AOPA Pilot Magazine - May 2011 - 92

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successive annual drop. Total billing increased in 2010, however, to $19.7 billion from $19.5 billion. Business-jet deliveries fell 12.3 percent to 763; turboprops declined 17.7 percent to 363; and piston aircraft dropped 7.7 percent to 889. Aircraft manufacturers point to a rise in global economic growth, corporate profits, and aircraft usage as indications that a rebound in business aircraft sales is likely this year. Boni Caldeira, a Cirrus salesman in the Washington, D.C., area, said the tax incentives apply to every new aircraft in the Cirrus fleet, and he’s seen an increase in sales since the fourth quarter. Cirrus has a list of accountants who specialize in aircraft tax planning, and Caldeira said he refers customers directly to them for their expertise. “These are by far the most generous tax incentives I’ve ever seen for new aircraft purchases,” he said. “If buyers don’t have enough taxable income to deduct the full price of the aircraft in one year, they have the flexibility to spread it out over multiple years. It’s really extraordinary.” Deeply discounted prices on some used aircraft had been depressing new-aircraft sales for at least the past two years, but Skytech’s Fitzgerald said bonus depreciation is evening the balance. Around 10 percent of the U.S. general aviation fleet is typically for sale at any given time, and Fitzgerald said the current inventory level for owner-flown aircraft is unusually low, at roughly 5 percent. But used-aircraft prices have remained soft as worried sellers are willing to part with airplanes at fire-sale prices. That’s good news for used-aircraft buyers, but it lowers the value of trade-ins and makes new-aircraft sales harder to consummate. Aircraft loans are available at rates of 6 percent and sometimes less, and 20-year terms. Fitzgerald said less restrictive terms are needed to boost new aircraft sales going forward. “It used to be that a good credit history was enough for any bank,” he said. “Now the lending market has tightened up tremendously, and borrowers are being scrutinized. We all know about the excesses in the housing market. But now the pendulum has swung too far in the opposite direction, and we need to see the lending environment for aircraft loans loosen up.”
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92 • MAY

2011

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AOPA Pilot Magazine - May 2011

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