In the early 1960s, the three major American general aviation aircraft manufacturers—Beechcraft, Cessna and Piper–faced a competitive challenge in the form of two newly-developed light business jets, the Learjet 23 and the Aero Commander 1121 Jet Commander, which were much less expensive to buy and operate than previous business jets such as the North American Sabreliner and Hawker Siddeley HS.125. Previous efforts by Beechcraft and Cessna to market small jets had not met with success: the Cessna 407, a proposed civil version of the T-37 Tweet jet trainer, had not proceeded past the mockup stage due to insufficient customer interest, while an effort by Beechcraft to market the Morane-Saulnier MS.760 Paris in North America had ended with only two aircraft sold. However, the runaway success of the Learjet caused the two companies—which only manufactured piston engined aircraft at the time—to reconsider turbine engined aircraft, and Beechcraft launched two simultaneous efforts: the development of the turboprop-powered King Air 90 and an agreement to market the HS.125 in North America.
Cessna quickly found that its premium twin piston-engine aircraft were uncompetitive with the King Air, which was substantially faster, yet could be flown by pilots with similar skills and licensing qualifications. However, the company also saw a broad gap between the King Air and existing light jets such as the Learjet, which were far faster but also relatively unforgiving to fly, requiring highly skilled pilots and long runways. Cessna reasoned that a market existed for a light jet that was faster than the King Air but similarly easy to fly, relatively inexpensive to buy and maintain, and able to access small airports with shorter runways. This type of aircraft would appeal to traditional Cessna buyers: amateur owner-pilots who intend to fly the aircraft themselves.
In October 1968 Cessna announced an eight place business jet capable of operating from airfields accessible to light twins. The Fanjet 500 prototype first flew on September 15, 1969. By then its unit cost was $695,000, $5.14M today. The renamed 500 Citation had a relatively long development program with a longer forward fuselage, repositioned engine nacelles, a larger tail and more dihedral to the horizontal tail. It was FAA certified on September 9, 1971.
In early 1976, its wing span grew from 43.9 to 47.1 ft (13.4 to 14.4 m). It also gained thrust reversers and higher gross weights. The enhanced 500 Citation I was introduced later in 1976 with higher weights, JT15D-1A engines and an increased span wing. The 501 Citation I/SP, certificated for single pilot operations, was delivered in early 1977. Production ended in 1985, it was developed into the Citation II/Bravo and the Citation V/Ultra/Encore. Over 690 Citations, Citation Is and I/SPs were built between 1971 and 1985.
By 2018, used 1970s model 500s were valued at $300,000, Citation ISPs at $695,000 to $1.25 million with the Eagle II package.
The aircraft was powered by two Pratt & Whitney Canada JT15D-1 turbofan engines after Cessna’s experience with the T-37 Tweet twinjet trainer. Its use of turbofans rather than turbojets and straight wings rather than swept wings made it cruise slowly compared to other business jets and Learjet salesmen mocked it as the “Nearjet” vulnerable to “bird strikes from the rear”; Cessna renamed it the “Citation” after the thoroughbred but it was nicknamed as “Slowtation”.
You Could Also Consider a Cessna Citation II Or Cessna CJ1
Resource – Wiki