JetSwiss Pilatus PULSE - February 2024

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

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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

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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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