Market Minute – Citation Sovereign market heats up
The Cessna Citation Sovereign is a coast to coast capable mid-size aircraft that combines a modified/stretched Citation Excel fuselage with a newly designed swept wing. The Sovereign can be configured for up to standard max of ten passengers. However, in its typical loading it can carry six passengers with full fuel. Operators report that the Sovereign offers the best “high and hot” airport performance of any aircraft in its class.
Production began in 2002, and continued until 2013 with a total of 350 aircraft produced. In June of last year, Winglet Technology secured an STC for an aftermarket winglet option for the Sovereign. The “transitional winglet” retrofit will enable the classic Sovereign to have faster cruise speeds, increased range, and improved time to climb performance.
The Sovereign market has been quite active and the current inventory level is the lowest it has been in almost four years (5% of the total fleet is available for sale). There are currently two Sovereigns under contract/deal pending. Ask price variance across the diverse market currently ranges from a low of just under $5.5M up to $9M on the highest end of the market.
The average market time for Sovereigns that traded in the last six months is just under nine months. Twenty-Four (24) Sovereigns have transacted in the last six months, with 16 of those aircraft trading in the last ninety days. All but one of the Sovereigns sold during this period were enrolled on an engine program. Of the aircraft that sold, one featured aftermarket transitional winglets and over half had NAV upgrades at the time of sale.