The Citation X was introduced into production in late 1996 and was produced through 2012. Over those 16 years Cessna produced 313 aircraft.
When Cessna announced their plans for the Citation X there was a growing excitement around the business aviation community. Cessna was planning to release the fastest mid-sized cabin jet and outdo all competition in the category.
The Citation X is powered by the Rolls-Royce AE3007C1 turbofan engine that delivers 8,600 pounds of thrust at takeoff and allows the aircraft to reach unspeakable levels of speed. The Citation is able to cruise at .90 Mach. Achieving such high speeds required months of Aerospace engineers analyzing the structure of the aircraft.
The Citation X comes equipped with the Honeywell Primus 2000 avionics suite. The system features five (5) 7 x 8” inch screens, a dual flight management system and comes standard with Honeywell GPS.
All of the features above are what lead this outstanding mid-size jet to become NetJets bestselling aircraft in fractional sales. This success can also be attributed to the combination of cabin comfort, speed, ease of maintenance, and operating cost.
The Citation X proves to be one of the most active markets in the pre-owned section, this is and this activity is mostly attributed to the same features that made the aircraft so popular when first released.
There are currently 45 aircraft available on the market, making 14.6% of the active fleet available for resale, which is considered to be a buyers’ market due to high levels of inventory, which provides more options and drives down price. This is one of the highest percentages in the mid-size category. This has also led to this market showing consistent signs of trade value. In 2013 and 2014 the market saw 25 transactions of Citation X’s, and already 20 transactions YTD we expect that trend to continue. Like most aircraft in this segments, the most important factors affecting price are the total time on the aircraft, and if it is enrolled on an engine maintenance program. These transactions have ranged anywhere from $7,600,000 – $4,150,000.
With the steady success of the pre-owned Citation X’s and the inventory provided by the older purchases of NetJets aircraft, Cessna decided it was time to upgrade one of their most successful business jets to date. Enter the Citation X Elite; these are refurbished Citation Xs that are no longer in the NetJets fleet. The aircraft will be available for immediate delivery with a new factory paint job and a completed redo of the interior that is like-new. They have upgraded the avionics to Honeywell Primus that includes an all new Cabin Management System. The biggest benefit of these aircraft is the 5-year guaranteed operating cost program that provides the lowest direct operating cost in the category and can even compete in the light jet market. There are have been 5 produced this year. Asking price is $6,500,000.
Notable Recent Transactions
Below are some recent transactions numbers that provide a brief view of where these airplanes are trading, along with the current Vref trend of the average retail value for the aircraft, by model year, compared to the sales prices below:
Vref Trend For Citation X:
Above is a comparison of what has happened to retail values over the last year. Consistently throughout all model years we have seen a decrease in Vref values that is not surprising, after the recession in 2008, we have seen financial lenders as less likely to finance planes older than 15 years. That is significantly hurting the lower half of the model years represented above. The newer models have seen the biggest hit from 2006 on. The newer end of this market saw more than a $1 million dollar reduction over the past year. This can be accredited to downward pressure being sent down the pipeline from Textron who is no producing the Citation X+ as well as the Latitude that will directly compete with the original Citation X model. The notable sales are also represented by the black triangles, the graph shows that the market has adapted to the drop in retail values and the aircrafts are still trading close to 90% of Vref retail value. The Citation X Elite is also represented, and it is clear to see why the factory chose to start selling these aircraft, as they sell well above retail value of the original Citation X.
For a full specification brochure of the Citation X Elite that Hatt & Associates has in its inventory click here.
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