Last month, I was talking to a private-jet owner who told me he was having a tough time justifying the cost of his Gulfstream IV. I assumed he meant he couldn't afford it.
Turns out he just couldn't resist the profits from selling it.
"Someone just offered me $5 million more for the plane than what I paid for it three years ago," he said. "It's tough to turn that down. I can always charter."
The market for used jets is booming, despite the wobbly economy. An article in the Journal by David Pearson says that demand for used jets has created a "topsy-turvy" market in which used planes are selling for more than new ones.