Latest / VREF | The Truth About the Aviation Market / Price It Right or Pay to Lose | EP 61

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Price It Right or Pay to Lose | EP 61 · VREF | The Truth About the Aviation Market

• ep 61 pt 1 1080p: Back in June, a listener went shopping for a mid-90s Piper Archer. It was a low-time aircraft, it had no damage history, original paint, original panel. The engine was close to TBO, but it was a nice airplane overall. The asking price at the time was $189,000, which was down from the original asking price of $199,000. And the VREF value came in at $165,000. He did it the right way. He told the broker he was a cash buyer with hundreds of hours in the type rating. They discussed the logbooks. He said his offer would be above the VREF number, but under his asking price. He was going to offer $175,000, and he would have gone to $180,000, but he never got to make it. The broker told him he was wasting his time, that VREF numbers weren't legitimate, and that this archer would be the next one to sell. That was June. It's now the end of September. That archer is still for sale. And the asking price today? $165,000 with the quote motivated seller, unquote, next to the price. So let's read that again. The seller turned away a cash buyer at $175K, never even saw the number, and is now asking $10,000 less than that buyer would have paid three months ago. And that three months cost him hanger, cost him insurance, cost him calendar time on the engine, which was already close to TBO. All for the privilege of selling it cheaper. And here's the line from the listener's email that I can't get out of my head. I doubt his clients know. They don't. And that's this episode. Welcome to the truth about the aviation market. I'm Jason Zilberbrand. I'm president of VREF. We are the aircraft valuation reference. Company for the banks, the insurance companies. Every court runs on it. We publish the values. We do about 3,000 appraisals a year. And I'm an accredited senior appraiser with the American Society of Appraisers, also known as the ASA. Before that, I was a dealer. I've bought and sold airplanes with my own money and with the banks. I've done it in good markets and in the worst one this industry has ever seen. If you're a piston owner and you listen to this show every week, You've noticed I've been living in the jet market lately. That's fair. That's where the fires have been. But a listener wrote in and said politely that I left you guys out. And he was right. So, this one's for the Part 91 piston crowd, the Archers, the 172s, the Cirruses, the Moonies, the Bonanzas. And I'm gonna tell you something up front that you might not expect from a guy who just told you a story about a broker sitting on an overpriced archer. The piston market's not crashing. The data doesn't say that, and I'm not gonna say that. What the data says is stranger and way more useful. It says there are two piston markets right now running at two different speeds, and which one your airplane is in depends almost entirely on one decision the seller made on day one. So let's get into it. Let me kill the lazy narrative first, because if you've been on the forums, you've heard it. The piston market's flooded. Nothing is selling, prices are falling off a cliff. No, that's not the case. Here's what the numbers show. Used piston single inventory is down double digits year over year, roughly 17% as of July, by the listing aggregators on count, which is not up, it's down, and it's been down every single month for well over a year. In fact, 26% in early 2025, 22 in January, 15 in March, 17 in July. That matches exactly what we see in the VREF's. Transaction flow, fewer airplanes, not more. Or what about asking prices? They're down about a third of a percent year over year, essentially flat. Not up 11%, not down 15% like a crash. They're relatively flat. And on the Cirrus side, and we talk about Cirruses because they are a main driver of the overall market, the percentage of the fleet for the sale is hovering around 5%, which is roughly balanced. And the biggest dealer in that market reported first quarter transactions up 40% over year over year. So tight inventory, flat asking prices, relatively healthy transaction velocity. I don't think it's a crash. If anything, on the aggregate numbers, it kind of looks like a seller's market. And yet, that archer has been sitting since June. And by the listing sites on averages, the typical Cessna 172 listing is about 196 days. A normally aspirated SR-22G6? 217 days. That's seven months, guys. In a market with little inventory. How does both of those things happen at one time? How do you have tight inventory flat prices in airplanes sitting for seven months? Because it's not one market. It's two. And I can give you the whole thing in seven words. Correctly priced aircraft sell, mispriced airplanes sit. The airplanes that are priced to the data go in weeks, literally. The airplanes that are priced to 2022, they go nowhere. And they're the ones that you see because they're the ones that stay on the listing sites. The listing pages are a museum of mispriced, overpriced, aspirational illusions. The market you can see is the slow one because the fast ones already closed and those aircraft are gone. And to understand why a seller would sit there for three months rather than take your number. You have to understand what happened to their head in 2021 and in 2022. From the fall of 2019 to the summer of 22, piston and light aircraft asking prices went up roughly a third, 30% across the board. Some aircraft models did way more than that. And this was on top of a market that had been flat for a decade. People who owned Archer since 2010 and watched it do nothing. Suddenly watched it do 30% residuals in two years. I was on the record at the time in April of 2022. I said publicly that complex and high performance pistons had hit the ceiling or plateaued in the fourth quarter of 21. Lots of types were under 1% to fleet for sale and selling under 100 days. That was the top. I said it, I'm on the record. Nobody wanted to hear it because the asking prices kept going up for another year. Piston piston asking prices were up 11.5% year over year in December 22. And that was the print everybody remembers. Since then, ask came off a couple points a year. Down one, down two, three, four percent year over year through twenty-four, flat through twenty-five, and so far in twenty-six. So in aggregate, pistons are sitting a few percent under the twenty twenty-two peak, not twenty, just a few. But here's the trap. A few percent under the peak and aggregate hides an enormous spread by an airplane. Because the aggregate is the average of the airplanes that sold, the ones that were correctly priced. And the airplane still listed at the 2022 number, which dragged the average up and never close. See, the seller looks at the average and says, see, prices are holding. The buyer looks at what actually clears and says, No, they're not. They're both reading the same chart. They're reading different lines on it. And a seller who bought or last valued his airplane in 22 has that number etched into his brain. It's the most expensive number he's ever seen attached to his aircraft. He isn't gonna let it go because a stranger emailed him a VREF printout. That's not stupidity. That's called anchoring. It's the same thing every human does with every asset they've ever owned. But the market doesn't care what you paid, it never has, or what your neighbor got, or what the listing said in 2022. And the longer you hold the anchor, the more it costs you to hold it. And here's where the anchor comes from. Because it isn't only 2022 anymore. It's those free valuation widgets. Every listing site has one. You type in a year, the model, the hours, it spits out some crappy number. It didn't ask for anything about your logbooks, your damage history. There's no comps or appraiser involved. There's no accountability. It's literally a marketing tool. Its job is to get you to list the airplane on that site. And it does that job beautifully. Because a free number that comes in high makes a seller feel great and gets the listing posted. And then what happens? I'm going to tell you, the airplane sits because the number wasn't a value. It was a listing page average of every other seller's aspirational asking price. The same overpriced airplanes that haven't sold. dressed up to look like data. See the tool that priced the airplane is built from the airplanes that don't sell. Guys, it's a hall of mirrors. And the seller is standing in the middle of it paying hangar rent. That's the mechanism. See the free tools creates the aspirational ask. The aspirational ask creates the listing that sits. The listing that sits becomes the next input to the free tool. And the whole segment drifts a few points above where anything actually sells, while everyone on the listing sites tells each other Their prices are holding. See, VREF is built the other way around. Our values come from what sells, not what gets listed. That's why the airplane's price to VREF move. And I'll say it plainly, because I've watched it for years. If you price it at VREF, it will sell in 90 days or less. Not because our number is low, because it's the number that buyers pay, their banks are comfortable with, and their appraisers are already using on the other side of the table. See, when the seller's number And the buyer's number are the same number, guess what happens? The plane sells. When they're not, it sits until they are. Period. End of discussion, guys. See my listeners, SR20 is the whole proof. Private seller priced at VREF closed in two weeks. Two archers priced off the widget are still on the market. All right, let's take a quick break. Because if you're selling a piston single this year, you have to go to VREF.com. You have to pull the value before you list it, price it there, and it sells in 90 days or less. It costs less than one month of hangar. You'll pay while the airplane sits at the free widget number. I also want to tell you, you can now do retrospective values in VREF. You can rewind back 30 years of data any quarter, any year. See if those widgets can do that. Okay, let's get back to it. So let's get very specific. Every number here is an asking price off the listing sites as of this week. And I'll flag the ones that need a second look. Nobody publishes closed prices on these. That's what VREF is for. So I'm going to show you the asks and tell you what the spread in the asks is actually telling you. Okay, first up, Piper Archer. There's 34 listings. Here's the tell, guys. A 95 Archer 3 with 1761 hours. At $165,000, a 97 Archer 3 with 1,837 hours, same generation, same avionics, 76 more hours, it's $245,000. That's an $80,000 spread, nearly 50% on two airplanes that are identical. And a private seller has a 99 with under 600 times since overhaul at $140,000. It just got posted three weeks ago. So now those three airplanes are not in the same market. We have 140k archer, 165k archer, and they're both priced to sell. And guess what? That $245,000 Archer is priced to sit. And my listeners archer was one of the $245s. Okay, let's talk about the Cessna 172 market because there's 83 listings, a 97, 172R, 299K. 2019 172S at 549 and then a 2007 172S at 345. And read this carefully. It's got 16,000 hours plus on it. 16,000. That's a school airplane. And I'm going to come back to what that means. See, the thing anchoring the whole 172 market is that a brand new 172S is running somewhere around 600 grand. Textron doesn't publish that. We do. That's the estimate from people who buy them with delivery slots out to 2028. So a five-year-old airplane at almost 600 grand is asking more than new. That's not value, that's an asking price. Okay, Ciruses. This is where the two-speed market is clearest. And it's because Cirrus is the most popular aircraft in the resale market. And it's because the dealers in that market publish their own numbers. So let's look at SR22 Turbos, the G6s. There's fewer than 70 on the market. Tight, late model, well optioned examples are getting pricing support. The turbos average longer on the market than naturally aspirated. But it's still the fastest moving late model piston aircraft there is. SR20 G6s, it's a different story entirely. 80% of the fleet for sale, against about 5% being balanced. New listings coming to market at twice the pace of sales. The biggest Cirrus dealer in the country put it in their own report. There's downward pressure on pricing. And this is the one. Optimistic sellers are finding themselves sidelined. Same brand, same generation, same dealer. One's tight, one's oversupplied. And then what about the G7? Because a new SR22 turbo base is over a million dollars. And on the listing sites right now, there are at least five. And they all are clustered between a million ninety and one point one million. So used airplanes asking two to three percent above the new base. When used G7 pricing is that close to new, the smart move is obvious. Shop one generation back. When the used ass price is above new, that's not a seller's market. That's a seller who hasn't checked what the market is. Mooney ovations. There's 18 listings. 1995 ovations at $220,000 to $250,000. Ovation 2s $240 to $375. Ovation 3s at 300 grand. So you compare a 95 ovation at 220K to a 95 Bonanza A36 at 325K and a 2006 SR22 at 350K. And you see where the market has put Mooney. Bonanzas. There's 56 A36s and 30 G36s listed on the open market. Textron delivered six new G36s in all of 2025. When new production is that thin, The used market becomes the whole market, and the asking prices become very, very wide. O sixes to 08s in the G36 world range from 520K all the way almost to $800,000. Same three model years, almost a quarter million dollars spread. A $95A36 at $325,000, a 1997 at $499,000. That's the same exact pattern as the Archer. Half the listings are priced to move. And half are priced to be admired because they're reminiscent of 2021. So I want to spend a minute on something that's going to matter more every month. And it connects to the flight school episode that I just did a week or so ago. Flight schools drove the trainer market for five years. In 2025, Cessna delivered 191 Skyhawks, and Piper delivered 188 PA-28s, and most of those went to fleets, to schools. Schools bought new, schools bought used in volume, and they competed directly with private buyers for every clean and nice 172 and archer on the open market. That was real price support. You guys all saw it. Two things are changing. One, the economics of putting a half a million dollar airplane on the line for primary training are simply deteriorating. The lenders who finance school fleets are saying it, and they're saying it loud and clear. Two. The fleets that were bought in 2020 and 2021 have now flown four or five thousand hours and they're coming back out to the market. And you can see them landing on the listing sites. 2022 Archer TXs with 4,500 hours. Two of them, same seller, 420K each. An 07 172S with 16,000 hours at 345K. A 2006 SR-20 out of Western Michigan University with almost 9,000 hours. was listed at 188k. And here's what I need private buyers to understand about those airplanes. Sixteen thousand hours on a seventy 172 isn't a red flag by itself. The airframes are built for it. And the school maintained it and did a very good job of doing so. But every one of those hours was a student landing. It was ridden hard and it was put away wet. The gear, the firewall, the nose strut, the seat rails, the flap tracks Man, even the door handles. Those where on cycles were not ours and a school airplane has done 10 landings for every hour a private airplane has done in the real world. Those airframes are priced like they got half a life left. Some of them do. But the ask isn't the number. The pre-buy is the number. Don't let anybody talk you out of a full one on a school aircraft. And for the sellers, when a fleet operator dumps 10 archers on the market at once, those are your comps. Your private archer with 1800 hours doesn't get to ignore them. The buyer's lender certainly won't. I certainly won't. The reason sellers and buyers are talking past each other isn't only anchoring. It's that the buyer's cost of owning the airplane has moved and the seller's mental model has not. Let's talk about rates. Certified piston loans are running from about 6.8% and up as of this week, and it is the second week of sub third week of September. And that's the biggest rate, biggest loan, 720 plus credit. That's up from 6.4 in June. AOPA's published range on smaller piston loans. Are you ready for this? 7% to 10%. The five-year treasury, which these price off, is at 4.83%. And you've heard my read on where rates are going on the jet side. Nothing about that is good news here. Even the lenders are saying it out loud. Piston segment is where affordability pressure is building the fastest. Let's talk about down payments. Let's talk about loan to value. Used aircraft under 10 years old are capped at about 82% loan to value. 15% down is the norm. So on a $785,000 SR-22 turbo, that's $117,000 plus in cash before you've paid a dollar of tax or insurance. And here's the part sellers don't think about. The lender appraises the aircraft. If the ask is 785 and the appraisal comes in at 700, the buyer's 82% is against the 700, not the 785, and the seller's number just cost the buyer another $70,000 of cash. Most buyers don't have it, so the deal dies. And then the seller blames the buyer, and then the airplane sits even longer. Avionics. This one's worth saying slowly. Because it's the number one reason asking prices are super wrong. Sellers put a brand new panel in and then they take the invoice and they add it to the price a year later, 18 months later, two years later. See, guys, the market doesn't work that way. Installed avionics lose value. It depends on how long ago they were installed. A $60,000 panel might only add $30,000 in value if it's four or five years later. If your ask is what I paid plus the panel, you're $20 $30,000 above the market. Before we've talked about anything else, your math is creating the mistake. Insurance. For an experienced pilot in a $172 or an Archer, around $2,000 a year, and it's relatively stable. In an SR22 or a Bonanza, it's probably closer to $4,500 a year. On a brand new G7, you could be paying $15,000 to $20,000 a year. That's not a handwind for the guy who's owned a bonanza for a decade. It's a wall for the low-time pilot trying to step up. Which means the buyer pool for a hair for a high-performance single is much narrower than the seller assumes. Fewer buyers, longer time to sell, sharper price. So if you put all of this together, the buyer is looking at 7% money, 15% down, an appraisal that's going to come in under the asking price. And a panel that's worth half what the seller thinks it's worth. So the seller is looking at what he paid in 2021 or 2022, plus the full cost of the invoice for his nice garment panel. Those two people are never going to agree on anything. And the only thing that resolves it is time. As I always say, time mitigates it. All right, let's take a second break and let me do what I always do and ask you to send this to somebody who's got an airplane listed. Especially if you know it's the one that's been listed since spring. And while you're at it, do me a huge favor. And I don't mind begging. Subscribe to the show. I would really appreciate it if you left us a review. And if you want the number before the bank tells you the number, go to vref.com and v ref it. Alright, that's enough begging for one episode. I'm going to get back to what I do best. So there's an argument going around this month that I want to take head on. Because it's relevant and because it's aimed at people like me. And so the argument he ran in an industry publication a couple weeks ago, and it's that appraisal methodology has been lagging the real price action, that appraised values are coming in too low relative to actual transactions, and that what's breaking deals, in other words, it's not the sellers who are wrong, it's the appraisers. Let me take that seriously, because there's a version of it that's probably true. In a fast rising market, when you go back to 01 or 21 or 22, comparable sales methodology does lag. If the last three closed comps are from four months ago and the market's moved 8% since, the appraisal is going to be four months stale. I said that at the time. It's real. In a rising market, appraisers are structurally a step behind, and the honest ones will tell you so. But look at what market we're in. Flat asking prices, down inventory, aggregate values a few percent under 2022. That is not a market where comps lag upward. In this market, if an appraisal is coming in under the ask, the most likely explanation isn't that the appraiser's methodology is broken, it's that the ask is above what's clearing, what's selling. The appraiser is reporting the closed comps, the seller is reporting the listings, and the lender is going to take side with the comps every time. Because the lender is the one who has to sell the airplane if the loan goes bad and the aircraft gets repossessed. So here's the test I'd apply. Because I can't possibly appraise every single aircraft. So you're going to work with people other than VREF. If the appraisers were systematically too low, correctly priced airplanes would be sitting too. Because buyers couldn't get them financed at the asking price. And they aren't. Cirrustealer transactions are up 40%. Turbo G6 is moving four months. The airplanes that sell sell. The ones that don't are the ones where the ask and the appraisal are far apart, and the direction of that gap tells you which one is wrong. And I'll go one step further, and I'll do it on the premium end. The late model, the well optioned, low time aircraft. I'll grant that the appraisal can trail by a few points when a specific airplane is genuinely scarce. And that's a real conversation, and it's one a good appraiser has with the lender. But that's not the archer. And it's certainly not an ovation and it's not an SR20. On those airplanes, most of you own the appraisal isn't too low. It's the listing is being too high. And I told you about the first Archer in the cold open. Same listener, same month. There's a second one, and it's worse. Late 90s Archer 3, low time, all original, don't no damage history. Through a broker, the asking price just under 260K. And the VREF number is one hundred and ninety two, that's a thirty five percent gap between the ask and the data. And he made a written cash offer two hundred fifteen, twenty three thousand over V Ref's number. Reasonable. Generous even. Here's the seller's answer, lightly cleaned up. He'd take the two hundred fifteen as is where is. The buyer could inspect the airplane all he wanted, but the seller wasn't going to make a twenty five year old plane new for anybody. No expenses on the seller's side at that number. If the buyer wanted an escrow company, the buyer paid for it. And then this. The seller didn't mind handing over a bill of sale at the same time that the buyer wired the money to the seller's company operating account and they could skip the title company altogether. And no ferry flight for the pre-buy. The inspection was going to be done on the field where the aircraft was sitting, or nothing was getting done at all. And if you listen to episode 56, you already know why my listener walked away. Because you wire the money to my operating account and we'll skip escrow is the sentence that ends a transaction. And if it doesn't, you need your head checked. Stop sending people money. Start sending it into escrow. Not because a seller is necessarily a crook. ep 61 pt 2 1080p: Because you have no way to know that. And the structure he's proposing takes away the only protection you'd have if it were. My listener had already paid for the title search, he ate it, it was a couple hundred bucks, and he walked away. Last time he checked, that archer now was relisted at under $230,000, which after a little digging is about what the seller paid for it. So we got a seller who bought in plane in 2022. He listed it 35% over the data. He turned down a real cash offer and is now asking his own cost basis and he's hoping on a wing and a prayer that somebody buys it. He's not selling an airplane. He's trying not to lose money on one. And the market doesn't care about his cost basis any more than it cares about what the guy at the next hanger got. The epilogue is the part that proves the whole thesis, guys. He gave up on archers in early July. He found a low time 2005 SR twenty. Listed by a private seller, not a broker, at $239,000, essentially right at the VREF number. He noted that against the big Cirrus resellers, that alone was unusual. He did a pre-buy. He found a few discrepancies. They closed at a reduced number of 228K. And that's the two-speed market, one sentence. The airplane price to the data sold in weeks to the same buyer that two overpriced archers couldn't close in three months. Same guy, same cash, same VREF. The only variable was the number on day one. Now, all's well that ends well, sometimes. After closing, the engine turned up problems that a reasonable pre-buy couldn't have caught, and he's sending it out for overhaul while he waits. He's gone all in. He replaced the original Avenine panel with all new vantage. He'll be at about $330,000 all in into a $228,000 airplane by the time it's all back together. Two lessons in that. And he named the first one himself. The pre-buy findings didn't rise to the level of demanding a reserve escrow or a holdback against post-closing engine issues. And in hindsight, he thinks he should have asked for one anyway. On a 21 or a 20 year old aircraft with a midtime engine, a holdback isn't an insult to the seller, guys, and you shouldn't worry about it if you think it is. It's the difference between a surprise and an absolute catastrophe. If the seller won't agree to one, that tells you something too. The second lesson is the one every owner already knows. See, he spent $100,000 more than he planned, and his words were the hundred K more I've spent will be well worth it. In for a penny, in for a pound, because we love it, right? And we do. That's why the seller's math and the buyer's math never match. The seller's pricing an asset. The buyer is pricing the next 10 years of Saturday mornings. And both of them are right. Only one of them has the data. So let's get back to my listener. What should he have done differently on the first archer? Honestly, not much. He did it all right. But there's a version of that offer that's harder to dismiss, and I want to give it to you. See if you're buying, one, put the data in the offer, not in the cover email. Attach the VREF report. Attach three listings to the same vintage priced under your offer. Make that broker forward your number and your evidence to the seller. See, brokers filter what their clients see, guys. So you want to make it hard to filter it. Two, put an expiration date on it, seven days. No more. A number with no clock is a number the broker can sit on until his listing sells or doesn't. A number with a clock forces a conversation with the seller, which is what you actually want. Three, say what happens next. This offer is based on v ref and comparable listings. If the seller has information that supports a higher value, Like logbook entries or a recent overhaul, a panel that maybe I missed. I'd like to see it and I'll revise my number. That sentence says two things. It's reasonable and it puts the burden on them to produce the evidence instead of attitude. Four, walk away and come back. You guys do it when you go car shopping. Why don't you do it when you go airplane shopping? A listing that's been cut below your rejected offer is telling you the seller is motivated and the broker hasn't had the honest conversation yet. So, reoffer, same number, or a touch under in writing with the same clock. You'd be amazed how often the second one closes. The broker's ego was the obstacle. 90 days of carry is a great cure for a broker's ego. Trust me, he doesn't want to lose the listing. If you're selling, these are for you. One, price to the close, comps, not the listings. If you're using aspirational pricing from one of these aircraft listing classified pages, You're going to be sorry. The listings are the airplanes that don't sell. I can prove it over and over and over again. If you price to them, guess what club you join? Theirs. Two, ask your broker one question. How many of your listings have been up for more than 120 days? If the answer is most of them, you've hired the guy who tells sellers what they want to hear, not what they need to. Find one who tells you what the market says. Three. Every month it sits costs real money. Period. I I can't even understand how someone would argue the simple math. Hangar, insurance, annual reserves, engine calendar times, your time. See a $250,000 airplane three months on the market is easily five to eight thousand dollars a carry. Plus whatever the market's done in the meantime. The first Archer seller never even saw a hundred and seventy five K cash offer in June. He's now asking a 165 number. He's motivated, guys. Are you gonna do him a favor and bail him out? He didn't save anything by holding out. He paid to lose. Four, get an actual appraisal before you list it. You don't have to get a full-blown appraisal. We sell verified reports. It's a condensed product. It just tells you what it's worth and it gives you 30 years of historical, so you're not going in blind. You know, a broker's opinion is absolutely worth something, but it's not signed. So you need to know where the bank is going to land before the buyer's bank tells you. And you price the airplane to close ahead of it instead of it for it to sit on the open market every day, making it harder and harder for you to ever sell it. So let me be honest about the limits. Because if you take one thing from this show, it should be that I tell you when I'm not sure. Nobody publishes closed pricings on piston aircraft. Not yet. We're coming. I'm telling you, this is gonna be the coolest thing you've ever seen. We got it all coming and it's coming soon. Everything I gave you today, by type. was an asking price. VREF has the closing information and it's what our values are built on. And pretty soon you're gonna get to see it. But I can't put a specific airplane sold price on the air. So when I say price to sit, I'm reading the spread and the asking prices in the days on the market, not a sold price ledger. That's a strong inference. It's not a fact. Okay. Inventory could keep tightening. It could, guys. If it's down 17% and it keeps falling, at some point scarcity wins and the anchored sellers get bailed out. You've seen it before. The movie's always the same. The script is always the same. The buyer runs out of alternatives and then pays the ask. And trust me, it's happened many, many, many times before. So watch the inventory number. If it turns negative 25 again, the two spreads start to converge upward, not downward. The school wave could be smaller than I think. If flight training demand holds, And the fleets keep the airframes, that supply doesn't hit the market, the trainers will stay firm and continue to go up in price. So, here's where I land. The piston market isn't crashing, it's sorting itself out. Inventory is still relatively tight, asking prices for the most part are flat, and the airplanes that are priced to the data are closing in weeks, not months. The aircraft you see sitting on the listing sites for seven months aren't evidence the market's broken, they're evidence the seller is. There's two speeds. Which one you're in comes down to one decision, and it's the number on day one. My listener looked at two archers in June. One broker told him VRef wasn't legitimate, and that his listing was the next to sell. It's now asking less than the buyer would have paid him. The other seller wanted a wire to his operating account, no escrow. So now he's asking his own cost basis. Neither airplane is sold, and then a private seller listed in SR twenty at VRF's value and And it closed in weeks. Same buyer, same money. The only thing that changed was the number on day one. If you've got an airplane listed and it's been up since spring, ask yourself which speed you're in, and then ask your broker why. And that's our episode today, guys. To the listener who wrote in, thank you very much. And I really do hope you enjoy the Cirrus. And I hope the engine comes back soon. And to everybody else, if you've got a story like this, send it in. My email is open. I love hearing from you guys. I get calls and emails every day. It's amazing. The feedback. Thank you for listening to the show. It really does mean a lot. I don't often get to say it, but it's because of you that I continue to do it. So I promise that if you send in a story, the broker numb's names come off, the tail numbers come off, it's just a sequence. I'll read the best ones on the air. This has been the truth about the aviation market. I'm Jason Zilberbrand. I will see you next week. And until then. Fly safe and stay smart.