In this market, seeing what we can on the horizon, we have to ask the serious question: Why purchase an aircraft when you can lease? Although, given that the true working life of an aircraft is reducing to 15-18 years, surely lease rates will shoot through the roof. Manufacturers will claim that the design life of civil aircraft is 25 years. As we know the economic life is reducing by as much as 19 years as evidenced by the recent A318 part-outs. So is the aviation model viable? Not unless aircraft prices fall by between 30% and 40% or air

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