10/6/2008

The combination of high oil prices and turmoil in the financial markets is helping to take the glow off private jets, once considered a must for very frequent fliers with very deep pockets. In the Chicago area, general aviation was down 14% through August, while air taxi service was down 6%. Even music mogul Sean "Diddy" Combs recently announced he was going back to flying commercial after his private-jet tab reached $225,000. Despite record orders for new jets, the market for used aircraft is "probably the worst we've seen in a long time," according to an executive with airplane broker Peregrine Aviation Services Inc.

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