Premier Doug Ford is reselling a private jet he took possession of just a week ago — and the good news is, he should be able to get it off the books with ease, two American brokers said.
The Quebec-made Bombardier Challenger 650, which seats 12 passengers and has a 7,400 km range, is “one of the most popular in the world” and is known for its engines with low operating costs, said Ollie Bigler, the president of Smarter Aircraft, a private jet brokerage company in Utah.
“As far as the premier buying a good, cost-efficient aircraft, that was a good one to buy,” said Bigler.
The Star first reported on April 17 that the Ontario government had purchased a used $28.9 million Bombardier Challenger 650 for Ford’s travel. The “gravy plane,” as critics dubbed it, sparked public outcry, prompting Ford to reverse course in two days.
Ford told reporters Monday he should have “made the case” before buying the jet, and complained the press had not scrutinized other politicians who also own jets as closely.
The premier said the province is working with Bombardier and other partners to sell the plane as quickly as possible.
But how soon can a private jet be resold and at what price?
An aircraft has a long lifespan of 40 to 50 years and is frequently bought and sold. It could take three months to complete the paperwork and inspection process for a resale, Bigler said.
Private jet sellers usually work with a specialized jet broker who lists the aircraft on the global market, networks with high-net-worth individuals, and conducts market assessments of projected transaction prices.
“As long as (Ford) didn’t overpay, then he could sell it as quickly as possible, and he would reasonably expect that the buyer would pay the same as what he paid for,” Bigler said.
Just as mileage is important in a car, the number of hours a plane has flown will be critical in determining its price, said Marco Reininger, CEO of Valiair Limited, a company involved in aircraft sales, trusts, imports and security.
“If he got a good deal on it when he bought it, then there’s absolutely a possibility that Ontario could make a profit on it,” said Reininger.
But Reininger stressed that it also depends on how quickly the province wants to sell it — the lower the price, the faster it can be sold.
Challenger 650 is the latest in Bombardier’s business jets 600 series and supports transcontinental travel. Potential buyers could range from private individuals and high-net-worth families to companies and governments, Reininger said.
“I don’t foresee any issues selling that kind of aircraft on the market,” he said.
While Bigler is not surprised that Ford received backlash for buying a private jet, he said the public perception of those jets as “wasteful” is inaccurate.
The cost to fly a Bombardier Challenger 650 is about $6,500 an hour. If it is running at full capacity carrying 12 people, it can be significantly cheaper than those passengers flying first class, where each ticket costs thousands of dollars, he said.
According to the Star’s Robert Benzie’s reporting, Ford has chartered private jets for official travel over the past several years, including a trade mission to Texas three weeks ago.
With charter rates around $10,000 an hour, the premier’s trip to Houston, Dallas and Austin could have totalled roughly $200,000 after fees and overnight costs.
Bigly said if the premier flies chartered jets 75 hours a year, he could break even by owning and flying his own aircraft.
The Star asked the Ontario government how many private flights Ford takes per year, but did not receive a response.
Prime Minister Mark Carney recently spent $753 million on six jets, and the Quebec government bought three Challengers for $107 million.
Bigly said that if the premier’s jet reappeared in the market, there would be no lack of interest.
“The challengers are very, very popular. They’re very well known, very reliable,” he said. “I have two Challengers for sale. These are 25-year-old aircraft, and they’re still selling aggressively. I’ve got people calling me all day.”
