G650 market ‘shaped by two opposing forces’ says Jet Match

Jet Match considers up to 10% of the fleet listed for sale to represent a normal market. Above that level, there is excess supply. The

The resale market for Gulfstream G650 aircraft is being moulded by a combination of opposing forces, according to Luiz Sandler, founder and CEO of Jet Match.

On one side, acute scarcity is holding prices up with just 0.2% of the fleet available, giving sellers  “unprecedented pricing power”. On the other hand, those higher prices could push owners to reconsider selling which could introduce additional aircraft onto the market.

Simultaneously, there is a migration from the G650 to the G700 and G800. Gulfstream expects to deliver approximately 160 jets in 2026, with analysts projecting around 70 G700s. Some of those buyers are current G650 owners who will list their aircraft once they take delivery of the new one, said Sandler.

The analysis comes in the form of a new market and valuation report on the G650 from Brazilian business aircraft broker Jet Match.

According to the report, the G650 market is experiencing a supply shortage akin to what was seen in the post-pandemic period of 2021 with aircraft receiving offers within one or two days of hitting the market.

Sandler said as the report was being finalised, just one aircraft was available out of a fleet of 592, “the lowest level ever recorded”.

Above asking price

Aircraft are being snapped up for asking price and above. Sandler recently came across a 2014 G650 from a reputable broker with an asking price of $35m. “A potential buyer told me to offer $30m. I said it will be a waste of time, I am sure they won’t even respond. Maybe two days later, a salesperson from the broker called to tell me the aircraft just sold for asking price,” he told CJI.

This is a lived situation for Sandler. He jokes about a time back in 2021 when he was “able to buy an aircraft above asking price”.

“It was a Global Express. We made a fair offer and negotiations were going well. But during that time so many people became interested, the seller decided to go for someone else. I told my buyer and he instructed me to offer over asking price. I said: ‘Are you sure?’. He said: ‘Yes, do it’. We got the deal done,” he recalled.

Jet Match considers up to 10% of the fleet listed for sale to represent a normal market. Above that level, there is excess supply. The highest level ever reached by the G650 was 9.9% in August 2015. Currently, the rate is under 0.2%.

Short production cycle impact

Sandler believes the short production lifecycle of the G650, just 12 years compared with the G550 which was produced for two decades, feeds into the demand for it.

Until 2017, G650s sold at full price — around $70m. But in 2018 and 2019, the market became “unstable and directionally confused”. Gulfstream responded by lowering the bar on new aircraft prices. And when lowering the price of new jets, the pre-owned market reacts. Then the G800 comes along, which is essentially a G650 with upgraded engines and avionics, to raise the bar again.

But a calculation that nobody is doing, said Sandler, is that a $70m asking price for a G650 from 10 years ago, inflated for CPI, would be equal to almost $100m today. A G700 or 800 can be bought in the region of $80m. “So I think the market realises that if you see a G650 in the $30-40m range, it’s a tremendous price for what they offer, with immediate reward,” he said.

US centric market

According to the report, 93% of G650 resales went to US buyers in 2025. Sandler is not counting out non-US buyers meaningfully returning, but his logic plays out that the market shift is not temporary.

“Last year was a perfect storm,” he said. “First, there were intrinsic factors driving attention to the G650. Just last year, we had a G650 for sale alongside perhaps 25 competing options. Within a few months, everything changed.

“When we started digging into the numbers and forming hypotheses, a consistent story emerged. Buyers wanted the product. At the same time, non-US products fell outside their radar. So they concentrated on the American aircraft. Bonus depreciation boosted the entire market, and available options shrank. On top of that, buyers realised that G650 prices were historically compressed. The timing was right.”

For comparison, Sandler checked the resale numbers on Dassault 7Xs and Bombardier Globals. About 50% of those transactions went to US buyers, but those were aircraft already in the US. Every non-US Global and Falcon was sold abroad. For the G650, by contrast, roughly 90% went to US buyers. “The US market didn’t even touch international or foreign-based non-US products,” he said. “This movement towards ‘made in the USA’ was prompted by President Trump’s tariffs.”

On top of that, when bonus depreciation is in play, companies don’t care as much about price or condition, because they can offset whatever they pay, he continued. “That drives prices up. And when US buyers are hungry, you simply cannot compete with them,” Sandler added.

US buyers have service centres, technicians and a mature, professional market. Compare that to a typical non-US buyer, who has to import the aircraft, pay taxes, handle logistics and manage other complications. “They must be much more careful. A US buyer based next door to a service centre can absorb more risk. Overlook something in the pre-purchase inspection? They’ll pay the price, but then offset it with bonus depreciation,” he said.

Discounts non-existent

Discounts, typically in the 4-5% region last year, are “essentially zero” at present, said Sandler. But this could change as prices reach a “certain level”, he added.

“I think with prices rising, the discount will be tight until you reach a price level that, when you start having an adjustment, like a higher inflow of offer, then the discount rate will start getting bigger, and the deal price will compensate. But that time is not now.”

Sandler feels that the market is still testing the “buyer’s appetite and the ceiling”.

“We didn’t reach the balance point yet. That is typically down to sellers. Yet because they don’t have competition right now, whatever price they mark, it is what it is, and with very low discount rates. But eventually, with prices going even higher, and with more competition, you’re going to have more discounts, and that will bring eventually prices down. Nowadays, I think everything is very asymmetrical, there is no logic yet that we can see,” he said.

God works in mysterious ways

Although unprecedented, with respect to a combination of price and scarcity, Sandler does not believe this environment will persist for the G650. He has seen similar periods of demand for the aircraft before, and for other models too.

Going back to the third-quarter of 2020, Sandler began the process of acquiring a G650 for a customer. At that time, he could still see nearly 20 aircraft listed as available. “There were so many choices that it was difficult to make a decision. You could really be picky and cherry-pick whatever you wanted,” he remembered.

“I began calling my colleagues. ‘Hey, let’s talk about your serial number,’ I’d say. And time after time, I heard the same response: ‘Oh, Luiz, I’m sorry. We just received a letter of intent.’ I’d say ‘Let me know if it falls apart’. They never called back. This happened with five, six, seven cases. I didn’t know what was going on,” he said.

Third-quarter 2020 was when scarcity started to appear, but prices hadn’t yet moved.

“We eventually narrowed it down to one viable option,” he explained. “I advised the customer not to be too picky with the pre-purchase inspection or to make many demands. I had realised something: a G650 with a pre-purchase inspection already done at a Gulfstream facility could be snatched away instantly. Someone could walk in, offer a premium, and the seller would cancel our contract despite any penalties.”

Late last year, Sandler noticed similar scarcity with Embraer’s Praetor 600. All good options appearing on the market sold immediately at inflated prices, he said.

“Ironically, today there are more Predator 600s available. We even have one for sale myself. But I’m not seeing the same strong market as I did in November or December of last year. Now there is more supply, and things are a bit more sluggish.

“From time to time, it’s as if God chooses one aircraft and says, ‘You’re going to be the one now,’” he concluded.

The full report is available for request from Jet Match via email (contact@jetmatch.com) or social media (LinkedIn and Instagram).