How much is an airplane sale actually worth?

Boeing and El Al have agreed to 787 Dreamliner orders worth about $2.2 billion at current list prices.

The deal is worth considerably less though, as an airplane’s actual sales price is negotiated well below the listed sales price.

Many industry analysts estimate that Boeing 787s sell for an average of $120 million, including engines, which are bought directly from the manufacturer. That would make the deal worth about $1.08 billion.

The Jerusalem Post reports the deal is worth $1.25 billion. But the Post seems to be including six 787 Dreamliners that El Al plans to lease from independent leasing companies in that $1.25 billion. Also, no source for the number is given.

The deal announced Thursday is for three 787 firm orders, which will be added to Boeing’s order backlog. Boeing’s statement on the order doesn’t clarify the status of the other six airplanes. El Al may have placed commitments or have options to purchase. Neither are counted in the backlog.

It is the biggest airplane buying spree in the airline’s history, El Al President and CEO David Maimon said in a statement released by Boeing.

“Our agreement to purchase 787 Dreamliners is a significant step forward in the optimization of our route network, enhancing passenger service and the overall flight experience,” he said.

El Al is adding the Dreamliner as it renews its long-haul fleet, which operates out of Tel Aviv. The Israeli-flag carrier has had an all-Boeing fleet since taking delivery of a 707 in 1961. Today, it flies 22 737s, seven 747s, seven 767s and six 777s.

Boeing did not give any details on which 787 versions El Al plans to buy — 787-8, 787-9 or 787-10. The $2.2 billion list price suggests a mix of 787-8s and 787-9s.

Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.

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