I think one of the main drivers recently has been the $ exchange rate. At the end of 2002, £1 bought you $1.4, compared to $2 today meaning the price of new US manufactured aircraft has fallen by 30% in Sterling/Euro terms over that timeframe. This is turn pushes down second hand prices down of those aircraft and that knocks on across the market genarally, not withstanding the fit outs.
Question is, has the dollars depreciation run its course and is due for a reversal or not!
W