How Well Does ChatGPT Know Business Aviation?

Does ChatGPT really understand the pre-owned aircraft sales industry? Brian Foley puts it to the test with some industry questions and assesses the feedback received…

Brian Foley  |  09th May 2023
    Back to Articles
    Brian Foley
    Brian Foley

    Brian Foley formed Brian Foley Associates (BRiFO) in 2006 to assist aerospace firms and investors with...

    Does Artificial Intelligence really understand Business Aviation?


    There has been a lot of talk on the emergence and use of ChatGPT, a powerful Artificial Intelligence (AI) tool that engages in human-like written or spoken dialog.

    I decided to put it to the test to see just how smart it is when discussing details of the very niche Business Aviation industry. This is what I learned...

    Request: Write two paragraphs on the current pre-owned business jet market.

    Answer: The pre-owned business jet market is currently experiencing a surge in demand as the global economy rebounds from the COVID-19 pandemic. According to industry experts, there is a shortage of available inventory as many buyers look to take advantage of lower prices and favorable market conditions. The market for pre-owned jets has also been driven by a shift towards private air travel as individuals and corporations seek to avoid the hassles of commercial airlines. As a result, many pre-owned jets have been selling at or near their asking prices, and some models have even seen their prices increase.

    The current pre-owned business jet market is also being influenced by advances in technology and the emergence of new aircraft models. As newer and more efficient models enter the market, older jets are becoming less desirable and their values are depreciating. Additionally, the market is being impacted by the increasing availability of leasing options and shared ownership models, which are providing more affordable options for those looking to enter the market. Despite these challenges, the pre-owned business jet market is expected to continue to grow as demand for private air travel remains strong and new buyers enter the market.

    Assessment: If I were grading this response, I’d give it a 75%. In the first paragraph I can’t connect the dots regarding buyers looking to pre-owned to take advantage of favorable market conditions. The second paragraph is a bit of a fluff piece, suggesting that used bizjets are less desirable and their values are depreciating because of new aircraft.

    The bit about new leasing options and shared ownership making pre-owned more affordable also doesn’t strike as being realistic, as most transactions are paid in cash. Let’s try another request...

    Request: Why should I buy a pre-owned business jet?

    Answer: There are several reasons why buying a pre-owned business jet can be a smart investment. Firstly, pre-owned jets are often available at a lower price point than their brand new counterparts, making them a more affordable option for buyers. Additionally, pre-owned jets may have already undergone significant upgrades and maintenance, which can save buyers time and money in the long run.

    Secondly, owning a pre-owned business jet can provide greater flexibility and convenience compared to commercial air travel. With a private jet, you have the ability to customize your travel itinerary and avoid the long wait times and security lines that are typical of commercial airports. This can save you valuable time and help you be more productive while on the go.

    How accurate was this answer and what else did Brian ask ChatGPT? Continue reading in the AvBuyer May digital edition below…

    Related Articles

    Brian Foley

    Brian Foley

    Editor, Market Intelligence

    Brian Foley formed Brian Foley Associates (BRiFO) in 2006 to assist aerospace firms and investors with strategic research. In addition to his work as Market Intelligence Editor, AvBuyer, he is a regular contributor for Forbes.com and his views are published in the media worldwide.

    Currently, Brian serves the Transportation Research Board as a member of the Business Aviation, helicopter, commercial airline and UAV system subcommittees, and he previously served on the Wall Street financial firm Board.

    Before starting his consultancy business, Brian was marketing director at Dassault Falcon Jet for 20 years, and started his career at Boeing. He is an instrument-rated private pilot.


    SHARE THIS ARTICLE

    Print

    Other Articles

    Gulfstream IVSP
    Make offer
    United Kingdom - England
    Cessna Citation CJ2
    Price: USD $3,195,000
    United States - MN
    loder image