Page 11 - Volume 14 Issue 3

done to sell. There simply doesn’t seem to be a lot of price shoppers in the market right now; the buyers are looking for a “no excuses” ready to go airplane and are willing to pay for it. But it is a micro market – the limit for any C90B is about $1.6 million, no matter the upgrades, because then it’s starting to get into the C90GTi range. A buyer won’t pay more for a 1999 model than they will a 2009 one, even if they prefer the Garmin panel to the Collins Pro Line 21 avionics.
The wildly popular King Air B200 continues to dominate the King Air product line. A pristine “full Raisbeck” (Epic package) B200 with Blackhawk -52 engines, BLR Winglets, Garmin G1000 NXi panel and new cosmetics will sell for as much or more than a newer King Air 250. Why? It’s a micro market. Try finding a pristine B200 with all the desirable upgrades. We found exactly one last year. I’m thankful we didn’t have another client come along that wanted that nice of a B200, because there wasn’t a second one.
The King Air F90 and King Air 300 are my two favorite micro markets. The F90 provides similar performance to a Blackhawk C90 and has 100 gallons more fuel! Plus, it is hands down the best looking 90 ever built. The King Air 300 gives you big motor B200 performance and 14,000 pounds gross weight. It requires a type rating, but it’s worth the extra effort. I mention this because some micro markets are challenging for the buyer. Don’t believe it? Try being a B200 with a $1 million-dollar budget. It’s refreshing to know that some micro markets actually create opportunities for the buyer.
The King Air 350/350i market is a wild one. In 2019 it was extremely difficult to find a nice post-500 serial number model 350 for less than $3 million, but we made some very good buys in sub $4 million-dollar 350i’s. One client had been shopping for a fairly long period of time, unable to find what they were looking for, so they hired us. We struggled as well – one airplane that I went to look at was a good deal ... but not a great deal. The buyers raised their budget a few hundred thousand dollars and we were able to purchase a much newer 350i! The sub
MARCH 2020
$3 million-dollar model 350 market was a tight micro market and we had to get out of it to make a buy.
If you’re shopping for a King Air, don’t be discouraged. The market overall is tight, but if you do your homework and understand these micro markets I’m referring to, opportunities do still exist.
My advice to the discerning buyer – when selection of nice King Airs is low, it is tempting to compromise and buy an airplane that has issues that cannot be corrected. The temptation is obvious in today’s market, but you must consider what the market may be like when you decide to sell the airplane. That “story” that you overlooked to get a better deal, might make it the last airplane to sell in a softer market. If you are unable to find what you are looking for, don’t overlook the ugly ducklings! Two of the 350s I mentioned were good deals partially because the stripe colors were less than desirable; one has already been to Airways Custom Touch Up in Oklahoma City. They changed the stripe color and painted the nacelles; it doesn’t even look like the same airplane.
What’s the market for a particular model of King Air? For the first time ever, I can’t answer that. Give me a couple of days for my team to make calls and research. What’s a certain King Air worth? That depends on what sold yesterday and what it sold for. KA
Chip McClure has been in the aviation industry for over 20 years. He and his wife Amy founded Jet Acquisitions in 2015; the firm exclusively represents turbine aircraft buyers and specializes in King Airs, as well as all models of current production turboprops and jets.
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