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They will only generate passive income whilst you are flying too (not when the game is in menu or not running).
Not sure how effective the 172 is for passive income though, as when I tried it last time the plane got quite damaged from each flight, but this may have changed by now.
Passive income will be generated each day at 0 UTC (i.e. currently 7pm Eastern). You must NOT be in the game at that time.
I would suggest for your second plane get a Vision G2 instead of the Diamond. They cost only 710 grand new, they are fast, they are easy to fly, and they have relatively few bugs. You will generate back the cost quickly if you do any significant amount of VIP charter with it.
My experience is that C 172s are quite good at generating passive income. I currently have a fleet of 2 C 172s flying cargo, and 3 vision jets flying charter. The one vision jet is uncrewed and is what I actually fly. 3 hours of flying a day generates roughly 250 thousand credits passive income. The 3 hours flying will generate that and more.
This is likely a bug and will get fixed in a future update.
+1 on the Vision G2 - ONLY 710k, autopilot + autothrottle = practically flies its self from initial climb to final, cruises at ~310kt, relatively powerful engine, chartered flights can be completed in ~20-30mins with increased sim rate, excellent ground handling compared to the ♥♥♥♥♥♥ C172/C208 who can't turn, and the least buggy of all the planes i've tried in career mode.
the down side of it though is it only earns 150-250k/trip where the C208 on medium cargo can get you 1M/trip... but the C208 is an ass to fly lmao
by the way.. i haven't seen a single Chartered VIP mission.. all i've got so far are the Private chartered missions.