ASQ7 EN (20170705)

PRE-OWNED SPOTLIGHT
PRE-OWNED G450 MARKET CONDITIONS
Inventory Level
No. for Sold / Sale No. for Sale X Avg. Asking Price
800
700
500
400
3+0+0 0+25+02+0+0 0+26+03+0+0 0+25+00+0+0 0+25+00+0+0 0+27+01+0+0 0+36+01+0+0 0+37+0 2+0+0 0+28+0 2+0+0 0+37+0 4+0+0 1+0+0 0+30+0+26+0+29+0+30+0+31+0+32+0+27+0+28+0+27+0+25+0+34+0
0+29+0
0+34+0 2+0+0 5+0+0+0 0+34+0 6+0+0 2+0+0
0+346+0+0
3+0+0 2+0+0 5+0+0 2+0+0 5+0+0
600
$548M
25 26 25 25
27
$718M
36 37 37
34
34
Aircraft Sold
Aircraft For Sale
3 3 4 4 5 6 6
5 5
2 3
0 0 1 1 2 2 2
0
1
2 2 2 2
$407M
Inventory Level
Trend Line (Inventory Level)
-28% Since Highest
34 34
28 29 30 29 30 31 32
26
27 28 27
25
$516M
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Aircraft Price (M USD)
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
PRE-OWNED G450 AVERAGE ASKING & SOLD PRICE TREND
25
22.0
20.8
20 19.0
18.0
16.8 18.0
14.9
15
16.6
15.0 15.6
12.0
10
9.8
11.0
16.3
12.4
15.2
Sold Price
Asking Price
5
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17
Source: JETNET & ASG
Flying at a long-range cruise speed of Mach 0.80 and a max speed
of Mach 0.85 with eight passengers, the G450 reaches a range of
4,350-nautical-miles. Powered by Rolls-Royce Tay MK 611-8C engines,
the aircraft can climb up to 41,000 feet in twenty-three minutes. The
G450 also meets both Federal Aviation Regulations (FAR) Part 36 noise
standards and Special Federal Aviation Regulations (SFAR) Part 27
emissions limits, leaving oil consumption and vibrations low.
With the main cabin approximately 45 feet one inch in length and six feet
three inches in height, the G450 accommodates up to 16, with typical
configurations suitable for 14. The main cabin’s standard setup includes three
living areas, as well as a forward and aft lavatory and a full galley, making
the aircraft spacious and comfortable. Featuring advanced technology, the
G450s passenger cabin includes LED lighting, heated windows to avoid
fogging, a quieter environmental control system and a two- to three-zone
digital temperature control system, depending on configuration.
The G450 cockpit utilizes Gulfstream’s PlaneView avionics system,
based on Honeywell’s Primus Epic integrated avionics system. With
four large displays arranged across the cockpit, the system offers an
Enhanced Vision System and a Visual Guidance System with a Head-up
Display, as an option.
Competitors of the G450 include Bombardier’s Global 5000, the
Dassault Falcon 900DX/LX and the Legacy 650. The larger and heavier
Global 5000 has a few inches of more cabin space, in width, and can
travel at a maximum range of 5,200N.M. The lighter Falcon 900DX can
travel 4,100nm (with full seats), while the LX can travel 4,800nm (with
full seats) and a maximum cruising speed of Mach 0.84.
The worldwide G450 fleet stands at 347, with 9.8% (34) of those currently
for sale and five contracts pending. North America is the largest market
for the G450, with 230 based in the region and 19 (8.3%) of those for
sale. In the past two years, approximately 70% of G450s sold were sold
to US buyers, showcasing the American manufacturer’s strong influence
over this market. The Asia Pacific and Middle East market follow, with 60
G450s in operation and 11.7% (7) for sale.
The average asking price of an eight-year-old G450 is 15.2M USD (as of
May 2017). This price has been gradually declining, dropping 20% from
January 2016, when the average asking price was 19M USD.
The G450 spends an average of 218 days on the market, a number
considerably lower than both the Falcon 900EX/DX/LX and the Global
5000, which both spend an average of over 400 days on the market.
Inventory levels of the G450 are healthy, with monthly levels typically
reaching 25 aircraft, since April 2016. In May 2016, this number increased
significantly, reaching 34 G450s for sale, reflecting seasonal changes.
When looking at the G450, in comparison to two of its competitors: the
Global 5000 and the Falcon 900DX/LX, the G450 enjoys more standard
features. Upon entry onto the market, the G450 is stocked with the latest
32 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017