I am in the market for a used G5, I have been religiously watching controller for the past 5 or 6 months. I know depending on the year most G5’s are listed between 650,000 and 750,000. I am currently building a hanger, it should be done within a couple months, so I haven’t really got down and dirty talking to any of the brokers to see really what they are willing to sell for, does anyone have any insight what a G5 with less than 600 hours is really selling for?
Your best bet is to call a broker like Chris Eichman at TAS and he will be happy to inform you on the state of the cirrus market with respect to valuations.
In my limited experience most aircraft are priced pretty close to the market with the occasional exception.
Thanks I will give him a call, but I still would like to get some input from people on the purchasing end of the deal. The broker is there to get as much money as he can out of the plane.
I was not looking at the same price range as you, but as I researched G2 SR22 NA, I found the advertised prices to be all over the place. Ultimately, I found a well-cared for, and well-priced airplane. In my non- scientific survey, the advertised prices were anywhere between 10-20% above what the airplane would actually sell for. I also noticed that well-priced planes were sold within weeks. I missed my chance on two of these. Poorly priced ones linger for months on Controller.com.
I have followed a specific SR22 with interest. I would have bought it if it were fairly priced in the first place. But, despite being listed by a “reputed” broker, it was first listed at $279K. The price has been dropping steadily, and now stands at $238K. I would have paid close to this price had it come to market at this value.
Unfortunately, there are not enough transactions in this market for there to be a true blue book. Brokers have to make a living, and it is in their interest to get the maximum dollar for the airplane. Your interest is exactly the opposite. You want the best price for an airplane. Therein lies the dilemma.
Good luck with your search.
Unless the broker is working for you. I used a broker when buying my 22 (Steve Schwartz at TAS). It’s all about balance and brokers really know the market.
Dr Feingold to the Incorrect Context Unit, Dr Feingold to the ICU: Emergency! Emergency! [;)]
Mason,
I have to kindly disagree with some of your thinking about brokers. As a disclaimer, I am a broker, but in a different industry. We help folks buy and sell yachts.
Having a buyers broker on your end will be worth every penny and more!
The right broker will listen to your desires and then go fulfill them. They will also protect your interests. I represent clients on a frequent basis who want to get a below market deal on a yacht, and we regularly deliver those results. While on the surface, it may seem like it is in a brokers best interest to sell an asset for the maximum value to get the most commission, a savvy businessman knows that it’s not about one deal. Personally, I have always worked with the mindset that I don’t worry about the commissions and I do what’s right for each client. The money has always taken care of itself.
A good broker (and there are several represented here on COPA) has a long term mindset and knows that exceeding your expectations will pay dividends in repeat business and referrals. I’m sure this won’t be your last airplane! The brokers who try to squeeze every penny out of every deal don’t last long. Word travels fast about that kind of ethic. (Or lack of)
Listen to other COPA members, find a broker to represent your purchase, and be rewarded by it. They will save you money and they simply will know more about the airplane and market than you because they do it everyday. They will also help you navigate the negotiating process, pre-buy, closing, and registration. It makes your life tremendously easier.
I’m not sure that aircraft brokerage is the same as boats, where the commission is always paid by the seller and that commission can be split. (Same as real estate) It may be different, and even if you have to pay a retainer fee, it will be worth the money with the right broker. I am sure other members here will have great input about who to choose.
Best of luck in your search! You’re going to love the Cirrus!!!
Chris
At least Talk to the brokers, you can always say no…
Here’s my experience ( only 3 planes so far) but a common trend:
1- Never dealt with brokers, probably a mistake but I did not know better.
2- Keep in mind what the difference between the seller’s price, Vref’s price and the ultimate price which is the financing company’s appraisal. This always meant to me extra money that I had to foot in on top of the downpayment. While AOPA will agree with you 100% on the price of each bell and wistle that your dream plane has, it will scratch most of them off as standard on that particular model leaving you way back on down payment + difference.
While I do understand that the plane you are looking for is in a higher range than the one I purchased recently, I expect you to run into the same problem I did with my previous plane where there was simply not that many of it in the market to come up with an average price with a standard deviation. You would be left at the mercy of emotional values and variabilities.
Not wanting to end on a negative note, and being very clear that I didnt go into aviation with a main goal of saving money here’s what fixed the unstable base for me: I was willing to pay money for a plane well kept and not AOPA or a broker would be able to quantify that for me. Meticulous logs, oil analysis, hangared, not in a school all added value in my mind that covered whatever difference in price I could not explain.
Good luck and hope to see you in a G5 soon.
Yes? Can I help you?
Mason,
If you are looking to buy a Cirrus, you should do this organization COPA. This is going to be one of your largest purchases. Come inside the Paid member forums to learn about the aircraft, company, transition training, maintenance, and hundreds of things you will want to know and learn.
Best $65 you will spend.
+1. I’m not a broker but work with plenty in my business and Chris describes the true professional-the broker that knows that caring about client satisfaction is the number one job and that if done commissions will follow. IMHO it’s the clients and not the brokers who are usually in the want something for nothing game. Everyone wants a below and off market deal. I get that, but when it comes to buying into a Cirrus sweet spot as you are (gently used G5 that’s taken some depreciation hit) my advice is to have your pen in hand and checkbook ready for when the right one comes along. I closed my transaction on a gently used 2007TN with avionics upgrades in ten days. Chris Eichman of TAS was the Seller’s broker, but he treated me as if he understood my needs. The Seller needed a quick close to exchange into a step up airplane and Chris made it all happen. But it never would have happened if I didn’t have my cash ready and if I tried to drive a killer bargain. In the end, I got a great plane at a fair price. You can’t ask for more.
Thank you all for the input, i really appreciate it. As for buying brokers are there any others that have a great reputation that you would recommend?
I have a 2013 G5 for sale. Paul Sallack is the broker but the sale price does not effect commission. I am a one owner and would be happy to talk to you. I have bought a 16. Just give me a call. 432 267 7449 or 432 634 8101