Long a symbol of corporate excess, private jets are becoming a P.R. burden for many businesses amidst the economic downturn, with some companies looking to downsize their fleets as a result. Car companies are selling their fleets after being attacked during bailout hearings for using the planes and Citigroup, also a bailout recipient, recently cancelled an order for a $42 million jet. According to one industry insider, the market is flooded with used jets and prices are down up to 40 percent from just over a year ago. So if you've been eyeing that Gulfstream and have a spare $30 million or so, now might be the time to finally take the plunge.
Read it at The New York Times
