Indians are splurging to fly high on second-hand private jets. The cost of these jets (over 75 per cent of the business jets sold in the country are second-hand), are on an average up to 50 per cent cheaper than a new aircraft.
As a result, the number of jets (new as well as old ones) sold have virtually doubled in the last two years to 85 in 2006-7 from 45 in 2005.
Second hand aircraft are available at attractive prices. An eight to ten year old Gulfstream 1V with six to ten seats is available at a street price of $ 20 million compared to $ 40 million for a new model.
Anticipating the huge boom in the business aviation market, aircraft component and engine manufacturers such as Honeywell are already gearing up by establishing engine maintenance and service centres for private jets.
"There will be at least 150 private jets flying in the country in the next five years," estimates Rishi Raj Singh, sales manager, South and Central Asia, for the business and the general aviation section in Honeywell.
The boom, according to experts, is due to more and more companies waking up to the better deals and faster deliveries from the pre-owned market.
According to Business Standard