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Q4 of last year was so robust that the beginning of 2017 felt disappointing. But in fact, sales of both the Mirage and the Matrix still outpaced 2016 Q1-Q3 numbers by an average of 11%.
The Matrix inventory levels moved upward the first of year to a disturbing 18% of the fleet. That’s almost twice the ‘sweet spot’. One can assume that this is the byproduct of the blockbuster sales of used Mirages the end of last year. The Mirage is the natural upgrade from the Matrix so it’s logical that trade-ins might flood the market. But unfortunately, that resulted in a decline in values as we are observing extremely long turnaround times to sell. But 13 units sold of the entry-level PA46, so there is still an appetite if the sellers are patient. And why shouldn’t there be? So now is the time to buy a Matrix, of course.
Inventory levels of Mirages crept back up from 13% to over 16% after would-be Q1 buyers surged forward to make their purchases in the 2016 tax year. But dramatically, the days on market to sell have dropped. In the end of 2016, you could anticipate a disappointing 200+ day turnaround. Q1 2017 was roughly half that, on average.
|Current For-Sale Inventory||37||70||8|
|Percent of Fleet for Sale (Current)||18.0%||13.1%||16.3%|
|Pre-Owned Transactions (Q1 2017)||13||13||3|
|Average Days on Market*||347||112||247|
|New Deliveries (Q1 2017)||-||-||2|
*For Aircraft Sold in Recent Quarter. Does not include “Off Market” sold aircraft.