The market for pre-owned Gulfstream private jets grew steadily in the fourth quarter of 2024, according to Hagerty Jet Group’s research. The company, which sells pre-owned business aircraft, reported that the number of Gulfstream jet transactions exceeded expectations.
Stronger than expected pre-owned jet demand
The market for pre-owned Gulfstream private planes has grown steadily throughout the years. Hagerty Jet Group reported 261 pre-owned Gulfstream transactions in 2024. This compares with 217 Gulfstream business jet transactions in 2023 and 202 in 2022.
Gulfstream models that were acquired included the G650, G550, G600, G500, G450/GV/GIV-SP, G280, G200, and G150. The business stated that the G550 model was the top seller in 2024, with 64 units sold, up from 50 in 2023 and 37 in 2022.
The market supply remained consistent, with 35-40 aircraft for sale at any given time, accounting for 6% of the overall fleet. The Gulfstream G550’s good performance indicates a healthy and stabilizing market, according to the manufacturer.
Meanwhile, the G600 business jet had the market’s lowest inventory in 2024, with only 2.5% of its fleet for sale. Although Hagerty Jet Group predicted an increase in pre-owned G600s once G700 deliveries began, there has been no large influx of any type on the market.
The G450 market won the title of best comeback. Supply rose in mid-2023, prompting a year-long pause in transactions. However, activity began to recover by the middle of 2024. By the end of the year, supplies had been cut in half, and transactions had substantially doubled, with 37 G450 sales in 2024 compared to only 22 the year before.
Furthermore, the fourth quarter of 2024 saw 12 pre-owned Gulfstream G650 business jet transactions, the most ever reported for this aircraft. Hagerty Jet Group highlighted the G650’s growing popularity and consistent demand, which is only limited by available supply.
According to the firm, the Gulfstream G700 private jet program is still experiencing delays in aircraft delivery. As a result, the pre-owned G700 jet market is less solid than those of prior models.
Growing demand in the private aviation market
Private flying has grown in popularity over time. Following the epidemic, there has been a considerable surge in private jet use, and private jet registrations are on the rise worldwide. The popularity of private aircraft is usually attributed to two factors: the COVID-19 pandemic and a slew of more economical options for traveling privately.
At the peak of the global pandemic in 2020, both commercial and private planes came to a near halt. While commercial air travel remained sluggish, private jet travel immediately recovered as it was seen a safer option.
A recent study published in Nature found that the number of miles flown by business jets climbed by 53% between 2019 and 2023, while the number of private aircraft increased by 28%.
As expected, private aviation is centered in the United States, where 68.7% of private aircraft are registered, according to the report. Carbon emissions from business jet use climbed by 46% between 2019 and 2023, with industry projections of further significant growth.
FAQ
Why is the market for pre-owned Gulfstream private jets growing?
The market for pre-owned Gulfstream jets is growing due to an increase in demand for private jet travel, especially in the post-pandemic era. Many buyers are opting for pre-owned models as they offer a more affordable option compared to brand-new jets while still providing luxury and high performance.
What factors contribute to the increasing popularity of pre-owned Gulfstream jets?
Several factors contribute to the growing popularity of pre-owned Gulfstream jets, including the ongoing demand for private and business aviation, rising interest in ultra-long-range flights, and the desire for top-tier performance at a lower cost. Additionally, the strong reputation of Gulfstream aircraft for reliability and luxury continues to attract buyers in the market for pre-owned jets.
Are pre-owned Gulfstream jets as reliable as new ones?
Yes, pre-owned Gulfstream jets are often just as reliable as new ones. These jets undergo extensive maintenance and refurbishment, which ensures they meet the same performance standards as their new counterparts. Gulfstream jets are renowned for their durability, and many pre-owned models are in excellent condition, providing high value for buyers.
What are the most popular pre-owned Gulfstream models in the market?
The most popular pre-owned Gulfstream models in the market include the Gulfstream G650, Gulfstream G550, and Gulfstream G280. These models are favored for their range, performance, and luxurious amenities, making them highly sought after by private jet owners and business travelers alike.
How does the pre-owned Gulfstream jet market compare to other private jet manufacturers?
The pre-owned Gulfstream jet market remains one of the strongest in the private aviation industry. While other manufacturers such as Bombardier and Dassault also have significant shares of the market, Gulfstream’s reputation for quality, performance, and luxury ensures that its pre-owned jets continue to attract a premium price and strong demand worldwide.
