20151027 How Much Does a Used Boeing 777 Cost?

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How Much Does a Used Boeing 777 Cost?

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(https://upload.wikimedia.org/wikipedia/commons/9/96/Boeing_777-200LR_VIP_(VP-CAL)_at_LHR.jpg) How Much Does a Used Boeing 777 Cost?

(http://www.airlineupdates.net/how-much-does-a-
By Paul Ausick (http://247wallst.com/aerospace-defense/2015/10/26/how-much-does-a-used-boeing-777-cost/): When Delta Air Lines
used-boeing-777-cost/)
Inc. (NYSE: DAL) CEO Richard Anderson said a couple of weeks ago that his airline may be interested in acquiring used rather than new
airplanes, shares of both Boeing Co. (NYSE: BA) and Airbus dumped around 4%. The more striking part of Andersons comment was that
British Airways plane crash-lands at South African
a 10-year-old 777 could be purchased for $10 million, compared with a new 777-200ER carrying a list price of $277.3 million and a likely
airport (http://www.airlineupdates.net/british-airways-
purchase price of about $194 million, assuming a 30% discount.
plane-crash-lands-at-south-african-airport/)
The day Anderson made his comments, we found an eight-year-old 777-200ER on offer for $68 million, a far cry from $10 million.
Monday morning we found a 777-200ER that entered service in 2002 for sale for just under $20 million. Two more 777s, built in 1997 Watch: KLM plane lands in strong winds in
and 1998, were listed for sale but no price was mentioned. Amsterdam (http://www.airlineupdates.net/watch-
klm-plane-lands-in-strong-winds-in-amsterdam/)
In a presentation last year, Ascend Advisory, a division of Flightglobal and a leading appraiser of used aircraft, put a value of about $65
million on a seven-year-old 777-300ER (a larger version of the 200ER with a longer range). The list price for a new 777-300ER is $330
Flight delay warning in Scotland due to traffic control
million. It trails only a 747-8 as the most expensive plane Boeing builds and sells today.
communications problems
We found six 777-300ERs that are coming off lease and are for sale in the United Kingdom. No prices were listed, but one is a 2007 (http://www.airlineupdates.net/flight-delay-warning-
model with 34,000 hours of flight time and 4,600 take-off and landing cycles. A used price for that plane is probably somewhere between in-scotland-due-to-traffic-control-communications-
$55 million and $60 million today. problems/)

In remarks cited by TheStreet.com, a JPMorgan analyst said:

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 20151027 How Much Does a Used Boeing 777 Cost?

RFIDeas The health of the used market clearly warrants debate but Deltas
comments were taken out of context, in our view, though had directional
merit given appraisals that increasingly appear too robust.

A significant number of wide-body planes like the 777 and the Airbus
330 are coming off leases in the next few years. According to a press
release last week from Delta, A large number of leased widebody
aircraft are being returned to lessors and manufacturers, causing a glut
in the market. A Delta executive expands:

RF IDeas
One factor driving the large number of leased aircraft
now being sold is the nearly four-year delay in
deliveries of Boeings 787 jet . The delay caused
Leading User IDentification Security, workflow improvement

many airlines to lease Airbus A330 and Boeing 777

aircraft (left) to bridge the gap while waiting for their
orders to be fulfilled. Many of those aircraft are now nearing the end of their leases and being
returned.

Wheres the truth? Probably somewhere between $10 million and $60 million for a used 777-200ER. The low end is probably too low,
just as the high end is or soon will be too high. JPMorgans analyst thinks a 10-year-old 777 is more accurately priced at around $43
million.

Its also worth noting that Boeing and Delta have an uneasy relationship. The two companies have been at loggerheads over the U.S.
Export-Import Bank (Boeing in favor, Delta against) and Delta buys a lot of Airbus planes, recently ordering 50 new A330s and A350s.

Boeing shares traded up about 0.4% on Monday morning at $147.29 in a 52-week range of $115.14 to $158.83.

Deltas stock was inactive Monday morning, having closed at $51.00 on Friday after posting a new 52-week high of $51.66. The 52-week
low is $34.61.

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