on the market for 365 days and had originally started pricing at $5,500,000! Look… when you break it all down, we are simply managing expectations and communications for our clients. Our ability to play matchmaker is only as good as our ability to match up these communications and expectations. Sure, the raw data surrounding a specific aircraft does somewhat speak for itself. But what your spreadsheet cannot tell you is the mentality of a seller and their specific expectation for the outcome. We may have mentioned our Pilatus Value Ranking (PVR) system in the past. In a nutshell, this takes all the intangibles and tells our clients what the best value is on the market (think, best ‘match’). However, we recently pointed out to some clients that, although the system has been tested against the market over the past few years and has been graded 99% accurate, our system cannot tell you what your best ‘match’ is. It cannot provide the mental status of a seller’s/ buyer’s expectations and it cannot predict or comprehend their specific expectations. This is why being a matchmaker is so challenging and rewarding. We tap into another level of intelligence to bridge this gap between sellers and buyers, and what the answers look like on paper. We would love to show you how our matchmaker abilities can work for you. Give us a call or shoot us a note. Fly safe, Bub
M A R K E T AT A G L A N C E
MARKET CHANGES IN THE LAST 30 DAYS BY MODEL YEAR 40%
15
2005 2006 2011 2012
1999 1999
2001 2005
9%
2012
2015 2017 2018
2018* 2019* 2019*
10
UNDER CONTRACT
12
SOLD FROM MARKET
2000 2004 2008 2011
40%
NEW ENTRANTS TO MARKET
2013 2013 2013 2014
1996 1997 2009 2010
2011 2011 2014 2015
2015
2020*
2018 2020 2022* 2023
*PC-24
/45
/47
NG
NGX
PC-24
TOTAL
New to Market
5
1
6
0
3
15
Number Currently Available
22
8
35
6
15
86
Number Sold in the Last 30 Days
2
0
7
2
1
12
2
0
7
0
1
10
OVERALL MARKET
Number Under Contract
*Sales data only includes pre-owned transactions. Numbers may vary slightly based on delayed FAA filings.
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CURRENT MARKET PRICING
A I R C R A F T TO TA L T I M E V S . A S K I N G P R I C E
Asking Price By Total Hours
$8,000,000 $8.0M $7,000,000 $ 7. 0 M
Similar to the Asking Price vs Model Year chart, this information helps our clients determine “the mileage on the car” for their specific budget. “Want to own a low time aircraft?” This chart will give you an indication on what you will spend. Note: aircraft under 1,000 hours total time historically yield much higher prices.
A S K I N G P R I C E Asking Price
$6,000,000 $6.0M $5,000,000 $5.0M
$4,000,000 $4.0M
$3,000,000 $3.0M $2,000,000 $2.0M $1,000,000 $1.0M
0 0
22500 500
55000 000
7 7500 500
TO TA L H O U R S
10000 10 000
Total Hours
50%
OF JETSWISS PROJECTS ARE
PRIVATE SALE. 3
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1 12500 2500
15000 15 000
1 717500 500
20000 20 000
UNDER CONTRACT NO CONTRACT
JETSWISS GARNERS
4 5% TO
MORE ON
SALE PRICE.
ASKING PRICE BY MODEL YEAR
Asking Price By Model Year
$8,000,000
UNDER CONTRACT NO CONTRACT
$8.0M
$7,000,000 $ 7. 0 M
$6,000,000 $6.0M
A S K I N G P R I C EAsking Price
This chart reflects the current market for Pilatus PC-12 aircraft that are on the retail market. Want to know how much your Pilatus dollars will buy? This is a great place to start. As you can see, the aircraft model year plays a key factor in pricing of the aircraft, and thus generates a commensurate trend curve. This data provides a baseline for our aircraft evaluations.
$5.0M $5,000,000 $4,000,000 $4.0M
$3,000,000 $3.0M
$2.0M $2,000,000 $1.0M $1,000,000 1995 1995
Under Contract No Contract
22000 000
MODEL YEAR
2 2005 005
22010 010
22015 015
2 020 2020
22025 025
Model Year
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T R A N S ACT I O N A L DATA
AV E R AG E AS K I N G PR I C E
ASKING PRICE BY MODEL
SINCE LAST MONTH
$3.178M
1%
$3.555M
1%
$4.831M
1.5%
$6.759M
1%
$12.112M
2%
PC-12/45
PC-12/47
PC-12NG
PC-12NGX
PC-24
Max of Current Ask Price
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Avg of Current Ask Price
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Min of Current Ask Price
WHERE IN THE WORLD IS YOUR NEXT PILATUS?
We are always on the search for great Pilatus projects for great people. Whether you’re looking to buy or sell, we’d like to start the conversation!
TALK TO THE EXPERTS. 3.5% of the Pilatus fleet is for sale. 35% of JetSwiss projects sell to owner pilots. 23% of PC-12 pre-owned transactions are JetSwiss projects.
SCAN FOR YOUR COMPLIMENTARY AIRCRAFT EVALUATION.
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PC -24 CURRENT MARKET PRICING
PC-24
OWNERS UPGRADE FROM THE PC-12NG MORE THAN ANY OTHER AIRCRAFT.
15
249
TOTAL NEW DELIVERED
PC-24 BY THE NUMBERS
AVAILABLE FOR SALE
A S K I N G P R I C E BY TO TA L H O U R S
Asking Price By Total Hours
$15.0M $15,000,000 $13.0M $13,000,000
Similar to the Asking Price vs Model Year chart, this information helps our clients determine “the mileage on the car” for their specific budget. “Want to own a low time aircraft?” This chart will give you an indication on what you will spend. Note: aircraft under 1,000 hours total time historically yield much higher prices.
A S K I N G P R I C E Asking Price
$ 11.0M $11,000,000
UNDER CONTRACT NO CONTRACT
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$9.0M $9,000,000 $7,000,000 $ 7. 0 M
$5,000,000 $5.0M $3,000,000 $3.0M
$1,000,000 $1.0M
0 0
2 5 0 0 5005 0 0 0
TO TA L H O U R S |
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7 5 01000 0
10000
Total Hours
1500
12500
1 5 0 02000 0 17500
2500 20 000
ASKING PRICE BY MODEL YEAR
Asking Price By Model Year
$15,000,000 $8.0M
This chart reflects the current market for Pilatus PC-24 aircraft that are on the retail market. Want to know how much your Pilatus dollars will buy? This is a great place to start. As you can see, the aircraft model year plays a key factor in pricing of the aircraft, and thus generates a commensurate trend curve. This data provides a baseline for our aircraft evaluations.
$13,000,000 $ 7. 0 M
A S K I N G P R I C EAsking Price
$11,000,000 $ 6.0M
$5.0M $9,000,000 $7,000,000 $ 4.0M
$5,000,000 $3.0M
$3,000,000 $ 2.0M $1,000,000 $ 1.0M
2018 2018 22019 019 For ForSale Sale MODEL YEAR Under UnderContract Contract
2020 20 20
2 2021 021
Model Year
22022 022
22023 023
UNDER CONTRACT NO CONTRACT
22024 024
WE SEE MORE PRE-OWNED
PILATUS PROJECTS
PER YEAR THAN ANYONE ELSE IN THE WORLD.
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P I L AT U S DATA
FLEET LOCATION
PC-12 AND PC-24 AS OF FEBRUARY 2024
368
1,551
58
76
73 92
9
BREAKDOWN BY REGION
PC-12/45
PC-12/47
PC-12NG
PC-12NGX
PC-24
NORTH AMERICA
476
160
596
181
138
EUROPE
22
11
164
90
81
AUSTRALIA
20
7
47
10
8
AFRICA
20
10
34
5
7
SOUTH AMERICA
9
4
35
17
8
ASIA
5
1
44
4
4
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TIME ON MARKET B R E A K D O W N O F DAY S O N M A R K E T
3%
(3 AIRCRAFT)
F O R P I L AT U S P C -1 2
0-30 Days on Market 31-60 Days on Market
22%
(14 AIRCRAFT)
7-12 Months on Market
27% 10%
(19 AIRCRAFT) (6 AIRCRAFT)
61-90 Days on Market 4-6 Months on Market
16%
(11 AIRCRAFT)
34%
15%
(10 AIRCRAFT)
(24 AIRCRAFT)
1-2 Years on Market
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A LINEAGE GUIDE
CHOOSING THE RIGHT PILATUS PC-12 Beginning in 1995, the Pilatus PC-12 has a long history packed with several improvements and variants. We work closely with our clients to determine the best Pilatus match based on their specific wants, needs, and budget, but going alone, the process of choosing the right model can be daunting. We’ve put together a high-level breakdown of the main PC12 lineages to help you navigate your decision process: Growth and Learning Period (SN 101-400, years 1995-2001): • This first six-year-production period saw frequent and impactful improvements and modifications. Pilatus was consumed with addressing initial design and systems issues. They learned from operational experience and put out a lot of “fires” within this growth period. • Expect multiple service bulletins, evolving components/systems, and tremendous strides by mid-2001 production. • These aircraft can be much more affordable, but these aircraft require more homework and analysis. Good news: you can find some fantastic buys and solutions based on high Service Bulletins status, maintenance, and care. Fine-Tuned and Mass Produced (SN 401-887, years 2001-2008): • This period represents the “Series 10” aircraft, considered mature and refined, with all of the “Learning Period” production lessons ironed out. • These aircraft benefit from millions of hours in operations, system refinement, and a long production run, as well as experienced technicians that have “seen it all” during these first 13 years of production. This allows for potentially lower maintenance costs and readily available parts. • While reliable, these models represent another level of value within the lineage of production with the confidence of knowing that the Swiss engineers “sat on their hands” during this these years for production aircraft. The only things these aircraft may lack might be the latest avionics technology and cosmetic upgrades.
Next Generation – Game Changer Pilatus (SN 1001-1942, years 2008-2020): • The “Next Generation” (NG) introduced a “fully integrated” aircraft system aircraft with more features, options and software upgrades: Environmental, Electrical, Structural, Avionics, Engine, Performance, Gross weight and more. • Offers some newer features but the core platform of features remained largely unchanged for 12 years. Certain production years launched significant improvements for Avionics systems (Synthetic Vision, Cockpit Cursor Device, Connected Flight Deck, etc.). Core aircraft remained the same. • Consider the balance between newer features and the potential cost of upgrades (see #3 above, five bladed prop, paint and interior, etc.) versus an earlier, well-maintained Series 10 aircraft. NGX - New Era, New Engine and More (SN 2001-present): • The latest iteration features significant upgrades like FADEC engine control, autopilot changes, and modern touchscreens. • Offers the most advanced technology and performance but comes at a premium price. • A redesigned interior features aesthetically pleasing cabin lighting, a new seat design and larger passenger windows making the cabin feel more spacious. • Weigh the benefits of cutting-edge features against the higher cost and potential for initial bugs in a newer model. Ultimately, the best PC-12 lineage for you depends on your wants, needs, and budget. This involves knowing what your “Pilatus Dollar” will get you. • Focus on affordability: Consider an earlier, wellmaintained model from the Series 10 lineage. • Prioritize modern features: Opt for the NGX if cuttingedge technology is crucial. • Strike a balance: The NG offers a good mix of features and affordability for many buyers. Remember, mental affordability is just as important as financial affordability. Choose an aircraft that fits your comfort level and budget without causing sleepless nights. You may think you need a $5M PC-12, but in reality you may be able to accomplish the same thing with an avionics upgrade and interior refresh of a $3.5M aircraft. We love these types of projects (accounting for 1/3 of our yearly business). These are very in-depth projects that produce extremely positive results. We are here to play matchmaker, educator, and steward. Let us navigate the course for you and find your perfect pre-owned Pilatus.
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