A buyer's market has developed in Denmark due to the large number of people attempting to unload their used light and midsize private jets.

The number of private jets for sale is up across Europe, but with about 28 percent of the light and midsize private jets in Denmark currently on the market, the country has the second highest percentage after Italy.

Beechcraft Corporation, which specialises in designing, building and supporting aircraft, is attempting to capitalise on the number of private aircraft currently for sale by offering its customers upgrade packages. Those who are unable to unload their private aircraft in the saturated buyer's market may be better off improving their current set of wings rather than purchasing a newer model or selling existing aircraft at a deflated price.

“The high proportion of business jets for sale across Europe is making it increasingly difficult for owners to sell their aircraft,” Brian Howell, vice president of Beechcraft's after-market sales, said in a press release. “By opting to keep and upgrade their aircraft, owners are able to add value and more effectively utilise an existing asset that benefits from increased performance, payload and efficiency at half the cost of a new comparable aircraft.”

Beechcraft reports that its upgrade packages have become increasingly popular, and orders to upgrade some of their models are backed up until the third quarter of 2014.