Trends and Market Analysis of Aircraft Values NEWS

January 3, 2022
Vol. XXXI, No. 1 Inside This Issue: Jet Aircraft Current & Future Values

Semi-Annual Jet Aircraft Value Listing

Recovery in Widebody Values Stalled by Omicron Variant
The Omicron variant of Coronavirus has the potential to prevent a recovery in the values of newer widebodies
as the improvement in traffic stalls.
Much work and data is still required to understand the Omicron variant with respect to the efficacy of existing
vaccinations, boosters and potential for severe illness. The United Kingdom and Denmark are already reporting
exponential growth in infections comprising Omicron not least because of more profiling of those testing positive.
Because of the potential for a far greater number of infections even after two vaccinations, even a lesser proportion
of serious illness can have a significant impact on the community. Health workers in particular may suffer from
infections which require isolation placing greater strain on the health resources. Boosting initial vaccinations is one
way to limit the spread of the virus but so too is limiting social interaction. The wider economy may falter again as
hospitality in particular sees restrictions.
The UK now requires a negative PCR test 48 hours before visitors and returning residents can enter the UK as
well as isolation after returning until a second PCR test upon return proves negative. Some other countries have similar
measures. Plans for opening of borders to visitors have been put on hold. Such restrictions and testing regimes, as well
as the threat and cost of having to isolate if proving positive before returning to the UK has seen a significant reduction
in bookings for 2022. The cost of the tests alone can significantly increase the cost of a family holiday.
IATA data shows that for October 2022, international traffic was still more two thirds lower than October
2019. Moreover, capacity was less than half before the Covid Event with load factors being only 64 percent instead of
the previous level of more than 80 percent. The international market is therefore still very weak although the October
data does not take into account the opening of the U.S. market. At the very time the market was beginning to open
up, there is now the risk that the expected surge in traffic for 2022 will evaporate at least until such time as the effects
of Omicron are evaluated. In the event a derivation of the current vaccination is required, then the production and
distribution of the new immunization effort has the potential to affect the market for perhaps another year.
The Covid Event has and is having a catastrophic impact on international traffic even as some markets are
seeing a displacement to domestic markets. The recovery in international sectors was underway but this latest setback
due to Omicron makes it even more difficult to contemplate that the values odd widebodies should equate to pre-
Covid levels. Many appraisers have opted to see little change in the values of in production widebodies perhaps
because sale and leaseback pricing has remained high throughout the Covid Event. A few appraisers have favored to
reduce values by more than 20 percent as a means of reflecting the sustained fall in traffic. For the latter group, the
values of new widebodies has been gradually rising but may still be some 10-20 percent lower than pre-Covid levels.
When taking into account the pre-Covid expected 2-3 percent annual rise in values of new aircraft, a new widebody
now has a comparatively even lower value. For example, in October 2019, a new B787-9 had a value of $146 million –
today the value of a new B787-9 is only $120 million compared to the expected $150 million, albeit having increased
from the $104 million recorded in April 2020. Even the hiatus in new B787 deliveries has not seen a return to pre-
Covid levels. Indeed, when B787 deliveries recommence amidst a still weak international market, the appetite for
increasing values may be diminished due to the potential surplus. At the start of the Covid Event, there was always
the expectation that the international market would take time to recover to pre-pandemic levels not least because of
the potential for mutation and the staggered roll out of the vaccination program and as such the Omicron issue may
be viewed as a temporary issue after which a surge in demand could see a more rapid improvement in values not least
because of the sustained interest in using SAF and more environmentally friendly models which may leave those out
of production with lesser demand. The residual values of widebodies are exposed as a result of the potential for re-
engining during the latter part of this decade.
Despite the uncertainties caused by the Omicron variant, the market for narrowbodies is much more active

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Page 2 AIRCRAFT VALUE NEWS, January 3, 2022

although favoring the newer types. The efficiency of the A320neo and the B737MAX make them more in demand
particularly in a high fuel price environment. As more airlines seek to mitigate their environmental footprint by
using the much more expensive SAF (Sustainable Aviation Fuel) then using the fuel on more efficient aircraft will
be key. Not all engines can use SAF, particularly when used in higher concentrations. Domestic traffic has improved
but not many countries have an extensive domestic network which can compensate for the loss of international
traffic. Even domestic traffic in Australia was still some 81 percent lower in October 2021 versus October 2019 due to
lockdowns. The U.S. domestic market was only some 10 percent lower with China being 27 percent lower and India
recording 27 percent less traffic. Russia was however, some 24 percent higher. Overall, domestic traffic was 21 percent
lower. Regional traffic is showing improvement and as such the demand for narrowbodies has improved although a
significant number – far greater than before the Covid Event – remain in storage. Winter in the Northern Hemisphere
usually sees lesser demand except over the holiday season. The improvement in narrowbody lease rentals is notable
and is beginning to feed through to values. However, the increase in production rates and the return to service of the
B737MAX means that the return to service of mid life aircraft may be delayed. The lease rentals of the A320neo
family have improved since the depths of April 2020 but are still lower than pre-Covid levels. The lessors are still
having to engage in negotiating terms rather than dictating rates. The need for power by the hour arrangements is
still evident as are stepped arrangements which sees higher rentals in future years. The inflationary pressures have the
potential to feed through to higher interest rates which will lift rentals.
The residual values of regional aircraft are perhaps most exposed to the changes in the market structure in
the medium to long term given the potential for new models as well as the opportunity for more hydrogen powered
aircraft. United airlines has agreed to take a stake in ZeroAvia which sees an order for 100 engines which may be used
to retrofit existing regional aircraft with hydrogen-electric powerplants. Much depends on how quickly the technology
can be proven, retrofitted and certificated. Some of the plans indicate the hydrogen could be a viable power source
via retrofit as soon as 2025 with others indicating later in the decade. An all new hydrogen powered aircraft should
be launched by the end of the decade with service entry effected before 2035 if not sooner. While production rates
will limit the availability of new aircraft which will act as replacements, the concern for residual values is with respect
to retrofitting existing aircraft. Those types that are not seen as being suitable for retrofit, perhaps because of the
absence of a suitably large product base or engineering limitations, will be likely see a sharper fall in residual values. n

Semi-Annual Jet Aircraft Current Market Value Assumptions

The listing of current and future values is based on the year of build. The essential assumption is that the
aircraft are being sold as a single unit and between a willing seller and willing buyer for cash. The high and low
figures represent adjustments for offer and sale prices, financing arrangements, specification differences, maintenance
status and condition. These are not absolutes and distressed sales as well as sale and leaseback transactions may fall
outside the figures indicated. Some transactions involving distressed sales on fully run out aircraft are considered
exceptional and can fall outside the value ranges. Scrap values are also likely to fall outside the indicated range of
values. Quantity discounts, particularly for the larger equipment, will attract sizeable discounts.
The values quoted below were prepared in late October 2021 in the context of a slightly improved market
from the depths of the Covid Event which was a feature of the April 2020 update. The values listed below are
Market Values not theoretical abstract Base Values and seek to balance transaction pricing, where available, and the
considered worth of the asset. The Market Value is therefore not merely a reflection of the latest lowest available
datapoint. The quoted future values are Market not Base values and attempt to predict cyclic trends when supply will
exceed demand and vice versa. Values may therefore experience a rise as well as a fall in any projected year.
In addition to values, the original source for Aircraft Ratings is included for all aircraft types. The Aircraft Ratings

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AIRCRAFT VALUE NEWS, January 3, 2022 Page 3

– the first to be created and forming the industry standard - ranging from highest A++ to the lowest E--, reflect The
Aircraft Value Analysis Company’s (AVAC) opinion as to the relative attraction of the asset over the short to medium
term. The Aircraft Rating calculates approximately 27 different variables for this and each of the next seven years and
takes into account such factors as number on order, product life cycle, competitive production, level of availability,
number of customers, number of operators, geographical distribution assigning a weighted score to each factor. The score
is translated into an “A++” to an “E—“ rating with “A” or “B” ratings representing a product that has the potential to
be remarketed with relative ease and exhibiting better than average value behavior. A “C” or “D” rating indicates that
values will exhibit greater volatility and therefore greater risk. More experienced traders and investors will likely be willing
to invest more readily in such aircraft but will be aware of the risks. An E rating indicates that any value lies more with
the operator than the investor. A = Very popular aircraft over the next seven years with very low availability and strong
demand. Likely to reflect a new aircraft type that offers considerable efficiency compared to existing types. Easy to sell
with less than average value deterioration over the next seven years. Ideal for asset based financing. Little or no risk. B =
Mainstream and popular aircraft that has achieved maturity and is still likely to be in production. The type is easy to sell
and is in demand though the level of availability is creeping up. The decline in values over the next seven years is likely to
be near or slightly below the average. Viewed as good for asset based financing. Little risk.
The future values – four and seven years from 2021 - are expressed in current dollars having been adjusted for
inflation approximating 2.2 percent (lower in the immediate years) and are based on the Mid Case current market
values (AVAC also produce Best and Worst case projections reflecting different probability levels). The figures are
for guidance only and are not intended to reflect actual recent market transactions - assuming that any reliable data
exists. Rather, the values represent the considered worth of the aircraft tempered by the prevailing market conditions.
The data has been extracted from the October 31st 2021 edition of the semi-annual Aircraft Values Basic 2021-
2041 (Aircraft Values Pro – serial number based product also available), priced US$1,750.00 for 12 months web site
access, by courtesy of The Aircraft Value Analysis Company. Telephone: +44 (0)203 468 5594, Fax: +44 (0)203 468
5596, pleighton@aircraftvalues.net; www.aircraftvalues.net; www.aircraftvalues.com
FUTURE VALUE FUTURE VALUE
YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
A300B4-200. Aircraft Rating: N/A A300-600. Aircraft Rating: E--
While Douglas and Lockheed forged ahead with the trijet configuration in The aircraft remains the preserve of Iranian operators. Placing a value on
the 1960’s partly because of the concern over the reliability of the engines the model has been a futile exercise for many a year. The variant sought
on longer sectors and the need to operate from La Guardia, New York, to improve upon the A300B4-200 and
the formation of Airbus saw a focus on a twin engined design aimed at Placing a value on the -600 has been a futile exercise for a number of
operating on medium haul sectors. While starting with a widebody (twin years. The variant was always on the sidelines, offering more a stepping
aisle) may have been seen as being ambitious for a new consortium, stone to the -600R.
the members of the consortium were already very experienced in the A300-600R. Aircraft Rating: E--
manufacturing of aircraft not least the Comet, Mercure, VC10, Trident, Again, the -600R is now either in operation with Iranian operators or is
BAC1-11, Concorde, etc. This is perhaps the principal difference between in storage for which no operator is assigned. The type was never able
the ambitions of China and the origins of Airbus. China is having to to fully compete with the B767-300ER because of its shorter-range
start from scratch which makes the learning curve that much longer. capability. The medium haul capability of the aircraft was sufficient for
The difficulties of producing a new aircraft are all too evident given some operators including American but as newer types became available
the problems that both Airbus and Boeing have had in the last decade. not least the A330, the A300-600R was increasingly displaced by the
Nonetheless, the ambitions of China cannot be underestimated with a more efficient models. The type was seemingly destined for freighter
clear expectation that out of perhaps necessity, both a narrowbody and conversion but was out of step with demand imperatives.
widebody will become a viable competitor to the existing duopoly. 1987 0.33 0.18 0.43 - -
N/A 1989 0.48 0.26 0.62 - -
A300F4-200 (Converted). Aircraft Rating: E- 1991 0.62 0.34 0.80 - -
The A300F4-200 was converted in numbers in the 1990s and enjoyed 1993 0.76 0.42 0.99 - -
something of a modest success for perhaps 15 years -ie through to 1995 0.90 0.50 1.18 - -
2010 before the airfreight industry collapsed. With regard to the dash 1997 1.05 0.58 1.36 0.30 -
for airfreight capacity, the volatility of the airfreight industry does need A300-600RF. Aircraft Rating: D
to be highlighted. Post the financial crisis of 2008, some predicted that The -600RF has managed to secure something of a reprieve given
airfreight was facing a very bleak future. Just two years ago, airfreight the demand for airfreight. The type – either in production version or
was in the doldrums although Amazon was building its fleet. The weak converted model – was always playing second fiddle to the B737-300F.
intercontinental market saw a number of B747-400Fs in storage with The values have improved slightly after suffering years of decline and
auctions taking place. Should the airfreight market suffer as passenger with the Omicron variant, it seems that dedicated freighters will be
flights are restored, then the older freighters will be most vulnerable needed for some time to come. Notably, of the 75 that are still available,
to storage and replacement. There is also the issue of environmental some 20 are not in service with a number in China being in storage.
compliance for older aircraft not least as unilateral action becomes more 1994 5.76 4.72 7.25 2.97 -
prevalent should intra-governmental restrictions prove to be ineffective. 1996 7.68 6.30 9.68 4.07 -
1975 0.67 0.43 1.00 - - 1998 9.61 7.88 12.11 5.20 3.37
1977 0.69 0.45 1.03 - - 2000 11.54 9.46 14.54 6.34 4.20
1979 0.71 0.46 1.06 - - 2002 13.47 11.04 16.97 7.51 5.06
1981 0.73 0.47 1.09 - - 2004 15.40 12.63 19.40 8.72 5.95
1983 0.75 0.49 1.12 - - 2006 17.33 14.21 21.83 9.96 6.89
Page 4 AIRCRAFT VALUE NEWS, January 3, 2022

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
A310-200. Aircraft Rating: A318. CFM56. Aircraft Rating: E+
The capacity of the A310-200 is perhaps the size of aircraft that Boeing The market for the A318 was difficult even before it entered service.
is seeking to recreate but as a narrowbody. The small widebody creates The problems with the PW6000 – the “billion dollar baby” caused a
design issues in terms of additional drag with the engines also being significant delay to the program which ultimately led to the CFM56 being
proportionately heavier. the lead engine. The values have been under pressure ever since with
N/A the PW6000 powered airframes having been particularly weak. Yet, as a
A310-200F. Aircraft Rating: Corporate aircraft the type has been much more successful offering the
FedEx converted a number but the type has been gradually withdrawn capacity that is suited to a wide range of clients. The baton is now being
from service over the years such that today none are active. The size taken up by the A220 which offers far greater efficiency.
of the aircraft would make it ideal in todays market given the rise of 2003 2.65 1.99 3.02 1.58 0.86
internet shopping. 2005 3.61 2.71 4.12 2.29 1.38
N/A 2007 4.57 3.43 5.21 3.01 1.92
A310-300LGW. 153t. CF6. Aircraft Rating: E-- 2009 5.53 4.15 6.31 3.77 2.50
The A310 was important in creating a family of aircraft offering a range 2011 6.49 4.87 7.40 4.55 3.11
of widebody capacity. To a large extent, it is easy to forget just how A319HGW. 70t. Aircraft Rating: C-
far Airbus has come in the last 25 years. Before 1990, the European There is perhaps a perception that the domestic and regional markets
manufacturer was still on the periphery of manufacturing having only just are nearly back to pre-pandemic levels. This may be the case for a few
introduced the A320, adding to its only two other products at that time. domestic markets but as most flights are international, there continues
The A310 enjoyed some success with Wardair and Pan Am but sales to be significant reductions. With the closure of borders again in some
did struggle as indeed did those for the competing B767-200. The used countries, this again is causing problems. As such there are still nearly
values of the A310 had a short period which saw quite high levels in the 400 A319s in storage, many of which are not assigned to a specific
late 1980s before falling to more realistic levels. operator. The values have however seen some improvement since April
1985 0.18 0.11 0.29 - - 2020 but more recently there has been little improvement although it is
1987 0.30 0.18 0.48 - - also evident that any decline is also modest. In the context of pre-Covid
1989 0.42 0.25 0.68 - - forecasts for 2021-2022 and due to the lack of orders for the A319neo,
1991 0.54 0.33 0.87 - - the values for the A319 are not expected to see an increase. The
1993 0.66 0.40 1.07 - - A319ceo was delivered in very small numbers in the last few years of
1995 0.78 0.48 1.26 - - production and even with the A319neo, the focus is on the A220.
1997 0.90 0.55 1.46 0.19 - 1996 3.18 2.41 3.81 1.10 -
A310-300HGW 164t. CF6. Aircraft Rating: E-- 1998 4.24 3.21 5.09 2.11 0.74
The A310-300HGW may no longer be relevant but it now represents 2000 5.30 4.02 6.36 3.10 1.45
an insight into the dilemmas that the manufacturers face in designing 2002 6.36 4.82 7.63 3.80 2.43
an aircraft in this segment of the market. A widebody creates all sorts 2004 7.42 5.62 8.90 4.53 2.97
of design issues in terms of drag and engine size even if the interior 2006 8.48 6.42 10.17 5.28 3.53
offers considerable advantages. The values of the -300 only very 2008En 10.24 8.70 10.96 6.58 4.50
briefly sparkled before suffering a decline. The issue was not one of 2010En 13.16 11.18 14.08 8.68 6.08
replacement but was more one of seeing a shift in the market structure 2012En 16.07 13.66 17.19 10.88 7.78
which favored either smaller or larger aircraft types. A narrowbody of 2014En 18.98 16.14 20.31 13.24 9.65
this capacity also has the disadvantage of being long and narrow which 2016En 21.90 18.61 23.43 15.82 11.78
creates problems when loading passengers as well as in stretching for 2018En 24.81 21.09 26.55 18.38 14.01
greater capacity. It is notable that United does not consider that its latest A319ER. 75.5t. Aircraft Rating: C-
A321 orders will be used to replace its B757-300s. The A319ER, if equipped with the extra tanks and sharklets, has
1988 0.55 0.35 0.80 - - considerable range and offers operators flexibility when seeking to manage
1990 0.71 0.45 1.03 - - longer thinner regional routes. Some 40 percent of the A319 fleet has a
1992 0.87 0.56 1.27 - - MTOW of more than 75 tonnes although not all will be operating at this
1994 1.03 0.66 1.51 - - weight in order to keep operating costs down to the minimum.
1996 1.20 0.77 1.75 0.36 - 2002 7.06 5.51 8.26 4.20 2.71
A310-300F 164t. CF6. Aircraft Rating: D- 2004 8.07 6.29 9.44 4.89 3.22
Airbus has made a number of forays into the freighter market but not 2006 9.08 7.08 10.62 5.60 3.75
very successfully although the A350F shows signs of reversing this trend. 2008En 11.05 9.39 11.82 7.12 4.89
There are very few A310s freighters remaining in service with values 2010En 14.06 11.95 15.04 9.29 6.53
reflecting the lesser interest in the type. 2012En 17.07 14.51 18.26 11.58 8.29
1985 2.37 1.61 3.44 - - 2014En 20.08 17.07 21.48 14.02 10.24
1987 2.58 1.75 3.74 - - 2016En 23.09 19.62 24.70 16.69 12.45
1989 2.79 1.89 4.04 - - 2018En 26.09 22.18 27.92 19.35 14.76
1991 2.99 2.03 4.34 - - A319neo. Aircraft Rating: C+
1993 3.20 2.18 4.64 - - Airbus is deliberately pushing operators to the A220 rather than A319neo
1995 3.41 2.32 4.94 - - and this is resulting in a few orders for the latter. The values of the A319neo
1997 3.61 2.46 5.24 1.46 - have improved since April 2020 and continue to do so but at a slow rate.
There is expectation that the value of a new A319neo will match pre-Covid
values in a few years time which of course means that some 3-4 years of
value improvement will have been lost. The very small customer base for the
A319neo is a concern going forward and perhaps the experience of the A318
will give a clue as to how values of the A319neo may perform.
2019 30.26 27.69 31.63 22.41 17.51
2021 32.89 30.09 34.37 24.38 19.64
AIRCRAFT VALUE NEWS, January 3, 2022 Page 5

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
A220-100. Aircraft Rating C++ 1996 5.59 3.97 7.05 2.12 -
Airbus are promoting the A220 but the orders for the -100 still lag behind 1998 6.85 4.86 8.63 3.62 1.39
those for the -300. As of November 2021 there were only 94 orders for 2000 8.10 5.75 10.21 4.97 2.45
the -100 of which 50 had been delivered leaving a backlog of 44. The 2002 9.36 6.64 11.79 5.84 3.86
corporate version of the A220-100 is being promoted as a dedicated 2004 10.61 7.53 13.37 6.73 4.52
business jet rather than a corporate version of the commercial aircraft 2006 11.87 8.42 14.95 7.65 5.21
and this has already generated some orders. 2008En 14.87 12.79 16.21 10.12 7.04
2016 22.42 20.63 23.77 15.64 12.12 2010En 18.03 15.51 19.65 12.54 8.88
2018 25.10 23.09 26.60 17.95 14.24 2012En 21.19 18.22 23.09 15.09 10.86
2020 27.77 25.55 29.44 20.00 16.30 2014En 24.35 20.94 26.54 17.83 13.06
A220-300. Aircraft Rating B- 2016En 27.51 23.65 29.98 20.84 15.56
The orders for the -300 are improving but perhaps not as fast as Airbus 2018En 30.66 26.37 33.42 23.81 18.18
would wish to see. As of the end of November 2021 there had been 2020En 33.82 29.09 36.87 26.42 20.73
556 orders of which 136 had been delivered. Values have recorded at A320neo. 73.5t. Aircraft Rating: B+
perhaps the fastest rate for any aircraft although they remain lower The A320ceo secured 4770 orders and the A320neo 3748 thus far
than pre-Covid levels. The type is well placed to take advantage of the demonstrating the popularity of the type. Pratt & Whitney had originally
demand for more efficient types and Airbus is improving production to indicated a Product Improvement Programme (PIP) so years ago but
enable rates to increase. After five years, and seemingly decades on the this was put on hold until problems were resolved. But the PIP has been
drawing board, the A220 is no longer so new as might be perceived. announced and this will be an issue going forward. The PIP is likely
There may be attempts to talk up values of the -300 but there still has to to be seen as the baseline engine with the current offering requiring
be some caution as the used market is far from being established. a discount. The values of the A320neo have been improving and are
2016 25.92 23.59 27.48 18.36 14.27 creeping back up but are still below the $50 million pre-Covid levels. The
2018 29.02 26.41 30.76 21.06 16.75 gap between the A320neo and A320ceo values is increasing. There is a
2020 32.11 29.22 34.04 23.46 19.18 concern that the rate of production means that ever more A320neos are
A320LGW. 73.0T -A1/-5A1/-5B4/5B4/3. Aircraft Rating E/D--/B-- being used as replacement rather than growth capacity.
The market for the A320ceo is perhaps not as strong as might be 2015 33.67 30.97 35.35 24.79 19.58
supposed with still hundreds in storage and many having no operator 2017 37.60 34.59 39.47 28.53 22.96
assigned. As such values have not improved and are considered to have 2019 41.53 38.20 43.60 32.01 26.38
fallen slightly. However, the slight rise from the depths of April 2020 and 2021 45.46 41.82 47.73 35.07 29.78
the stability recorded more recently means that the differential between A321-100LGW. Aircraft Rating: E-
pre-Covid levels and those of today is less marked. The A320ceo The -100 has been a concern for a decade or more. Lufthansa has
had been in production for over 30 years and it is this very extensive a number but all of their fleet is either in storage or undergoing
production that can contain values as operators see little reason to pay a maintenance. Operators of the -100 are severely limited and remarketing
premium for a newer aircraft given that there is very little improvement has been a problem for many years. The values experienced a very
in efficiency. The market is therefore very much focused on the Tech significant decline due to Covid and show no signs of recovering. In
Insertion and Select engines that came to from 2007 onwards. general, if an aircraft remains in storage for two years or more then it
1988 0.56 0.40 0.70 - - is unlikely to see a return to service not least because of the amount of
1990 1.80 1.28 2.27 - - work required to achieve a renewal of the Certificate of Airworthiness.
1992 3.04 2.16 3.83 - - 1994 0.98 0.71 1.32 0.15 -
1994 4.28 3.04 5.39 1.21 - 1996 1.29 0.94 1.74 0.35 -
1996 5.52 3.92 6.96 2.07 - 1998 1.60 1.17 2.16 0.68 0.11
1998 6.76 4.80 8.52 3.53 1.35 2000 1.91 1.39 2.58 0.98 0.31
2000 8.00 5.68 10.08 4.85 2.38 2002 2.22 1.62 3.00 1.19 0.57
2002 9.24 6.56 11.65 5.69 3.75 2004 2.53 1.85 3.42 1.42 0.73
2004 10.49 7.44 13.21 6.56 4.40 A321-200LGW. Aircraft Rating: C+/B--
2006 11.73 8.33 14.77 7.46 5.07 The A321 was gaining traction prior to the Covid Event but with reduced
2008En 14.13 12.15 15.40 9.60 6.67 traffic some of the attraction has been temporarily lost. Some 20 percent
2010En 17.14 14.74 18.68 11.90 8.42 of the A321ceo fleet is still in storage but this is perhaps not as severe
2012En 20.15 17.33 21.96 14.34 10.31 as might be imagined given the product life cycle that stretches back for
2014En 23.16 19.92 25.24 16.95 12.40 many years. Values are considered to have fallen slightly after seeing an
2016En 26.17 22.51 28.53 19.81 14.78 improvement. The normal annual reduction is more than eight percent
2018En 29.18 25.10 31.81 22.64 17.28 with out of production suffering a greater decline but the A321-200 is not
2020En 32.19 27.68 35.09 25.13 19.71 seeing such a reduction.
A320-200HGW. 77.0 tonne CFM56. Aircraft Rating: B-- 1996 3.82 3.09 4.43 1.66 -
The HGW – high gross weight – versions still manage to attract a 1998 5.54 4.49 6.42 3.41 1.33
B—rating showing demand for the next seven years albeit declining 2000 7.26 5.88 8.42 4.59 2.62
more rapidly as from 2025. For the HGW substituting aircraft is all too 2002 8.98 7.28 10.42 5.80 3.92
necessary as well and there has to be confidence that the fleet can 2004 10.71 8.67 12.42 7.04 4.85
undertake all necessary roles. Yet, of course for those operators with a 2006 12.43 10.07 14.42 8.32 5.82
fixed network, additional weight may simply result in higher en route and 2008En 15.92 13.37 17.51 10.88 7.86
airport charges. Sharklets have been available for the A320ceo for nearly 2010En 19.62 16.48 21.58 13.71 10.07
a decade and their installation can have a marked effect on performance 2012En 23.32 19.59 25.65 16.69 12.45
and warrants a premium. SpaceFlex2 adds another 1.7 percent. 2014En 27.02 22.69 29.72 19.88 15.09
1990 1.83 1.30 2.30 - - 2016En 30.72 25.80 33.79 23.38 18.09
1992 3.08 2.19 3.88 - - 2018En 34.41 28.91 37.86 26.84 21.23
1994 4.34 3.08 5.46 1.25 - 2020En 38.11 32.01 41.92 29.91 24.30
Page 6 AIRCRAFT VALUE NEWS, January 3, 2022

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
A321neo. 89t. Aircraft Rating: B++ 2002 9.17 6.97 10.09 6.27 4.47
The orders for the A321ceo amounted to 1791 but those for the A321neo 2004He 15.87 12.85 17.61 10.68 7.71
are now nudging 4,000. This shows the demand for the type and just 2006He 20.35 16.48 22.59 13.95 10.23
how much work Boeing needs to do to claw back market share. There 2008He 24.84 20.12 27.57 17.34 12.89
were 225 deliveries of the A320neo in the first eleven months of 2021 2010He 29.32 23.75 32.55 20.88 15.72
versus 167 A321 deliveries. Airbus are known to be struggling to keep 2012He 33.81 27.38 37.53 24.61 18.79
pace with the demand for the A321neo and as such the proportion of 2014He 38.29 31.02 42.51 28.64 22.20
A321neo deliveries can be expected to rise. Values of the A321neo have 2016He 42.78 34.65 47.48 33.07 26.10
been improving but they remain below pre-Covid levels. There has to be 2018He 47.26 38.28 52.46 37.42 30.17
a recognition that the type has been in service for a number of years. The 2020He 51.75 41.92 57.44 41.21 34.12
A321XLR is being assembled and service entry is scheduled for 2023 A330-300P2F. Aircraft Rating: C++
and the number of orders for the type cannot be underestimated. The The conversion of the -300 is now starting and the post conversion value
A321XLR will provide operators with new opportunities. This is already likely carries a premium over the $18 million conversion cost and $6-9
evident with the LR version. million feedstock price. This is the medium sized aircraft that has the
2016 44.88 40.84 48.47 35.95 28.26 potential to take over from the B767 in the coming years. The forecast
2018 47.62 43.34 51.43 39.06 31.35 values may seem to be falling but there is always some hesitation when
2020 50.36 45.83 54.39 41.53 34.22 a new conversion arrives. There is little doubt that the values will likely
A330-200. Aircraft Rating: D-/D++ turn out to be higher than those indicated below but prudence is perhaps
Before the Omicron variant was identified, it appeared that the warranted at this stage.
international market was recovering but this now seems to have been 2002 31.12 25.52 34.54 20.73 15.13
put on hold given the restrictions on travel now being reintroduced 2004 35.52 29.13 39.43 23.95 17.64
by some countries. The issue of vaccinations and boosters is now the 2006 39.93 32.74 44.32 27.28 20.27
means of overcoming this reversal of fortunes. For the A330-200 the fall 2008 44.33 36.35 49.21 30.76 23.08
in values has been a significant and there has been no real improvement 2010 48.73 39.96 54.09 34.42 26.11
since the depths of April 2020. There are now nearly as many -200s on 2012 53.14 43.57 58.98 38.34 29.43
storage as there are in service. A330-900. Aircraft Rating: B
1998 5.69 4.61 6.26 3.35 1.33 The A330-900 may not be setting any records but there is every
2000 7.01 5.68 7.71 4.23 2.44 expectation that a range of operators will increasingly see its relevance
2002 8.33 6.75 9.16 5.12 3.49 to the dense medium haul routes. The lower cost of the -900, particularly
2004En 9.67 7.93 10.74 6.01 4.17 as Airbus seeks to keep production going, will see this type displace the
2006En 13.50 11.07 14.98 8.66 6.21 -300 in ever greater numbers. The values have been creeping up even as
2008En 17.32 14.20 19.23 11.33 8.28 the international market stutters.
2010En 21.14 17.34 23.47 14.10 10.45 2018 78.59 72.30 82.52 65.81 52.21
2012En 24.97 20.47 27.71 16.98 12.77 2020 81.50 74.98 85.58 68.61 55.85
2014En 28.79 23.61 31.95 20.03 15.28 A340-200. Aircraft Rating: E--
2016En 32.61 26.74 36.20 23.32 18.07 The A340-200 has little to commend it and values are all but at scrap
2018En 36.43 29.88 40.44 26.94 21.26 levels. The Covid event has only served to highlight the issues affecting
2020En 40.26 33.01 44.69 30.49 24.59 the type.
A330-200F. Aircraft Rating: C++ 1993 1.30 1.04 1.35 - -
The production of the A330-200F started just when the airfreight market 1995 1.50 1.20 1.56 0.52 -
was suffering one of its greatest ever falls. Freighter aircraft saw values 1997 1.70 1.36 1.76 0.88 0.20
fall overnight. There is a temptation to consider this latest demand will A340-300LGW. Aircraft Rating: E
continue for many years hence the number of conversions but this is There is little to say with respect to the A340-300 except that the type
unlikely and there is a real risk that there will be an oversupply resulting not longer has much relevance in the market.
in another decline in values for some types. 1996 1.28 0.90 1.41 0.49 -
2010 47.49 39.89 52.24 29.76 21.60 1998 1.77 1.24 1.95 0.91 0.28
2012 52.37 43.99 57.61 33.53 24.64 2000 2.26 1.58 2.49 1.25 0.65
2014 57.26 48.09 62.98 37.62 28.05 2002 2.75 1.93 3.03 1.59 0.91
2016 62.14 52.20 68.35 42.18 32.00 2004En 5.27 4.32 5.63 3.52 2.30
2018 67.02 56.30 73.72 46.58 36.08 2006 En 5.44 4.46 5.82 3.69 2.45
2020 71.91 60.40 79.10 50.25 39.95 2008 En 5.62 4.61 6.01 3.88 2.61
A330-300HGW. Aircraft Rating: E++/ C- A340-500LGW. Aircraft Rating: E++
The number of inactive -300s had been decreasing not least because of The passenger market has been eradicated. The long range capability
the U.S. opening up once again although this may be short lived should of the aircraft seemed to offer much but in the end proved of little value.
Omicron be a major concern for health services. The values of the type Airbus, like Boeing, has had its failures and the -500 is one of them.
have therefore remained steady. There is no expectation of a recovery to N/A
pre-Covid levels. Instead, values will likely not fall so markedly such that A340-600L. Aircraft Rating: E-
in a few years time there may be a measure of correlation with pre-Covid There are only ten active -600s versus over 60 inactive units. Two are
forecasts. There are still nearly 250 -300s in storage and those that are operated for European Cargo with Mahan Air also being a notable and
flying are perhaps only half full. The issue for any recovery in -300 values perhaps long term operator. The values are barely above those of the
lies with the transition to the -900. As production of the -300 slows to a -300.
trickle – none have been delivered in 2021 – the market is increasingly 2002 3.22 2.42 3.87 2.01 1.27
focused on newer types. 2004 4.59 3.44 5.50 3.02 2.06
1996 5.64 4.29 6.20 2.69 - 2006 5.95 4.46 7.14 4.05 2.89
1998 6.82 5.18 7.50 4.51 1.91
2000 7.99 6.07 8.79 5.38 3.27
AIRCRAFT VALUE NEWS, January 3, 2022 Page 7

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
A350-900. Aircraft Rating: B+ B737-300SF. Aircraft Rating: C--
There are far fewer -900s in storage but some 75 are still inactive To a large extent the sharp increase in demand has been to the
versus the 300+ that are now in service. The values of the -900 advantage and detriment of the type. The demand has kept the aircraft
have improved slightly as the type is viewed as the most desirable of in demand for perhaps longer than might have been expected but at the
widebodies although in the current market that is not necessarily of same time as accelerated its replacement. Values have remained stable
much consequence. Although the current market conditions are the focus and will continue to be so for a few more years.
of attention, there are already indications that re-engining will be evident 1986 2.82 2.17 3.87 - -
well before the end of the decade not least as a means of meeting 1988 3.24 2.49 4.43 - -
environmental imperatives. The residual values are unlikely to match 1990 3.65 2.81 4.99 - -
pre-Covid forecasts. The value of a new -900 was never seen by some 1992 4.06 3.12 5.56 - -
appraisers as even falling while others saw a near 30 percent fall. 1994 4.47 3.44 6.12 1.36 -
2014 77.92 66.23 82.60 58.45 47.28 1996 4.88 3.76 6.68 2.19 -
2016 89.98 76.48 95.38 69.74 57.38 1998 5.29 4.07 7.25 2.83 1.26
2018 102.04 86.73 108.16 80.97 68.01 B737-700HGW Wing. 153,000lbs. Aircraft Rating: C-/C+
2020 114.10 96.98 120.94 91.04 78.47 Some 20 percent of the -700 fleet is inactive but that is not such a high
A350-1000. Aircraft Rating: B- percentage in view of the age profile of the type that stretches back for
The issues with Qatar are a concern but it is notable that while some nearly 25 years. The B737-300 was still being produced well after the
operators have also found minor issues, they have not grounded the first -700 entered service illustrating just how old the -700 is. Values are
aircraft. Qatar has thus far grounded 20 of its 53 A350s and has suspended now perhaps more stable although the focus is clearly on those produced
deliveries of 23 A350-1000’s. The market for the -1000, perhaps because after 2006 which feature /3 or /3 PIP engines.
of its recent service entry, was one widebody that was impacted to a lesser 1997 4.75 3.75 5.70 1.99 0.65
extent. The values have improved from the depths of April 2020 but are 1999 5.93 4.68 7.11 3.36 1.35
still significantly below those indicated before Covid. Should Omicron be 2001 7.11 5.61 8.53 4.12 2.33
considered a lesser danger than 2022 could see a surge in activity given 2003 8.28 6.54 9.94 4.89 3.22
that many more passengers will have been vaccinated and be able to 2005 9.46 7.47 11.35 5.69 3.81
travel. The -1000 is now clearly favored over the B777-300ER. 2007 10.64 8.40 12.76 6.52 4.44
2017 115.14 108.81 119.17 95.61 75.90 2009/3 12.73 10.57 14.77 8.07 5.61
2019 124.30 117.47 128.65 104.77 85.08 2011/3 15.22 12.64 17.66 9.88 7.01
2021 133.46 126.12 138.14 112.51 94.06 2013/3 17.72 14.70 20.55 11.81 8.54
A380IGW 569t. Aircraft Rating: E- 2015/E 21.50 18.92 24.08 14.91 11.04
There is very little to commend the A380. At one time there were only 2017/E 24.53 21.59 27.48 17.59 13.31
two A380 that were in active service. This has now grown to 76 aircraft B737-7. Aircraft Rating: C++
being flown by eight operators. Another 169 are in storage. The issue is The -7 like the A319neo is facing some problems. The larger size of the
that during the height of the market before Covid it was impossible to find -7 compared to the -700 has improved economics but seeks to compete
a second tier operator for the type – HiFly being the only one who then more effectively against the A220. The values of the -7 have improved
handed the aircraft back. This means that values have continued to decline but this is a slow process.
after suffering a catastrophic fall. Even in terms of spares there will now be 2019 30.05 27.64 31.25 22.88 18.23
limited demand as supply is increasing as the fleet is contracting. 2021 32.68 30.06 33.98 24.90 20.45
2007 25.31 21.51 26.45 16.77 11.91 B737-400HGW EFIS. Aircraft Rating: E-
2009 31.28 26.59 32.69 21.12 15.20 There was little to commend the -400 before the Covid Event and even
2011 37.25 31.66 38.92 25.68 18.74 less now. The values of the -400 have therefore continued to fall.
2013 43.22 36.73 45.16 30.53 22.60 1988 0.78 0.58 0.99 - -
2015 49.19 41.81 51.40 35.79 26.93 1990 0.97 0.73 1.24 - -
2017 55.16 46.88 57.64 41.42 31.77 1992 1.16 0.87 1.48 - -
2019 61.13 51.96 63.88 46.61 36.60 1994 1.35 1.01 1.73 0.26 -
B717-200. Aircraft Rating: D-- 1996 1.54 1.16 1.98 0.37 -
Production of the B717 was ended after the “merger” between 1998 1.74 1.30 2.22 0.64 0.09
Boeing and McDonnell Douglas based on sound business reasons but B737-400SF. Aircraft Rating: C
nonetheless, the type was perhaps much better suited to the changing As with the -300SF, the Covid Event has delayed the inevitable while also
market than the B737-600. If a family had been built around the MD95 accelerating interest in replacements. The aircraft is currently able to meet
then orders may have been more forthcoming. Values are now stable but the needs of operators and values have therefore been barely impacted
there is little difference between the oldest and youngest. by Covid when they should have been declining by some ten percent per
1999 2.94 2.44 3.67 1.30 0.41 annum. The -800SF is of course a concern but it will take a few more years
2001 3.32 2.75 4.15 1.52 0.70 yet before this new fleet takes hold and supplants the -400SF.
2003 3.70 3.07 4.62 1.74 0.84 1988 5.34 4.17 7.21 - -
2005 4.08 3.38 5.10 1.97 1.00 1990 5.86 4.57 7.92 - -
B737-300HGW EFIS. Aircraft Rating: E- 1992 6.38 4.98 8.62 - -
The values of the type may be low but there are still a significant number 1994 6.91 5.39 9.32 2.65 -
of operators of the type and placing the aircraft is far from impossible. 1996 7.43 5.79 10.03 4.14 -
1985 0.53 0.33 0.72 - - 1998 7.95 6.20 10.73 4.49 2.50
1987 0.59 0.37 0.81 - -
1989 0.66 0.41 0.90 - -
1991 0.72 0.45 0.98 - -
1993 0.79 0.49 1.07 - -
1995 0.85 0.53 1.16 0.11 -
1997 0.92 0.57 1.25 0.19 -
1999 0.98 0.61 1.34 0.31 -
Page 8 AIRCRAFT VALUE NEWS, January 3, 2022

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
B737-800HGW Winglets. Aircraft Rating: B-- B737-900. Aircraft Rating: E+
With the return to service of the MAX and the rising production rates, The values of the -900 have not matched the larger size of the variant
reality has once again set in for the -800. The type has been replaced and being much lower than those for the -800. The type could so easily have
production has ceased. The values have therefore not been able to resist been the A321 of the B737NG family but Boeing failed to appreciate this
the inevitable and there has been a modest decline although significantly in time. The -900 now seems winglets which does improve performance
less than the ten percent per annum that was expected. The younger -800s and for the few operators who use the type, they do see its value.
are the more sought after. The values of the engines are improving once 2000 4.35 3.48 4.65 2.52 1.14
more. There is a much more ready supply of pilots for the -800 that can 2002 4.88 3.90 5.22 2.89 1.78
allow new startups to start operations that much more easily. Previously 2004 5.41 4.33 5.79 3.26 2.06
values of the -800 had been buoyed by the problems of the MAX. B737-900ER. Aircraft Rating: D+
1998 6.89 5.52 8.00 4.30 1.75 At one time the -900ER may have seen values that were above those of the
2000 8.39 6.71 9.73 5.34 3.13 A321 but this was shortlived as customers were hard to secure. The values
2002 9.89 7.91 11.47 6.40 4.41 of the -900ER have therefore suffered and are now well below those of the
2004 11.39 9.11 13.21 7.49 5.24 -800 such are the perceived problems associated with remarketing.
2006 12.89 10.31 14.95 8.62 6.12 2007/3 12.01 9.73 12.97 7.96 5.67
2008/3 15.47 13.15 17.17 11.65 8.40 2009/3 14.30 11.58 15.44 9.68 7.02
2010/3 18.82 16.00 20.89 14.49 10.62 2011/3 16.58 13.43 17.91 11.48 8.46
2012E 23.43 20.38 25.07 18.38 13.96 2013/3 18.87 15.28 20.38 13.40 10.05
2014E 26.34 22.91 28.18 21.23 16.38 2015/E 23.00 19.32 24.84 17.72 13.66
2016E 29.25 25.44 31.29 24.38 19.16 2017/E 25.83 21.70 27.90 20.56 16.17
2018E 32.15 27.97 34.40 27.45 22.05 2019/E 28.66 24.08 30.95 23.18 18.69
2020E 35.06 30.50 37.52 30.12 24.85 B737-9. Aircraft Rating: C+
B737-800SF Aircraft Rating: B++ The -9 seemed to offer much but with only 300 orders for the type
The market for the -800SF is accelerating with some 100 now converted perhaps indicates the issues for the type. The -9 has not matched the
with many more slated for such conversion. The values of the type have A321 and there is now a concern that the variant will suffer the same
actually improved as demand has increased and stability is expected for fate as the -900ER with residuals being lower than for the -8.
a few more years yet. 2018 39.81 36.62 41.40 31.57 25.54
1998 17.35 14.22 19.60 12.61 10.66 2020 43.06 39.61 44.78 34.35 28.53
2000 19.22 15.76 21.72 14.12 12.04 B747-200SF. JT9D/PW4000 LGW Aircraft Rating: E--
2002 21.10 17.30 23.84 15.67 13.47 There is little to commend the type to the investor community.
2004 22.98 18.84 25.97 17.27 14.97 1976 0.34 0.13 0.57 - -
2006 24.86 20.38 28.09 18.94 16.56 1978 0.39 0.15 0.67 - -
2008 26.74 21.92 30.21 20.68 18.26 1980 0.45 0.17 0.76 - -
B737-8 Aircraft Rating: B++ 1982 0.51 0.19 0.86 - -
The return to service is accelerating as more countries restore its 1984 0.56 0.21 0.95 - -
certification. The values have increased slightly but production is not as 1986 0.62 0.23 1.05 - -
smooth as it could be. The rise in production rates is likely to be slow but 1988 0.67 0.26 1.14 - -
sure. The value of a new -8 is still below that indicated before Covid but 1990 0.73 0.28 1.24 - -
there has been a material improvement. The determination of the age of B747-300. Aircraft Rating.
the aircraft remains the date of first flight not the date of delivery. Based on There is nothing of relevance for the -300. There are none in commercial
the date of first flight, due credit is then provided for the lack of utilization service.
and the better maintenance status. Consequently, it is possible that the N/A
value of a 2019 vintage -8 would be only slightly lower than the value of a B747-400. CF6 Aircraft Rating: E-
2021 aircraft because of the application of a near full life adjustment. The market for the -400 was weak even before Covid with the type being
2017 38.56 35.48 40.11 30.28 24.77 retained by operators until retirement. The type will still feature in movies
2019 42.02 38.66 43.70 33.51 28.07 just not the fleets of the flag carriers.
2021 45.48 41.84 47.30 36.29 31.31 1989 1.32 0.79 1.85 - -
B737-500HGW EFIS. Aircraft Rating: E-- 1991 1.81 1.09 2.54 - -
A good aircraft – 20-25 years ago. The type has long since lost its appeal. 1993 2.31 1.39 3.23 - -
1990 0.61 0.44 0.77 - - 1995 2.81 1.68 3.93 1.01 -
1992 0.72 0.52 0.91 - - 1997 3.30 1.98 4.62 1.75 0.57
1994 0.83 0.61 1.06 0.10 - 1999 3.80 2.28 5.31 2.38 1.07
1996 0.95 0.69 1.20 0.16 - 2001 4.29 2.58 6.01 2.76 1.73
1998 1.06 0.77 1.34 0.31 - 2003 4.79 2.87 6.70 3.14 2.02
B737-600LGW. Aircraft Rating: E B747-400D. Aircraft Rating:
The -600, along with the A318, were developed based on a market The experience of the -400 illustrates all too easily the dangers of
structure that could not be sustained in a much more liberalized producing a variant for a limited market.
operating environment. The MD95 was perhaps the better aircraft in N/A
meeting the needs of the market. B747-400F. Aircraft Rating: C+
1998 1.62 1.15 1.85 0.75 0.18 The number of -400Fs in storage only a few short years ago is hard
2000 2.16 1.54 2.47 1.10 0.51 to imagine but this is the reality of the airfreight market. There can be
2002 2.71 1.92 3.09 1.46 0.77 considerable volatility with demand changing very quickly. But today that
2004 3.25 2.31 3.71 1.83 1.04 demand favors ever more capacity and has allowed values of the -400F
to improve slightly over pre-Covid levels.
1993 14.62 11.84 16.82 - -
1995 17.50 14.18 20.13 9.03 -
1997 20.39 16.51 23.44 10.63 6.19
AIRCRAFT VALUE NEWS, January 3, 2022 Page 9

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
1999 23.27 18.85 26.76 12.26 8.69 B757-200SF. Aircraft Rating: C
2001 26.15 21.18 30.07 13.93 9.97 The Covid Event may have increased the appetite for converting the A321
2003 29.03 23.51 33.38 15.65 11.30 into a freighter but there has been no diminution of the demand for the
2005 31.91 25.85 36.70 17.43 12.70 B757 freighter even if maintenance is becoming more of an issue. With low
2007 34.79 28.18 40.01 19.28 14.18 utilization the aircraft has much to offer for many more years to come thus
2009 37.67 30.52 43.32 21.22 15.78 ensuring that the -800SF and A321P2F do not have things their own way.
B747-400BCF. Aircraft Rating: C+ 1982 1.88 1.58 2.22 - -
The market for the BCF is not as good as for the -400F because of 1984 3.05 2.56 3.60 - -
the lack of a nose loading door. Yet, as the -400F is put to work and 1986 4.22 3.54 4.97 - -
availability falls to zero then the -400SF/BCF is next in line. 1988 5.38 4.52 6.35 - -
1989 11.14 8.25 13.71 - - 1990 6.55 5.50 7.73 - -
1991 12.17 9.01 14.97 - - 1992 7.72 6.48 9.11 - -
1993 13.20 9.76 16.23 - - 1994 8.89 7.46 10.48 3.44 -
1995 14.22 10.52 17.49 6.79 - 1996 10.05 8.44 11.86 5.66 -
1997 15.25 11.28 18.75 8.73 4.28 1998 11.22 9.42 13.24 6.39 3.73
1999 16.27 12.04 20.01 9.41 6.67 2000 12.39 10.41 14.62 7.15 5.00
2001 17.30 12.80 21.28 10.11 7.22 2002 13.56 11.39 15.99 7.92 5.61
2003 18.32 13.56 22.54 10.83 7.81 B757-300LGW. Aircraft Rating: E-
B747-8F. Aircraft Rating: B The -300 never sold well but for a few operators the type offered the
Production of the -8F is coming to an end but the number in service will right degree of capacity – but too few saw its attraction and values have
meet the needs of the market for many more years particularly given the always been vulnerable.
greater use of SAF. The use of SAF though is costly and while airfreight 1998 3.70 2.78 4.04 2.21 1.11
has always been more costly than surface transportation, should the 2000 4.36 3.27 4.75 2.69 1.69
differential be too great this could impact demand. 2002 5.01 3.76 5.46 3.17 2.05
2010 98.36 85.58 103.28 65.71 52.56 B767-200. Aircraft Rating: E--
2012 111.00 96.57 116.55 75.72 61.29 The type may be lacking a direct replacement but values are at parting
2014 123.63 107.56 129.81 86.53 71.01 out levels which has been the case for some time.
2016 136.26 118.55 143.08 98.51 82.19 1981 0.13 0.07 0.16 - -
2018 148.90 129.54 156.34 110.18 93.82 1983 0.21 0.11 0.26 - -
2020 161.53 140.53 169.61 120.16 104.98 1985 0.29 0.15 0.36 - -
B747-8I. Aircraft Rating: E- 1987 0.37 0.19 0.46 - -
The demand for the -8I is ever much as great as the demand for the 1989 0.45 0.23 0.56 - -
A380. In the late 1990s Boeing had already determined that there was 1991 0.53 0.27 0.66 - -
little point in developing a super Jumbo but Airbus could not be allowed B767-200ER HGW. Aircraft Rating: E-
to have a monopoly in this segment of the market. The -200ER has been under pressure for many years and the Covid
2011 30.26 21.79 33.59 20.01 13.97 Event has merely accelerated its demise such that values have collapsed
2013 35.36 25.46 39.25 23.97 16.99 never to recover.
2015 40.45 29.12 44.90 28.25 20.38 1984 0.91 0.54 1.13 - -
2017 45.54 32.79 50.55 32.83 24.16 1986 0.99 0.59 1.24 - -
B757-200 (RB211). Aircraft Rating: E+ 1988 1.07 0.64 1.34 - -
The B757 is finding the market ever more difficult as the A321 is delivered 1990 1.15 0.69 1.44 - -
in numbers. The values have fallen due to Covid and have not recovered. 1992 1.24 0.74 1.54 - -
1982 1.09 0.77 1.34 - - B767-300. Aircraft Rating: E-
1984 1.42 1.01 1.74 - - The values of the B767-300 have been facing an uphill struggle for many
1986 1.74 1.24 2.14 - - years and the Covid Event has inevitably caused values to reach part out
1988 2.07 1.47 2.54 - - levels that much sooner.
1990 2.39 1.70 2.94 - -
1986 0.61 0.38 0.71 - -
1992 2.72 1.93 3.34 - -
1988 0.77 0.47 0.89 - -
1994 3.04 2.16 3.74 1.19 -
1990 0.92 0.57 1.07 - -
1996 3.37 2.39 4.14 1.93 -
1992 1.08 0.67 1.25 - -
1998 3.69 2.62 4.54 2.16 1.12
1994 1.23 0.76 1.43 0.26 -
2000 4.02 2.85 4.94 2.40 1.52
1996 1.39 0.86 1.61 0.51 -
2002 4.34 3.08 5.34 2.64 1.71
1998 1.55 0.96 1.79 0.81 0.20
B757-200ER (250,000lbs RB211). Aircraft Rating: E+
2000 1.70 1.05 1.97 0.93 0.38
Once the A321XLR is delivered in 2023 the fate of the -200ER will be
B767-300ER LGW. Aircraft Rating: E++
sealed but only after some 36 years. The -200ER has been able to
The -300ER is in demand once again – unfortunately this is not because
continue operations for far longer than many other types because of the
of the recovery of the international market but is due to the airfreight
difficultly in producing a successor.
market. The value of the feedstock, at least in terms of those being
1987 2.20 1.63 2.64 - -
suitable for conversion, has even perhaps risen. There are ever more
1989 2.51 1.86 3.01 - -
1991 2.81 2.08 3.38 - - slated for conversion but there is a concern as to how long the aircraft
1993 3.12 2.31 3.75 - - will be viable in their new role. The cost of interior refurbishment of the
1995 3.43 2.54 4.11 1.69 - passenger -300ERs and restoration to an airworthy condition may be too
1997 3.74 2.76 4.48 2.23 0.94 much for some operators. There also exists considerable emphasis on
1999 4.04 2.99 4.85 2.45 1.52 streamlining the fleet composition.
2001 4.35 3.22 5.22 2.68 1.70 1988 1.58 1.17 1.86 - -
Page 10 AIRCRAFT VALUE NEWS, January 3, 2022

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
1990 1.94 1.44 2.29 - - B777-200ER. Aircraft Rating: E
1992 2.31 1.71 2.72 - - The -200ER is still in service in some numbers but the operator base has
1994 2.67 1.98 3.15 0.79 - been contracting as newer types have been delivered in numbers with
1996 3.03 2.25 3.58 1.37 - the Covid Event accelerating this process. The delivery rate slowed to a
1998 3.40 2.51 4.01 2.13 0.81 crawl in the final years of the program. Even before Covid values were
2000 3.76 2.78 4.44 2.41 1.34 very low. As more aircraft have been parked, the fleet has contracted
2002 4.13 3.05 4.87 2.70 1.77 leading to a surplus of parts. There are still more -200ERs in storage than
B767-300ER HGW. Aircraft Rating: D-- there are in active service. The potential for conversion to freighter lies
The higher weight -300ERs and those fitted with winglets, offer much for with using the existing passenger doors.
some operators, not least in representing a stop gap measure until the
arrival of newer types and keeping down capital expenditure. The B767- 1996 3.94 2.68 4.65 2.35 -
300ER has long since been replaced by newer types and as a passenger 1998 5.44 3.70 6.41 3.37 2.31
2000 6.93 4.71 8.18 4.41 3.12
aircraft the issue of environmental compliance will be more of a concern.
2002 8.43 5.73 9.94 5.48 3.97
The lack of efficiency makes SAF less cost effective due to its higher
2004 9.92 6.75 11.71 6.57 4.84
price. The 407,000lb or even the 412,000lb versions of the -300ER have 2006 11.42 7.76 13.47 7.70 5.76
of course been much more popular as the payload range is better. 2008 12.91 8.78 15.23 8.87 6.74
1988 2.07 1.53 2.52 - - 2010 14.40 9.79 17.00 10.10 7.79
1990 3.21 2.38 3.92 - - 2012 15.90 10.81 18.76 11.41 8.94
1992 4.36 3.22 5.32 - - B777-200LR. Aircraft Rating: E
1994 5.50 4.07 6.71 2.12 - The differential in the values of the -200ER and -200LR has narrowed
1996 6.65 4.92 8.11 3.77 - considerably such that there is now little to choose between the two. The
1998 7.79 5.77 9.51 5.27 2.71 -200LR lost much of its relevance a number of years ago as the routes
2000 8.94 6.61 10.90 6.13 4.46 for which it was designed started to be served by more mainstream
2002 10.08 7.46 12.30 7.02 5.18 types as the B787-9 and A350-900.
2004 11.23 8.31 13.70 7.93 5.92 2005 11.37 8.07 12.51 7.69 5.49
2006 12.37 9.16 15.09 8.88 6.71 2007 12.76 9.06 14.03 8.78 6.36
2008 13.52 10.00 16.49 9.87 7.55 2009 14.14 10.04 15.55 9.92 7.28
2010 14.66 10.85 17.89 10.91 8.46 2011 15.53 11.02 17.08 11.13 8.29
2012 15.81 11.70 19.28 12.04 9.47 2013 16.91 12.01 18.60 12.43 9.40
B767-300ERF. Aircraft Rating: C++ B777-200LRF. Aircraft Rating: B+
The -300ERF is demand and will continue to be so for a few more years The orders for the B777F keep on being placed not least because
yet. The type is well placed to service the rise in internet shopping operators will have to wait some time for either the A350F or even a
particularly in terms of offering relatively low maintenance costs when converted -300ERF. There has to be an appreciation that production of
considering lower utilization levels. The forecast values for 2025 may the -200F will not be allowed beyond 2027 due to the introduction of
seem pessimistic but there is some concern that a bubble may be emission restrictions on aircraft in production. Boeing is already close to
forming which may burst when the influence of Covid fades. launching the B777-9F. Values in the interim will however, remain stable.
1995 13.70 12.19 16.03 7.39 - 2008 76.71 65.20 81.31 51.44 37.19
1997 16.77 14.92 19.62 9.25 6.39 2010 88.51 75.23 93.82 60.41 44.14
1999 19.83 17.65 23.20 11.07 7.74 2012 100.31 85.27 106.33 69.92 51.70
2001 22.90 20.38 26.79 12.93 9.14 2014 112.12 95.30 118.84 80.19 60.12
2003 25.97 23.11 30.38 14.84 10.59 2016 123.92 105.33 131.35 91.54 69.79
2005 29.03 25.84 33.97 16.82 12.12 2018 135.72 115.36 143.87 102.63 79.85
2007 32.10 28.57 37.55 18.87 13.74 2020 147.53 125.40 156.38 112.14 89.53
2009 35.16 31.30 41.14 21.02 15.47 B777-300. Aircraft Rating: E-
2011 38.23 34.02 44.73 23.30 17.36 The market for the -300 has always been fragile and there are now twice
2013 41.30 36.75 48.32 25.77 19.47 as many -300s in storage as there are in service underscoring the issues
2015 44.36 39.48 51.90 28.51 21.88 associated with the type particularly as more -300ERs are now available.
2017 47.43 42.21 55.49 31.44 24.60
2019 50.49 44.94 59.08 33.99 27.21 1998 6.35 4.38 6.99 4.24 2.33
B777-200. Aircraft Rating: E- 2000 7.58 5.23 8.34 5.16 3.45
The B777-200 was always in the shadows of the -200ER offering an 2002 8.81 6.08 9.69 6.10 4.15
opportunity when the more versatile variant was not available. Values are 2004 10.04 6.93 11.05 7.07 4.88
at scrap levels and even the indicated values may seem high. 2006 11.27 7.78 12.40 8.07 5.65
B777-300ER HGW 775,000lbs. Aircraft Rating: D++
1995 2.10 1.47 2.39 0.80 -
1997 2.68 1.87 3.05 1.53 0.51 The Covid Event exposed the vulnerabilities of the -300ER which were
1999 3.25 2.28 3.71 1.93 1.03 becoming apparent. The replacement with the B777X as well as an
2001 3.83 2.68 4.37 2.35 1.53 advancing product life cycle, large number of aircraft leased on 10-12
2003 4.41 3.08 5.02 2.77 1.87 year terms, and limited remarketing opportunities due to the size of the
aircraft were already evident. The values therefore tumbled eighteen
months ago and instead of recovering have instead continued to fall.
Even the hiatus to the service entry of the B777X has not come to the aid
of values of the -300ER. The 775,000lb version is by far the most popular
weight selection and there is an Enhanced version that was introduced
in late 2016. The value of a new -300ER has now dropped from the
previous peak of $170 million to less than $100 million.
AIRCRAFT VALUE NEWS, January 3, 2022 Page 11

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
2003 22.88 17.85 24.94 16.44 13.12 Avro RJ100. Aircraft Rating: E
2005 29.54 23.04 32.20 21.55 17.40 The values of the RJ100 are not expected to recover. The capacity of the
2007 36.19 28.23 39.45 26.82 21.89 RJ100 is all often underestimated and to a large extent overcame the
2009 42.85 33.42 46.71 32.31 26.66 resistance to flying on regional jets.
2011 49.51 38.61 53.96 38.07 31.80 1993 0.76 0.53 0.87 - -
2013 56.16 43.81 61.22 44.23 37.43 1995 0.77 0.54 0.89 0.17 -
2015 62.82 49.00 68.47 50.93 43.79 1997 0.79 0.55 0.91 0.26 -
2017/E 73.38 59.43 78.51 61.39 53.79 1999 0.81 0.56 0.93 0.28 -
2019/E 76.60 62.05 81.96 65.04 58.31 2001 0.82 0.58 0.95 0.29 -
2021/E 79.83 64.66 85.42 67.80 62.56 Canadair CRJ200ER. Aircraft Rating: E-
B777-300ERBDSF. Aircraft Rating: B The pricing of the CRJ200ER can vary considerably depending on
The conversion of the -300ER is now beginning in earnest not least condition and location. The CRJ200ER is not for the faint hearted
facilitated by the much lower cost of the feedstock as well as the lower particularly when it comes to lending against the type. There is now a
book value of the lessors -300ER fleets. The cost of conversion may be move to re-engine the CRJ with hydrogen-electric engines.
in excess of $30 million but this pales against the cost of a new B777F. 1996 0.35 0.22 0.45 - -
Residual value forecasts may be unduly pessimistic for 2025 but there 1998 0.47 0.31 0.61 0.05 -
remains some uncertainty as to how long this demand for airfreight will 2000 0.60 0.39 0.78 0.14 -
continue. 2002 0.73 0.47 0.95 0.24 -
2003 54.80 47.68 58.64 37.17 26.99 2004 0.86 0.56 1.12 0.33 -
2005 62.54 54.41 66.92 42.94 31.43 Canadair CRJ700ER. Aircraft Rating: D--
2007 70.28 61.14 75.20 48.92 36.13 The true 70 seat market has been replaced by aircraft either offering
2009 78.02 67.88 83.48 55.19 41.15 80 seats or 55-60 seats not least due to scope clause limitations. There
B787-8. Aircraft Rating: C- is a certain irony that the far greater focus on the environment has
The values of the -8 have continued to decline as the market was always not translated into the relaxation of Scope Clauses that would allow
expected to focus on the -9. The type has been edging towards the operators in the U.S. to acquire much more efficient 85 seaters.
periphery of the B787 market for some years. Values have not really 2000 2.27 1.82 2.54 1.36 0.77
2002 2.71 2.17 3.04 1.65 0.98
improved since the significant falls of last year and before that.
2004 3.15 2.52 3.53 1.99 1.24
2011 42.00 33.18 45.78 29.81 23.76 2006En 4.77 3.72 5.10 3.09 2.11
2013 49.36 38.99 53.80 35.89 29.01 2008En 6.02 4.70 6.44 4.04 2.87
2015 56.71 44.80 61.82 42.47 34.89 2010En 7.28 5.68 7.79 5.04 3.68
2017 64.07 50.61 69.83 49.50 41.45 2012En 8.54 6.66 9.13 6.10 4.57
2019 71.42 56.42 77.85 56.03 48.03 2014En 9.79 7.64 10.48 7.25 5.57
2021 78.78 62.23 85.87 61.83 54.59 Canadair CRJ900En. Aircraft Rating: D+
B787-9. Aircraft Rating: B+ The production of the CRJ900 ended earlier this year but in some ways
The value of a new -9 has improved slightly even as the international this has perhaps allowed values to remain relatively stable as this
market stumbles. The type, along with the A350, is well placed to take segment of the market in the U.S. has avoided the dramatic falls in traffic
advantage of the improvement in market conditions that may come after that has befallen larger types.
the Omicron variant wanes. The hiatus in B787 deliveries has been an 2005 4.85 3.78 5.67 3.11 2.03
advantage to some extent but when deliveries start again there will be 2007 6.06 4.73 7.09 4.01 2.72
a surge in capacity. The -9 has already been the casualty resulting from 2009 7.27 5.67 8.51 4.95 3.45
the contraction and collapse of operators and there remains the potential 2011 8.49 6.62 9.93 5.93 4.23
for some further problems if borders continue to be shut. 2013NG 9.80 8.04 10.78 7.29 5.34
2014 77.97 71.73 84.21 60.63 48.92 2015NG 11.22 9.20 12.34 8.63 6.47
2016 89.37 82.22 96.52 71.80 58.93 2017NG 12.64 10.36 13.90 10.07 7.73
2018 100.77 92.71 108.84 82.88 69.45 2019NG 14.06 11.53 15.46 11.39 8.99
2020 112.18 103.20 121.15 92.76 79.77 Canadair CRJ1000. Aircraft Rating: D
B787-10. Aircraft Rating: B-- The CRJ1000 was never suited to the U.S. market but only because
The market for the -10 is limited with orders being confined to relatively of Scope Clause limitations. The limited appeal elsewhere has caused
few customers. The range of the -10 was reduced compared to the values to remain weak for many years.
-9 as a means of simplifying the stretch. The values of new -10s has 2010 7.83 6.11 8.70 5.43 3.97
been improving but as will all new widebodies the issues affecting the 2012 9.09 7.09 10.09 6.48 4.85
international markets makes it necessary to be cautious even if some 2014 10.34 8.07 11.48 7.60 5.82
appraisers consider that the most severe event to impact aviation in the 2016 11.60 9.04 12.87 8.84 6.93
jet age has not affected values of new aircraft. 2018 12.85 10.02 14.26 10.06 8.09
2018 111.84 107.36 117.43 89.22 75.53 Embraer 135ER. Aircraft Rating: E-
2020 116.58 111.91 122.41 93.48 81.19 The 30 seat commuter jets were always exposed given the relatively high
Avro RJ85. Aircraft Rating: E operating costs compared to a turboprop and the fine line between profit and
The era of the Avro RJs has long since passed and values are falling as loss because of the smaller capacity. To some extent the lack of production
a result. for more than 15 years has ensured that those that have survived have some
1993 0.71 0.50 0.82 - - attraction even if there can be wide variation in pricing.
1995 0.72 0.51 0.83 0.15 - 1999 0.50 0.38 0.62 0.02 -
1997 0.74 0.52 0.85 0.23 - 2001 0.65 0.50 0.82 0.11 -
1999 0.75 0.53 0.87 0.24 - 2003 0.81 0.61 1.02 0.25 -
2001 0.77 0.54 0.88 0.25 - 2005 0.97 0.73 1.22 0.40 0.01
Page 12 AIRCRAFT VALUE NEWS, January 3, 2022

FUTURE VALUE FUTURE VALUE

YEAR October 31st 2021 YEAR October 31st 2021
Inflated Inflated
MID LOW HIGH 2025 2028 MID LOW HIGH 2025 2028
Embraer 145ER. Aircraft Rating: E- Embraer 195AR. Aircraft Rating: D-
At one time the ERJ145ER was able to enjoy higher pricing than the The orders for the E195 lagged behind those of the E190 and as such
CRJ200 but as the years have progressed there exists a measure of the more limited operator base has been a concern in the context of
correlation between the two. Like the CRJ200ER there can be wide range remarketing. The arrival of the larger E2 is a major negative in terms of
in pricing depending on condition and location. The values of the aircraft recovery.
were materially impacted by Covid and have not recovered to any great 2006 6.34 5.01 7.16 4.42 3.03
extent nor are expected to do so. 2008 8.44 6.67 9.54 6.07 4.31
1996 0.58 0.43 0.70 0.08 - 2010 10.55 8.33 11.92 7.79 5.66
1998 0.68 0.51 0.83 0.19 - 2012 12.65 9.99 14.29 9.60 7.12
2000 0.79 0.59 0.95 0.26 - 2014 14.75 11.65 16.67 11.54 8.73
2002 0.89 0.67 1.07 0.34 - 2016 16.86 13.32 19.05 13.66 10.55
2004 0.99 0.74 1.20 0.41 0.03 2018 18.96 14.98 21.42 15.76 12.47
2006 1.09 0.82 1.32 0.49 0.10 Embraer 195E2. Aircraft Rating: C++
Embraer 170. Aircraft Rating: D- The E195E2 is a larger offering and therefore operating economics are
The 70 seat segment has given way to the 75-86 seat aircraft as that much better even without the benefit of the engines. The wing has
operators have sought to nudge the Scope Clause limits. The values of also been improved and as such the E2 goes far beyond a “simple” re-
the E170 have been suffering for perhaps a decade but at these levels engining. The values of the E2 are rising but some way remains before a
there is a measure of stability for another year or so. new example reaches pre-Covid levels once again. The market is limited
2003 2.96 2.22 3.26 1.88 1.12 however, with the A220-100 offering a very relevant alternative.
2005 4.20 3.15 4.62 2.81 1.83 2019 27.96 25.59 29.64 23.95 19.26
2007 5.43 4.07 5.97 3.77 2.57 2021 29.96 27.41 31.75 25.68 21.28
2009 6.67 5.00 7.33 4.77 3.36 Fokker 100LGW. Aircraft Rating: E--
2011 7.90 5.92 8.69 5.81 4.20 The Fokker 100 belongs to a previous era and asset value has long since
2013 9.13 6.85 10.05 6.93 5.12 passed. There can also be variation in the pricing with some in good
2015 10.37 7.78 11.40 8.13 6.16 condition attracting much higher prices.
2017 11.60 8.70 12.76 9.42 7.31 1987 0.54 0.28 0.73 - -
Embraer 175. Aircraft Rating: C-- / C++ 1989 0.55 0.29 0.75 - -
The E175 Enhanced has enjoyed considerable demand in the U.S. and 1991 0.56 0.29 0.76 - -
this is the issue. Once the U.S. operators move to other equipment where 1993 0.57 0.30 0.78 - -
does the E175 move to?. The concentration in the U.S. and the potential 1995 0.59 0.31 0.80 0.08 -
for a relaxation in scope clauses, makes it difficult to reconcile current MD90. Aircraft Rating: E--
demand with strong residual values. If the U.S. market behaved in the The MD90 could not effectively compete with the A320 and B737-800
same manner as the European or Asian segments, there would be very but those that are operated continue to provide viable service. Values
few orders for the type. have long been at scrap levels.
2004 4.34 3.60 4.81 2.92 1.91 1994 0.51 0.27 0.66 0.02 -
2006 6.10 5.07 6.78 4.29 2.95 1996 0.53 0.28 0.68 0.07 -
2008 7.87 6.53 8.74 5.69 4.05 1998 0.56 0.30 0.71 0.09 -
2010 9.64 8.00 10.70 7.16 5.21 MD11SF. Aircraft Rating: E--
2012 11.41 9.47 12.67 8.71 6.47 The trijet is not something that immediately springs to mind when
2014E 15.88 13.50 17.15 12.35 9.43 seeking a freighter.
2016E 17.76 15.10 19.18 14.30 11.14 1990 1.95 1.31 2.52 - -
2018E 19.64 16.69 21.21 16.22 12.93 1992 2.15 1.44 2.77 - -
2020E 21.52 18.29 23.24 17.89 14.66 1994 2.35 1.57 3.03 1.10 -
Embraer 190AR. Aircraft Rating: D 1996 2.55 1.71 3.28 1.22 -
In the six months before the Covid Event the market for the E190 1998 2.74 1.84 3.54 1.35 0.71
was very weak due to the number of aircraft being retired and due to 2000 2.94 1.97 3.79 1.47 0.80
corporate collapses. There has been some measure of improvement Superjet 100. Aircraft Rating: E--
more recently but the type is still vulnerable not least because of the E2. The Superjet has provided Russia with much experience of operating and
2005 4.67 3.73 5.23 3.08 2.02 supporting an aircraft outside the principal sphere of politico-economic
2007 6.81 5.45 7.63 4.68 3.25 interest which is important going forward in terms of seeking to develop
2009 8.96 7.17 10.03 6.35 4.55 other products, not least the joint venture C929. But things have not gone
2011 11.10 8.88 12.43 8.08 5.94 well for the Superjet and the values have always disappointed making
2013 13.25 10.60 14.84 9.93 7.45 asset based lending a difficult proposition outside of Russia.
2015 15.39 12.31 17.24 11.92 9.13 2009 4.91 3.68 5.60 3.39 2.28
2017 17.54 14.03 19.64 14.05 11.01 2011 6.24 4.68 7.11 4.47 3.13
Embraer 190E2. Aircraft Rating: C++ 2013 7.57 5.68 8.63 5.62 4.06
The limited demand for the E2 is a concern and this has prevented 2015 8.90 6.67 10.14 6.85 5.09
values from recovering some of the decline recorded due to the Covid 2017 10.23 7.67 11.66 8.17 6.23
Event. Yet, as the market improves and the focus is more on efficiency, 2019 11.56 8.67 13.17 9.41 7.39
then the E2 may come more into its own. There has been a modest rise 2021 12.89 9.66 14.69 10.52 8.55
in the value of new examples.
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