News

Private Jet prices still high

According to the Guardian.co.uk, the number of private jets on sale has tripled in the last four months. This is much-attributed to the economic recession, which has caused many corporations to sell their maintenance-expensive corporate jets.

In the UK, 49 of the 300 officially registered corporate jets are up for sale. That’s according to aviation brokers. Other private jets are now being sold by private owners for a marked down price.

However, the chief executive of Jet Republic says that about 10 of the jets for sale have been tagged with a price above market rates to “placate” shareholders.

“The price they are asking for is completely unrealistic, so you have to wonder how genuine their intentions are,” commented Jonathan Breeze.

While most companies are opting to dump their corporate jets, some still prefer these symbols of corporate excess. What’s done with these jets are entirely up to the companies?

But, if companies have learned anything in the past months, it’s high-time to be economical.

Take the incidents with GM and Citigroup. Both companies availed of bail out loans from the American government. However, GM decided to fly to Washington via private jet and Citigroup decided to buy a new private jet. Amidst a recession, these activities become an eyesore to the public.

It’s time to face the facts. Companies need to streamline, not just on personnel, but also in excess. For now, corporate will have to settle for new and more economic ways to travel.