Semi-Annual Jet Aircraft Value Listing

Only Values of a Few Widebodies Avoid Decline

Over just six months values have again felt the chill wind of a downturn as fuel prices soar to record levels.

The aircraft most vulnerable to a fall are essentially those no longer in production. Operators are having to reduce services to match the fall in demand and are also seeking to optimize efficiency by operating the newest aircraft. This has seen the disposal of older equipment while new aircraft ones are still being ordered. The most vulnerable are the B737 Classics which had seen much improved fortunes during the recent recovery. With age and efficiency taking their toll on the older aircraft, values are experiencing the downward adjustment that was not expected to take hold for another year. However, should the trend in oil prices see a reversal, then such aircraft may again be viewed as an interim solution but not unfortunately on the basis of prevailing market conditions. Values seem set to continue to fall even though the disposal of most B737 Classic fleets to date has been on a measured and scheduled basis rather than en masse storage.

The widebody sector is experiencing better fortunes although the collapse of the high profile transatlantic premium service carriers suggests that the international sector may just be lagging behind other sectors. Perhaps in contrast to the narrowbody sector, the widebody arena has already acquired more efficiency equipment such that there is only limited opportunity for the disposal of inefficient types. There are few B747-200s in passenger service and DC10-30s have long since disappeared from the mainstream. The A330-200s and B777-300ERs have come much more to the fore and operators have found that there exists something of a shortage as new opportunities have emerged. The need for operators to impose ever greater fuel surcharges will have an impact on demand, adding to the implications of a global economic downturn on passenger traffic. Therefore, while widebodies are enjoying better fortunes than their smaller counterparts, the reconciliation in value behavior may be only a matter of a few months away should fuel prices remain at current levels or climb ever higher.

Assumptions

The listing of current and future values are 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 for April 30^th 2008 current values 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 April 2008 in the context of a stable market. The values listed below are Market Values not theoretical Base Values and seek to balance transaction pricing, where available, and the considered worth of the asset.

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, 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 and is determined by a number of variables ranging from product life cycles to current and projected levels of availability.

The future values - four and seven years from 2008 - are expressed in current dollars having been adjusted for inflation and are based on the Mid Case current values. For Stage 2 aircraft no future values are provided beyond this year unless hushed. Future values for hushkitted aircraft are however, provided.

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 April 30th 2008 edition of the semi-annual Aircraft Value Reference 2008-2028, priced $1,400.00, by courtesy of The Aircraft Value Analysis Company. Telephone: +44 1789 730283, Fax: +44 1789 730309, E-mail: pleighton@aircraftvalues.net, Internet http://www.aircraftvalues.net.

A300B2-200. Aircraft Rating: E--

The A300B2-200 represented both a success and failure for Airbus. Inevitably as the first model to emerge from the new consortium, initial orders were more a consequence of politico-economic imperatives than a result of commercial reality. The A300B2-200 was soon superseded but it at least provided the first building block for eventual success with the A320 and A330. Values of the A300B2-200 have been an irrelevance for some years. The firstA300 was scrapped after seeing only 17 years of service.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1976	0.1	0.3	0.4	-	-
1978	0.2	0.5	0.6	-	-
1980	0.2	0.6	0.8	-	-
1982	0.3	0.8	1.0	0.1	-

 

A300B4-100. Aircraft Rating: E--

There are only a few -100s remaining in service and any value clearly resides with the operator rather than the wider market. Values did experience a recovery in the mid 1990s as freighter conversion became popular though the main focus was on the B4-200.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1974	0.1	0.3	0.3	-	-
1976	0.2	0.5	0.7	-	-
1978	0.3	0.8	1.0	-	-
1980	0.4	1.1	1.4	-	-

 

A300B4-200. Aircraft Rating: E-

A reasonable aircraft in its time but the Aircraft Rating all too clearly demonstrates the lack of attraction today. Any value is likely to be centered on the engines rather than as a going concern. A significant number were converted to freighters but as a passenger aircraft, the type has long since filtered to second and third tier operators.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1975	0.3	0.5	0.7	-	-
1977	0.5	0.9	1.1	-	-
1979	0.6	1.2	1.5	-	-
1981	0.8	1.5	2.0	0.4	-
1983	1.0	1.9	2.4	0.8	-

 

A300F4-200 (Converted). Aircraft Rating: D++

With some 60 A300F4s still in service, the success of the type is self evident. The number of freighters in active service also demonstrates that as a freighter the life of the aircraft can be extended beyond that attributed to a passenger aircraft. Many consider that the life of a passenger aircraft is 25 years but for a freighter this can extend to 35 years. This suggests that the A300B4-200 has another ten years life at best. Values remain relatively stable.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1975	4.3	6.0	7.5	-	-
1977	4.6	6.4	8.0	-	-
1979	4.9	6.8	8.6	-	-
1981	5.1	7.3	9.1	4.0	-
1983	5.4	7.7	9.6	5.1	-

 

 

A300-600. Aircraft Rating: E+

The A300-600 represented an interim solution. While Boeing was experimenting with Extended Range operations with the B767, Airbus was still seeking to increase capacity while offering a two person flight deck. The -600 was also aimed at those operators who did not require range but only capacity on regional routes and as such the type achieved its goal. Unfortunately most operators also required the range. Values have failed to inspire and continue to decline.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1985	2.9	4.8	6.2	2.7	-
1987	3.6	6.0	7.7	3.5	2.0
1989	4.3	7.2	9.2	4.2	2.5
1991	5.0	8.4	10.7	5.0	3.0

A300-600R. Aircraft Rating: D--

The lack of availability of the -600R indicates that the type retains some attraction to a variety of operators. There are still over 140 in service and production has only recently ended suggesting continued operation for many more years. The fleet of American is vulnerable to replacement though such aircraft were built at the beginning of the program. Values are experiencing a continued decline as operators seek alternative equipment. Conversion to freighter remains more than a viable option.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1987	6.7	9.9	11.8	5.9	3.2
1989	8.5	12.5	15.0	7.7	4.9
1991	10.4	15.2	18.3	9.5	6.2
1993	12.2	17.9	21.5	11.3	7.5
1995	14.0	20.6	24.7	13.3	8.9
1997	15.8	23.3	27.9	15.3	10.3

A310-200. Aircraft Rating: E

There are no -200s being advertised for sale or lease by virtue of the majority having been converted to a freighter. There are just 21 in passenger service and this number is expected to dwindle in the near future as fuel prices reduce operating efficiency.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1982	1.7	2.5	3.1	-	-
1984	2.0	2.9	3.7	1.2	-
1986	2.3	3.4	4.3	1.3	-
1988	2.7	3.9	4.9	2.2	1.0

A310-300LGW. 153t. CF6. Aircraft Rating: D--

The smaller widebodies have traditionally been on the margins of the widebody market. The large diameter of the fuselage increases drag which requires a stronger and therefore heavier fuselage. With the need for higher thrust engines, the seating capacity fails to adequately offset the greater weight. The capital cost has therefore needed to be more modest.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1985	2.6	4.2	5.1	2.3	-
1987	4.0	6.4	7.8	3.7	2.1
1989	5.4	8.6	10.5	5.1	3.0
1991	6.8	10.8	13.2	6.6	4.0
1993	8.2	13.1	15.9	8.1	5.0
1995	9.6	15.3	18.6	9.6	6.1
1997	11.0	17.5	21.4	11.3	7.2

A310-300HGW. 160t CF6. Aircraft Rating: D

Even though the -300 has already been converted, there remain nearly 120 passenger examples in service. The type still has an important role to play for those seeking to offer premium service on regional routes. Values have fallen and will continue to do so in the face of rising fuel costs but retention is likely due to the absence of alternatives.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1988	5.4	8.3	10.1	5.0	2.9
1990	7.0	10.7	13.0	6.5	4.0
1992	8.5	13.1	15.8	8.1	5.1
1994	10.1	15.5	18.7	9.8	6.2
1996	11.6	17.9	21.6	11.5	7.4

A319LGW. 64t. Aircraft Rating: B-

The level of A319 availability is non-existent and has failed to reach double figures for the last twelve months. Though some operators have inevitably sought to reduce their capacity the A319 has been placed with alternative operators with relative ease. The type remains one of the more desirable narrowbodies having proved itself able to cope with low cost operators.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1996	19.0	21.8	22.9	14.6	10.6
1998	21.4	24.6	25.9	16.9	12.4
2000	23.9	27.5	28.9	19.3	14.4
2002	26.4	30.4	31.9	22.0	16.7
2004	28.9	33.2	34.9	24.8	19.2
2006	31.4	36.1	37.9	27.4	21.7

A319HGW. 73.5t. Aircraft Rating: B+

In seeking to improve efficiency operators of the A319 may be considering higher capacity alternatives. Increasing aircraft size reduces unit costs, assuming that the aircraft can be filled. While the normal maximum weight for the A319 is 73.5 tonnes, there are now a number with 75.5 tonnes, offering considerable payload/range capability. The A319ER features additional fuel tanks which inevitably compromise cargo space but are at least removable.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1996	20.1	23.0	24.1	15.6	11.4
1998	22.6	25.9	27.1	17.9	13.2
2000	25.1	28.7	30.2	20.4	15.3
2002	27.7	31.6	33.2	23.2	17.6
2004	30.2	34.5	36.2	26.1	20.2
2006	32.7	37.4	39.2	28.7	22.8

A320-100. Aircraft Rating: E

Values of the -100 continue to decline with some destined to be parted out in the near future.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1987	3.0	4.2	5.1	2.6	1.5
1989	3.3	4.5	5.5	2.8	1.7
1991	3.6	4.9	5.9	3.1	1.9

A320-200LGW. 73.5 tonne CFM56. Aircraft Rating: B--

With such longevity of production the A320 is vulnerable to a downturn. Early examples are showing their age in terms of declining operating efficiency particularly when compared to the Enhanced versions that appeared in 2008. Values are experiencing a modest decline as the potential for increased used units increases.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1988	8.9	10.7	12.3	6.6	4.3
1990	11.8	14.2	16.4	8.9	6.0
1992	14.8	17.8	20.5	11.4	7.8
1994	17.7	21.3	24.5	14.0	9.6
1996	20.7	24.9	28.6	16.6	11.6
1998	23.6	28.5	32.7	19.4	13.7
2000	26.6	32.0	36.8	22.3	16.0
2002	29.5	35.6	40.9	25.6	18.7
2004	32.5	39.1	45.0	29.0	21.6
2006	35.4	42.7	49.1	32.1	24.5

A321-100LGW. Aircraft Rating: C--

The A321-100s may not have the range of the -200 but at least they have the capacity that promises to lower seat mile costs. However, the type is essentially no longer in production and the versatility of the -200 increases the propensity for values to experience a decline. The differential in values between the -100 and -200 does make the former somewhat attractive.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1994	14.8	17.6	19.8	11.9	8.0
1996	17.5	21.0	23.4	14.3	9.9
1998	20.3	24.1	27.0	16.9	11.8
2000	23.0	27.4	30.7	19.7	13.9
2002	25.8	30.7	34.3	22.7	16.4
2004	28.5	33.9	38.0	25.9	19.1

A321-200LGW. Aircraft Rating: B--

There has a minor level of availability over the course of the last twelve months but not enough to impact values. Even the 89 tonne version is considered attractive as operators seek larger capacity to improve efficiency. The competition with the B737-900ER is intense but the Boeing product has not been the A321 killer that some predicted.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1996	23.3	27.3	30.0	18.6	12.9
1998	26.9	31.5	34.6	21.9	15.3
2000	30.5	35.7	39.2	25.4	18.1
2002	34.1	39.9	43.8	29.2	21.1
2004	37.7	44.1	48.5	33.3	24.6
2006	41.3	48.3	53.1	37.1	28.0

A330-200. Aircraft Rating: B-

The delay in the service entry of the B787 and the still shifting Entry into Service date of the A350 has allowed the A330-200 to remain popular to the extent that new orders are continually being placed. The type offers the economics necessary to partially offset the effects of higher fuel prices. Values are therefore able to remain relatively stable. The lessors are finding little difficulty in placing the aircraft.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1998	58.5	65.7	68.2	45.1	31.8
2000	64.0	71.9	74.6	50.5	36.0
2002	69.4	78.0	81.0	56.4	40.9
2004 En	76.6	87.0	93.1	64.4	48.9
2006 En	82.1	93.3	99.8	70.1	54.5

A330-300LGW. Aircraft Rating: C--

The A330-300 is being seen in something of a new light though not those featuring a low MTOW. The attention is centered on the A330-300E rather than the 212 tonne versions of old. The newer aircraft, featuring a MTOW of 233 tonnes, are much better able to meet the needs of operators where range and capacity are sought. The differential in values between the -200 and -300 remains small although logic should dictate that there should be at least a $10m gap in favor of the -300, a difference that thus far has failed to materialize.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1994	31.5	38.0	39.9	24.3	16.6
1996	37.6	45.3	47.6	29.5	20.4
1998	43.7	52.7	55.3	35.0	24.5
2000	49.8	60.0	63.0	40.9	28.9
2002	55.9	67.4	70.8	47.2	34.0
2004 En	77.3	87.9	94.0	65.5	49.4
2006 En	84.0	95.4	102.1	72.2	55.8

A340-200. Aircraft Rating: D+

The A340-200 continues to be used as a stopgap measure with the VVIP market a possibility. Values have remained steady but still demonstrate a considerable decline in recent years. Older B767-300ERs are now worth more.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1993	24.1	28.7	29.9	17.6	12.3
1995	28.4	33.8	35.2	21.1	14.9
1997	32.7	38.9	40.5	24.7	17.6

A340-300LGW. Aircraft Rating: D++

The A340-300 is finding the market tough given the four engines. However, as values fall, the lower capital cost can provide some compensation in terms of overall direct operating costs.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1993	31.4	36.9	38.8	22.8	16.2
1995	37.4	44.0	46.2	27.7	19.8
1997	43.4	51.1	53.6	32.7	23.7
1999	49.4	58.2	61.1	38.1	28.0
2001	55.4	65.2	68.5	43.8	32.7
2003	61.5	72.3	75.9	50.2	38.1
2005e	85.5	96.0	101.3	71.7	54.6
2007e	93.2	104.7	110.5	78.6	61.4

A340-500LGW. Aircraft Rating: D++

The A340-500 is clearly facing problems with Thai due to remove some from its fleet next year. The four engines makes for difficult economics. Values have again suffered, a trend that will continue.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
2002	73.5	79.9	83.1	56.8	41.3
2004	83.3	90.5	94.1	66.5	49.2
2006H	99.5	110.6	113.7	82.8	62.9

A340-600L. Aircraft Rating: C-

There can be no escaping the problems of the four engined A340-600. Values have again fallen and can be expected to continue to face further falls in the coming months as the price of fuel breaks new ground. However, should the price of fuel fall then the type will be very attractively priced.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
2002	77.6	86.3	88.9	64.3	46.1
2004	87.9	97.7	100.6	75.0	54.8
2006	98.2	109.1	112.4	85.1	63.6

B717-200. Aircraft Rating: D+

The B717 is still viewed as economic but unfortunately the market never appreciated the efficiency of the type. Values have not fallen by too much largely because of previous falls. Availability is not an issue.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1999	8.3	10.0	10.9	6.6	4.5
2001	9.7	11.6	12.6	7.9	5.5
2003	11.0	13.2	14.3	9.3	6.6
2005	12.3	14.8	16.0	10.7	7.8

B727-100. Aircraft Rating: E--

A type that has little merit in todays market with scrap values dominating.

B727-100CH. Aircraft Rating: E-

There are still a reasonable number in service so the type should not be written off completely. The price of the aircraft is such that cash sales dominate though hopefully through the banking system rather than out of a suitcase.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1964	0.09	0.29	1.14	-	-
1966	0.09	0.29	1.18	-	-
1968	0.09	0.30	1.21	-	-
1970	0.09	0.31	1.25	-	-

B727-200HADV. Aircraft Rating: E-

The -200HADV is still a viable product but less so with the rising price of fuel. The retirement rate is particularly notable such that actual scrapings cannot keep pace. The type has little asset value and is now worth little more than a house, and not necessarily one in Moscow.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1972	0.05	0.17	0.77	-	-
1974	0.07	0.22	0.97	-	-
1976	0.08	0.26	1.17	-	-
1978	0.10	0.30	1.36	-	-
1980	0.11	0.35	1.56	-	-
1982	0.13	0.39	1.76	-	-

B727-200FHADV. Aircraft Rating: E++

The values of even the freighter version are beginning to be impacted as fuel and maintenance have a negative effect. The three engined configuration is quickly being consigned to the history books. Values can only be expected to fall further though there remains some hope for those in better condition.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1972	0.12	0.48	1.59	-	-
1974	0.14	0.58	1.90	-	-
1976	0.17	0.67	2.21	-	-
1978	0.19	0.76	2.52	-	-
1980	0.21	0.86	2.83	0.14	-
1982	0.24	0.95	3.14	0.20	-

B737-200. Aircraft Rating: E--

Scrap values are inevitable.

B737-200ADV. Aircraft Rating: E-

Even with only two engines, the older -200s are facing a bleak future. There are however very few being advertised for sale or lease which is contrasting with those actually in storage. There is perhaps a recognition that finding a buyer will be difficult - to say the least.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1971	0.03	0.10	0.22	-	-
1973	0.05	0.15	0.33	-	-
1975	0.07	0.20	0.44	-	-
1977	0.09	0.25	0.55	-	-
1979	0.11	0.30	0.66	-	-
1981	0.12	0.35	0.77	-	-
1983	0.14	0.40	0.88	-	-
1985	0.16	0.45	1.00	-	-
1987	0.18	0.50	1.11	-	-

B737-200HADV. Aircraft Rating: E

The -200HADV should have had an opportunity during the recent shortage of new capacity but few aircraft have a second chance. The type has been facing extremely difficult times for a number of years and the price of fuel has hastened its demise.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1971	0.08	0.25	0.71	-	-
1973	0.11	0.36	1.01	-	-
1975	0.14	0.47	1.31	-	-
1977	0.17	0.57	1.61	-	-
1979	0.20	0.68	1.91	-	-
1981	0.24	0.79	2.21	-	-
1983	0.27	0.89	2.50	-	-
1985	0.30	1.00	2.80	-	-

B737-300LGW ANALOG. Aircraft Rating: D-

The analog version of the B737-300 fail to offer the same degree of efficiency as those with EFIS. The values of the analog version are therefore under ever more pressure as operators seek to contract fleets. The upgrade cost of $1m will not be viewed as an attractive option.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1984	3.0	4.3	5.2	2.3	0.7
1986	3.6	5.2	6.3	3.2	1.4
1988	4.2	6.0	7.4	3.9	2.3
1990	4.9	6.9	8.5	4.5	2.8
1992	5.5	7.8	9.5	5.2	3.2
1994	6.1	8.7	10.6	5.9	3.7
1996	6.7	9.6	11.7	6.7	4.3
1998	7.3	10.5	12.8	7.4	4.9

B737-300HGW EFIS. Aircraft Rating: D++

The market for the B737-300 is becoming increasingly difficult. A number of disposals have now been announced though withdrawal is in an orderly fashion. Nonetheless the values of the -300 have been adversely impacted such that the 10 percent decline over recent months is viewed as merely the starting point for further declines.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1985	4.3	6.1	7.4	3.8	1.4
1987	5.0	7.0	8.5	4.5	2.4
1989	5.6	7.9	9.6	5.2	3.2
1991	6.3	8.8	10.7	5.9	3.7
1993	6.9	9.7	11.8	6.6	4.2
1995	7.5	10.6	13.0	7.3	4.7
1997	8.2	11.5	14.1	8.1	5.3
1999	8.8	12.4	15.2	9.0	6.0

B737-300SF. Aircraft Rating: C

The fall in the value of the passenger version will have an impact on the freighter sector as more are converted. The type is viewed as an ideal freighter but the price of fuel will play a role in determining whether the aircraft can indeed be economic for some services.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1986	6.2	8.1	9.9	5.3	3.4
1988	7.1	9.3	11.4	6.2	4.1
1990	8.0	10.6	12.9	7.2	4.7
1992	9.0	11.8	14.4	8.1	5.4
1994	9.9	13.0	15.9	9.1	6.2
1996	10.8	14.2	17.3	10.1	7.0
1998	11.7	15.4	18.8	11.2	7.9

B737-700HGW. 153,000lbs. Aircraft Rating: A--

The -700 continues to be very popular though the use of winglets is becoming ever more of a necessity even on shorter sectors. The high gross weight examples remain popular but some operators will seek local certification at a lower weight to keep costs down. The ability to increase engine thrust through pin changes albeit at cost is an important remarketing tool particularly in view of the number of operators now requiring hot and high operations. The emergence of the /3 powered aircraft represents a notable shift.

YEAR	April 2008 LOW	April 2008 MID	FUTURE VALUE HIGH	FUTURE VALUE 2012	FUTURE VALUE 2015
1997	23.3	26.8	28.7	18.7	13.2
1999	25.7	29.5	31.6	21.1	15.1
2001	28.1	32.2	34.5	23.6	17.2
2003	30.4	35.0	37.4	26.5	19.6
2005	32.8	37.7	40.3	29.2	22,1