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The fourth quarter of last year felt like a tall drink of water after a two-year drought of sales across the PA46 family. Fueled by a slump in the oil patch, Brazilian politics, and a soft European currency, disappointed sellers and nervous buyers couldn’t quite come together earlier in the year. However, the market appeared to have approved the US election outcome as sales in Q4 2016 spiked higher than any other since Q4 2013.
Fourth quarter purchasers should congratulate themselves for impeccable timing. A sense of firmer values and evidence of declining inventories should restore the faith of all Meridian owners. If you’ve been considering but haven’t made a purchase of the venerable entry-level turboprop, now would be a good time to make your move.
We learned in Econ 101 that supply and demand drives prices. Have a look at these stats: The G1000 Meridian inventory level dropped in the fourth quarter from almost 15% earlier in the year to 10%. During that same time Avidyne Meridians dropped from pushing 17% to 10.5%. Now that’s dramatic. The reverse is true for the Meggitt airplane which oddly increased slightly to 13.7% of the fleet being available. But a correction there is anticipated in this first quarter. The JetProp consistently seems to keep a happy number just under 9%. The seller’s marketplace loves anything under 10%.
Piper dealers are experiencing a healthy appetite for the new M600 as they are sponged up off the assembly line. Concerns that these deliveries would flood the market with used M500s hasn’t quite panned out with the only available units numbering in single digits.
|Current For-Sale Inventory||23||26||18||20||0|
|Percent of Fleet for Sale (Current)||8.8%||13.7%||10.5%||10.0%||0%|
|Pre-Owned Transactions (Q4 2016)||5||9||9||17||0|
|Average Days on Market*||221||282||320||188||-|
|New Deliveries (Q4 2016)||-||-||-||6||6|
*For Aircraft Sold in Recent Quarter. Does not include “Off Market” sold aircraft.