Market Minute – Cessna Citation Sovereign
November 9, 2017The 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 ten passengers, but 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 2017, 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. Just under ten percent of the Sovereign fleet is currently represented as being for sale. There are currently two Sovereigns under contract/deal pending. Ask prices vary across the diverse market, currently ranging from a low of just under $5M up to $9M on the highest end of the market. The current average market time for Sovereigns is just under ten months. Eighteen Sovereigns have transacted year to date, with seven aircraft having traded in the last ninety days. Half of the Sovereigns sold during this period were enrolled on an engine program, and all the Sovereigns sold within the last ninety days had some form of Wi-Fi connectivity and NAV upgrades at the time of sale.