Australia’s Rex Regional Express has purchased 18 Saab 340 aircraft that came off lease on 25 March 2014.
The carrier used cash and bank financing for the acquisition, says Rex. The move follows the purchase of seven other Saab 340s that came off lease on 1 July 2013.
Rex now owns its entire Saab 340 fleet, which comprises 51 aircraft.
“Rex committed to leasing these aircraft in late 2006 as part of its fleet modernisation and expansion programme,” says chief operating officer Gary Filmer.
“Upon lease expiry we had the opportunity of purchasing them at advantageous rates. With a remaining useful life of at least another 20 years, the Saab 340s with their low operating cost and fuel efficient engines will continue to provide sterling service on the Rex network.”
Rex’s Saab 340s are powered by General Electric CT7 turboprop engines, according to Flightglobal’s Ascend online fleets database.
He adds that the lack of lease payments will also save the carrier money.