In this month’s Aircraft Comparative Analysis- we provide information on the Cessna Citation Mustang- an Entry Level jet. We’ll consider some of the productivity parameters – including payload- range- speed and cabin size- along with current market value. The field of study also includes Embraer’s Phenom 100.
Cessna Citation Mustang
In this month’s Aircraft Comparative Analysis- we provide information on the Cessna Citation Mustang jet for sale - an Entry Level jet. We’ll consider some of the productivity parameters – including payload- range- speed and cabin size- along with current market value. The field of study also includes Embraer’s Phenom 100 jet for sale.
Cessna’s Mustang is even more compact and lighter than its first-ever corporate jet- the Citation 500 model that was built in 1971. The Citation 500 model was developed to be the first affordable- Entry Level executive jet and was marketed to compete directly with the King Air.
The Citation Mustang (Model 510) was first announced in 2002- and was introduced to compete with the new breed of very light jet (VLJs) from Adam Aircraft- Eclipse Aviation- Embraer and Piper. First flight of the Mustang occurred in April 2005- and FAA Type Certification was received on September 8- 2006. April 2007 marked the first retail delivery. Powered by two Pratt & Whitney PW615F turbofan engines- the Mustang’s cockpit hosts the Garmin G1000 Avionics system. FAA Type Certification for the Mustang includes single-pilot operation.
Chart A represents the in-operation aircraft Market Share as of September 2012 for the Citation Mustang (62%) and the Embraer Phenom 100 (38%) There are currently 652 total aircraft in operation for these two models. However- when you add the Eclipse 500 to the Citation Mustang and Embraer Phenom 100 equation- the Citation Mustang enjoys a 44% market share of a total 912 deliveries.
PAYLOAD AND RANGE
The data contained in Table A is published in the B&CA- May 2012 issue- but is also sourced from Conklin & de Decker. As we have mentioned in past articles- a potential operator should focus on payload capability as a key factor. The Citation Mustang ‘Available payload with Maximum Fuel’ at 600 pounds is marginally more than that offered by the Phenom 100 (580 lbs).
In spite of its higher available payload with maximum fuel weight- according to Conklin & de Decker- the cabin volume of the Citation Mustang at 144 cubic feet is 31 percent smaller than the Phenom 100 aircraft (with measures 208 cubic feet)- Chart B.
Each of the Citation Mustang’s Pratt & Whitney Canada PW615F engines offer a thrust rating of 1-460 pounds. The Phenom 100- meanwhile- is powered by a pair of Pratt & Whitney Canada PW617F-E engines- each with a thrust rating of 1-695 pounds.
Table B- sourced from the Aircraft Cost Calculator (ACC) shows the fuel usage by each aircraft in our field of study. The Citation Mustang - at 93 gallons per hour (GPH) - uses 33 gallons per hour (or 26.2%) less fuel than the Phenom 100 at 126 GPH.
COST PER MILE COMPARISONS
Using data published in the May 2012 B&CA Planning and Purchasing Handbook and the August 2012 B&CA Operations Planning Guide we will compare our aircraft. The nationwide average Jet-A fuel cost in the August 2012 edition was $6.30 per gallon at press time- so for the sake of comparison we’ll chart the number as published.
Note: Fuel price used from this source does not represent an average price for the year.
Chart C details ‘Cost per Mile’- and compares the Citation Mustang to the Phenom 100 factoring direct costs- and with each aircraft flying a 300nm mission with 800 pounds (four passengers) payload. TheCitation Mustang cost at $2.82 per nautical mile is similar to that of the Phenom 100 at $2.90.
TOTAL VARIABLE COST COMPARISONS
The ‘Total Variable Cost’- illustrated in Chart D- is defined as the cost of Fuel Expense- Maintenance Labor Expense- Scheduled Parts Expense and Miscellaneous trip expense. The total variable cost for the Citation Mustang at $846 has a 4.2% higher variable cost per hour compared to the Phenom 100 at $812.
The points in Chart E center on the Mustang and Phenom 100 aircraft. Pricing used in the vertical axis is as published in the B&CA 2012 Purchase Planning Handbook and Vref. The productivity index requires further discussion in that the factors used can be somewhat arbitrary. Productivity can be defined (and it is here) as the multiple of three factors.
1. Range with full payload and available fuel;
2. The long-range cruise speed flown to achieve that range;
3. The cabin volume available for passengers and amenities.
The result is a very large number so for the purpose of charting- each result is divided by one billion. The examples plotted are confined to the aircraft in this study. A computed curve fit on this plot would not be very tight- but when all business jets are considered the “r” squared factor would equal a number above 0.9. Others may choose different parameters- but serious business jet buyers are usually impressed with price- range- speed and cabin size.
After consideration of the Price (difference of $900k) and fuel savings- we can conclude that the Citation Mustang- as shown in the productivity index Chart E- is productive and has been popular with a high market share having started deliveries two years earlier in 2006 than the Phenom. For available payload- with-full-fuel-to-cabin-capacity ratio- the Mustang offers a highly competitive value to a prospective owner for whom the smaller cabin capacity is not an issue. Both Cessna and Embraer have won additional orders as a result of the Eclipse demise in 2008.
Six years after first delivery- what will the future hold for the Mustang? Cessna has developed the Citation M2 to keep its competitive edge- with an announced B&CA price (2012) at $4.395 million. Of course- other competitors are on the horizon: The HondaJet is priced at $4.5 million- for example- and Eclipse is responding with an upgrade of its own - the Eclipse 550. Will Cessna be ready to announce an upgrade on the Citation Mustang any time soon to keep the model attractive to the market- and retain its leading market share for unit distribution within the Entry Level segment?
Table C represents the average pre-owned retail price from Vref for each aircraft. The last two columns of information show the number of aircraft in-operation- and the percentage “For Sale”- as per JETNET. It is interesting to note that with 405 aircraft in-operation today (30% new and 70% used)- only 8.4% of the Mustang fleet is currently for sale (traditionally a seller’s market). The Phenom 100 is in a similar market position with just 8.5% of the fleet of 247 aircraft for sale.
LOCATION BY CONTINENT
Table E- meanwhile- offers a breakdown of the location by continent for the worldwide wholly-owned Citation Mustang fleet. North America is home to the majority of the Mustang fleet- with 228 or 58%- followed by Europe at 24% (94 units). Currently- nine Citation Mustang aircraft are in shared ownership- and there is only one in a fractional-ownership arrangement.
Within the preceding paragraphs we have touched upon several of the key attributes that business jet operators value. However- there are often other qualities such as service and support that factor in a buying decision- but which are beyond the scope of this article. The Citation Mustang business jet has its advantages at its price-point - so those operators in the market should find the preceding comparison of value.
Our expectations are that the Cessna Citation Mustang for Sale will continue to do very well in the pre-owned market for the foreseeable future- but it’s worth keeping a watch out for how the new aircraft market develops. The entire story of the Entry Level market has been remarkable as it approaches the 1-000 aircraft delivery mark.