According to a survey by Hagerty Jet Group, the market for pre-owned Gulfstream private jets grew steadily in the fourth quarter of 2024. There were more Gulfstream jet sales than anticipated, according to the company, which specialized in selling used business jets.
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 growing demand for luxury travel, increasing business aviation needs, and longer delivery times for new aircraft have driven interest in pre-owned Gulfstream jets.
What makes Gulfstream private jets popular in the pre-owned market?
Gulfstream jets are known for their reliability, advanced technology, luxurious interiors, and excellent performance, making them highly desirable even as pre-owned aircraft.
Are pre-owned Gulfstream jets cost-effective?
Yes, pre-owned Gulfstream jets can offer significant cost savings compared to new models while still providing high performance and luxury features.
Which Gulfstream models are most sought after in the pre-owned market?
Models like the Gulfstream G550, G650, and G280 are particularly popular due to their range, comfort, and performance capabilities.
How does the resale value of Gulfstream jets compare to other private jets?
Gulfstream jets tend to retain their value better than many other private jet brands due to their strong reputation and consistent demand.
What factors should buyers consider when purchasing a pre-owned Gulfstream jet?
Buyers should evaluate the jet’s maintenance history, total flight hours, engine condition, and any necessary upgrades to ensure they are getting a good deal.
