Podcast: The Truth About the Market Host: Jason Zilberbrand, President of VREF
Episode Overview
In this end-of-year Christmas special, Jason steps back from valuations, depreciation curves, and transactional warfare to reflect on the year that aviation finally remembered gravity.
Delivered through a poetic cold-open that rewrites ’Twas the Night Before Christmas for the aircraft industry, this episode blends humor, honesty, and hard-earned perspective as Jason unpacks the three forces that quietly shaped 2025: the privacy upheaval, the market cool-down, and the real story behind the “pilot shortage.”
Jason also explores the deep challenges facing general aviation—from hangar scarcity to training-aircraft inflation—and shares a unforgettable story involving Santa Claus, an ADS-B-silent sleigh, and one of the strangest appraisals ever requested.
This episode closes the year with clarity: what actually happened, what it means, and what aviation needs to carry into 2026.
What You’ll Discover in This Episode
- Why 2025 wasn’t a crash, a boom, or a bubble — it was a recalibration
- How the FAA’s new privacy rules (Section 803) quietly made aircraft transactions harder
- The irony of “increased privacy” in a world where ADS-B broadcasts every move
- Why buyers regained their voice — and sellers had to rediscover reality
- The three silent forces that shaped the market all year
- How the pilot shortage isn’t one shortage at all, but a mismatch across the entire system
- Why training aircraft skyrocketed in value — and why it wasn’t irrational
- How hangar scarcity became one of the biggest hidden market drivers
- Why experimental aviation is thriving while certified GA struggles under cost and complexity
- The aviation appraisal Santa never expected to do — and why the sleigh needed a valuation
- The final truth of the year: markets run on facts, not myths
Jason’s Truth
“Yesterday’s market is not a price. It’s a memory. And this year, aviation had to relearn that gravity applies to values, to expectations, and to all of us.”
Mentioned in This Episode
- FAA Section 803 (2024 Reauthorization Act)
- ADS-B tracking and privacy reform
- Training aircraft inflation (Skyhawks, Archers, Warriors)
- Hangar space shortages across the U.S.
- Pilot-workforce mismatch
- General aviation vs. experimental innovation
- Santa’s sleigh — and its suspiciously flawless logbooks
- VREF Online / VREF Appraisal Services
The entire VREF Podcast Series and show notes can be found at https://vref.com/podcast/
Brought to You By
VREF — The Trusted Name in Aircraft Valuations and Appraisals. Whether you’re buying, selling, financing, or planning for the year ahead, VREF keeps you grounded in data that matters. Get accurate, defensible, real-time aircraft values at vref.com.
