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Last year it seemed that Meridian values were in an emergency descent. Buyers felt for the bottom while owners waited in pain. Q1 marked a dramatic turnaround with stabilizing values across the board. We were finally in ground-effect.
The pre-owned M500 market is certainly in its infancy so it is hard to collect enough data to draw a clear conclusion. But one thing is certain, it is no longer necessary to doubt whether it will be well-received. That is being proven with low supplies and quick turns.
Inventory levels for the desirable G1000 Meridians were at a comfortable 10% the end of last year. The market is now in starvation-mode with a scant 4%. Bottom-end Garmin buyers may need to reconsider an Avidyne panel, which is not without its charm. With stable values at the top end, the compression has eased on all of the earlier Meridians.
The Avidyne-equipped models noticed a slight uptick in inventory levels the past few months, but not enough to discount the incredible drop in inventory levels that occurred throughout 2016. We still see this submarket as an excellent value opportunity for those with a $1M budget.
Current inventory levels of the early Meggitt airplane remain steady around 14% with values stable. But this report just may contain some drama when published next. The Meggitt Meridian is now well within range of the late-model Mirage buyer. If the buyer doesn’t understand G1000, the buyer won’t know what they’re missing. Time to go turbine.
What can be said of the boutique JetProp? It was the only turbine PA46 to show a slight decline in value last quarter after remaining mostly stable for years. Since the JetProp can be so many different things it is hard to wrap your head around the values. But despite the downtick, the inventory levels remain slim at only 7.5% with turnover averaging 193 days.
|Current For-Sale Inventory||20||27||19||8||1||3|
|Percent of Fleet for Sale (Current)||7.5%||14.2%||11.0%||4.0%||2.6%||14.3%|
|Pre-Owned Transactions (Q1 2017)||6||9||7||8||3||0|
|Average Days on Market*||193||244||78||243||141||-|
|New Deliveries (Q1 2017)||-||-||-||-||1||7|
*For Aircraft Sold in Recent Quarter. Does not include “Off Market” sold aircraft.