Debate over Date of First Flight versus Date of Delivery Continues

摘要

While lease rentals tend to be determined on the basis of the year of build, values continue to be calculated on the month of build although "build date" can continue to mean different things to different appraisers. Some appraisers in establishing the "build date" will use the date of delivery as the starting point while others will use the date of first flight. To some extent, the issue of "Whitetails" continues to influence which build date is utilized. Tn the 1970s and 1980s in particular, the variable demand patterns for new aircraft and restricted customer base inevitably saw aircraft being ordered but not delivered to the original customer. Even in the 1990s whitetails were being built such as the first B747-400F which was destined for air France but then parked in the desert for two years. Aircraft could be built and manufacturers would then need to find a buyer. The term "whitetail" refers to lack of a customer color scheme being painted on the tail which is the norm before the aircraft is even assembled. Consequently, an aircraft may have been built and undergone a test flight but then languished for a number of months or years before being delivered. Indeed, by the time the aircraft delivered the specification of aircraft being manufactured at the time of delivery of the stored aircraft may have changed. An aircraft placed in storage for any length of time may have corrosion issues; calendar life limitations; and an overall shorter life. For those appraisers that prefer to use the date of first flight as the basis for the value, an adjustment for the lesser utilization will be taken into account but it is highly unlikely that an aircraft that first flew in say 1995 but delivered in 1997 will have the same value as one which was built and delivered in 1997. The use of first flight is seen as the preferred starting point due to the inclusion of such unknown variables.