Average age of a private jet in the US is 16 years
19th November 2015, Las Vegas, NV.
New research1 from Global Jet Capital, a provider of financing solutions for large-cabin, long-range private jets, reveals that 28% of the mid to heavy private jets in the United States of America are over 20 years old, and 15% are
more than 30 years old. The average age of a business jet in the country is 16 years.
Global Jet Capital believe that as the US economy continues to improve, more private jet owners will be considering upgrading their aircraft. Mid to large private jets typically cost between $25 million and $75 million each, and up to 80% of the funding used to purchase these is sourced through external financing.
The research revealed that of the ten States with the largest fleet of mid to large private jets, Michigan has the highest average age of 22 years, followed by Florida with 20 years and Texas with 18 years.
The aviation finance specialist, which recently agreed to purchase the aircraft lease and loan portfolio of GE Capital Corporate Aircraft in the Americas representing approximately $2.5 billion of net assets, has around $1 billion to lend to clients to purchase relevant business aircraft in the United States of America, and elsewhere around the world.
Shawn Vick, Executive Director of Global Jet Capital said: “A significant proportion of the private jet fleet in the US is old, and as the economy improves we expect more owners to consider upgrading to newer aircraft. With around $1 billion to lend, we are well positioned to capitalize on this.”
Top ten largest US mid and large cabin jet fleets by average fleet age
| State | Mid and large cabin aircraft fleet | Age of large cabin fleet |
| Texas | 894 | 18 |
| Florida | 761 | 20 |
| California | 699 | 17 |
| Georgia | 351 | 9 |
| New York | 247 | 13 |
| Illinois | 240 | 13 |
| Michigan | 209 | 22 |
| New Jersey | 207 | 13 |
| Ohio | 192 | 12 |
| Pennsylvania | 160 | 13 |
| All United States | 7,526 | 16 |
Global Jet Capital, which was launched last year, is capitalized by three global investment firms – GSO Capital Partners, a Blackstone company in partnership with Franklin Square Capital Partners*; The Carlyle Group; and AE Industrial Partners.
The company’s current management team and executive committee is composed of leaders from business jet manufacturers, maintenance and service providers and leading financial institutions who have served the private aircraft industry for a combined 200-plus years and have completed over 3,500 aircraft transactions.
Notes to editors
1Global Jet Capital analysis of JetNet data, November 2015