TRICK OR TRAIT
PILATUS PC-12 MARKET OVERVIEW FOR OCTOBER 2024
Happy fall everyone. It’s the best time of the year here in Kansas City for sure.
Given my Marketing Director has three small children, this month’s Pulse has a Halloween theme to it. Fitting as it’s not hard to discuss the tricks and the traits of aircraft Brokerville!
You’ve heard us tell you time and time again that Brokervielle can be a scary place. Here’s a rundown of some of the most common tricks and traits you might encounter if you venture down the wrong path in Brokerville.
TRAIT - Your aircraft is worth way more than anything else. Sure that sounds great. I love buying a lottery ticket. The thought of winning brings me joy. However, I never win. Let’s be realistic, analytical, and fair. This is what will ultimately provide the best results.
TRICK - The airplane is still listed for sale on controller.com weeks after it closed. I have fond memories of going fishing with my grandpa. I’d throw a bobber in the water and hope something bites. Brokers do the same thing. They hope a buyer bites and then they can do the old bait and switch.
TRAIT – No tail number? Red flag. If you see an aircraft without any identification, please ask yourself why? Why would this broker not list a serial number, white out the tail number, and black out the call sign? What are they trying to hide?
TRICK - The proverbial “glamour shot“ marketing photo. Your aircraft is on the ramp with the sun setting and positioned perfectly in front of a puddle of water with a reflection… Picture perfect. Buyers want honest representation, not just marketing tricks.
TRAIT - The classic, “I’ve got a buyer for your aircraft” phone call. These cold calls promise potential buyers without even checking the logbooks. In the industry this is referred to as, ‘I’ve got a guy.’ Ask who this socalled buyer is, and why the broker hasn’t done their homework. Formal names work well here as well!
TRAIT – Selling without rights. The second a broker gets their hands on three aircraft photos, total time, basic equipment lists, and some sort of
pricing expectations, you’ll see them start throwing marketing darts out there. These tricks and traits all start tying together.
TRICK – Chasing the market downhill. Aircraft typically spend 150 days on the market (only 76 days at JetSwiss!) often due to overpricing – the classic “chase the market downhill“ tactic. This weakens pricing and negotiation power and can even cast doubt on the aircraft’s condition. One owner ignored our pricing advice, listed for $500K more, and had to adjust the price three times. Now it’s below our original recommendation, and still unsold after 150 days. Sometimes, sellers are misled by brokers with empty promises, but reality eventually sets in. If you’re reading this, our line is open when you’re ready to reconsider!
TRAIT – “Oops, it’s missing that feature.” Brokers often don’t know the aircraft well enough, leading to costly surprises for buyers and misrepresentation.
TRICK - “The aircraft is in excellent condition. It’s only had three bird strikes and been off the runway twice.” Some brokers hide significant problems, hoping to trap a buyer before they discover the truth. That’s not how you get top dollar for a subpar aircraft and end up in a lawsuit.
TRAIT - “We charge less, and your aircraft is worth more!” Cheap fees and inflated promises usually lead to disappointment. Expect to be stuck with a list of worthless leads when their agreement expires.
As far as the scary Pilatus market goes, we can say that the market has ‘tricked’ most sellers out there, in much the same manner as the list above. Today, 52% of the aircraft for sale have been on the market for over six months. This means sellers have been ‘tricked’ into thinking their aircraft is worth more than they think (thanks Brokerville!) Know the market and an aircraft’s specific value before you make an offer!
This isn’t meant to scare you. After all, who doesn’t like a little fun around this time of year. But instead, we’re here to educate you on what to avoid if you decide to knock on Brokerville’s door this Halloween!
Fly safe, Bub
MARKET CHANGES IN THE LAST 30 DAYS BY YEAR MODEL
NEW ENTRANTS TO MARKET
UNDER CONTRACT
1998, 2002, 2006, 2007, 2007, 2008, 2009, 2010, 2016, 2016, 2018, 2018, 2018, 2020, 2020 * , 2021 * , 2023, 2023 * , 2024
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. UNDER CONTRACT FOR SALE
MODEL YEAR
Asking Price By Total Hours
AIRCRAFT
$8,000,000
$8.0M
$7.0M
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
TOTAL TIME VS. ASKING PRICE
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.
$2,000,000
$2.0M
$1,000,000
FLEET LOCATION
PC-12 AND PC-24 AS OF APRIL 2024
PC-24 BY THE NUMBERS
PC-24 OWNERS UPGRADE FROM THE PC-12NG MORE THAN ANY OTHER AIRCRAFT.
FOR SALE 14 259
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.
$15.0M
$5,000,000 $7,000,000 $9,000,000
$3,000,000
$1,000,000
AIRCRAFT ASKING PRICE VS. MODEL YEAR
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–thus generates a commensurate trend curve. This data provides a baseline for our aircraft evaluations.
TREAT YOURSELF WITH A TRICKED OUT PAINT JOB
Interested in dressing up your PC-12 with a new paint job? We interviewed one of our favorites, Jon Kennedy from HillAero Modification Center about the benefits of a fresh coat.
Why do PC-12 owners (or any aircraft owner) come to you for paint?
I would say most come here for a couple reasons. We have been painting aircraft since 1976 so our experience painting aircraft is robust. We specialize in painting and interior refurbishment only, so we have to excel with paint and interior refurbishment. We are vetted vendors of several aircraft manufacturers and large operators. This is not an easy accreditation to achieve and requires ongoing audits. We provide a personal experience, direct contact with the floor managers and onsite personal design services.
What are the typical paint needs/ point of issue you see on a PC-12?
The PC-12 aircraft are well-built machines. If a PC-12 is prepped and painted properly with quality materials, the average operator should get many, many years of great service out of the paint. There is a fair amount of composite on the PC-12, it can be an issue if not prepped properly. Care must be taken to understand how the aircraft is maintained, it really helps having the normal access panels for inspections not painted into place.
How does repainting your aircraft affect the value?
We don’t sell aircraft so I don’t know for sure. What we do know is if the aircraft looks nice the maintenance shops seem to be more cautious and people respect the aircraft slowing down the aging process. Paint is considered a maintenance practice. I would assume that an aircraft with a 20 year old paint job would affect on the value and resale market appearance.
Anything else you’d like to share that you’ve learned over years?
We have learned lots over the many years… Quality work is really about the people working on the aircraft and the company’s mindset. Doing our best work, staying committed to learning, being honest, and taking care of our customers has served us well.
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We appreciate your feedback! Please send any feedback to Pilatus@jetswiss.com.
HillAero
Mike Parnell
HillAero
HillAero Todd Duncan