July 25, 2025
Pre-owned private jet dealers and brokers are guardedly optimistic as they say the market is shifting to putting buyers at the yoke.
Closed sales of pre-owned private jets by members of the International Aircraft Dealers Association (IADA) dropped to 300 from 366 year-over-year and 316 sequentially.
The results represented activity in Q2 of 2025.
The 18% decline from last year came amid 90 days of tariff-led trade tensions.
The trade group says:
‘IADA dealers reported 136 new acquisition agreements in the second quarter of 2025, on par with the second quarter of 2024. In Q2 2025, exclusive retainer agreements to sell aircraft were flat sequentially from Q1 2025 but down 35% year-over-year from Q2 2024. For the full year 2024, 1,176 such agreements were signed, up by 39% year-over-year from 846 in all of 2023.’
Despite the headwinds, the association said members see “a stable market and emerging optimistic outlook.”
IADA Chair Phil Winters, who also serves as Vice President Aircraft Sales & Charter Management for Greenwich AeroGroup & Western Aircraft Inc, says, “Dealers are constantly adjusting and while the second quarter wasn’t a blockbuster, many are now gearing up for a stronger second half due to bonus depreciation, and waiting to see how tariffs may impact some sales.”
The results of IADA’s member perception survey were compiled before the U.S. government reinstated bonus depreciation on purchases of factory-new and pre-owned aircraft.
On a scale of 1 to 5, with one being the worst and five being the best, sentiment increased from 3.0 to 3.1 year-over-year.
For the second half of the year, sentiment increased from 3.0 to 3.4.
The bill providing 100% bonus depreciation was signed into law by President Donald J. Trump on July 4, 2025.
IADA noted:
‘Approximately 85%-90% of respondents predict that pre-owned aircraft pricing will be stable or will decrease slightly over the next six months. The proportion of survey respondents calling for a slight decrease in pricing outweighed those calling for a slight increase by a factor of approximately 3-to-1 in Q2 2025, reflecting a slow but gradual shift toward a buyers’ market in H2 2025.’
At the end of Q1, IADA said its members had a “collective sense of optimism.”
READ: Beyond the hype of 100% bonus depreciation
OGaraJets Corey Westfall says, “Our year-to-date engagement and sales results significantly exceed those from the same period in 2024. With relatively low supply remaining across the modern markets, we remain bullish for a robust Q3 and Q4, and encourage our clients and prospects to plan accordingly.”
JetCraft’s Colin Dunne adds, “I’m optimistic about Q3 and Q4.”
Cameron Jones of Jones Aviation Group says, “Prices remain stable, most sellers are upgrading aircraft. Legacy aircraft – year 2000 or older – are continuing to decrease in value to almost pre-pandemic levels.”
In pre-bonus depreciation comments, analyst Rollie Vincent said, “The post-election bizjet market euphoria in the U.S. has subsided since early April 2025.”
He added, “Despite more attractive pricing, tariff-related uncertainty and unpredictability have caused many potential buyers to take a time-out, at least for now.”
Jet Transactions Brent Dahlfors says, “The global market is constrained by far too much economic uncertainty.”
Byron Mobley of Wetzel Aviation says, “I think lack of stability and random governmental decision making is a big deterrent to individuals and corporations who may have been considering making a change with aircraft.”
Dassault Aviation’s John Jelovic notes, “Everyone is taking a wait-and-see approach with regard to the effects of the tariffs.”
JetAviva’s Emily Deaton adds, “Market activity showed a predictable slowdown in closings during May.”
She attributed it to a “pause associated with Liberation Day.”
She says, “Looking ahead, the market’s direction in the second half of the year will be shaped by key policy decisions from the administration.”
Deaton, speaking before the announcements, said tariffs and depreciation are key.
Of course, just yesterday, the EU and the United States announced they had reached a trade agreement.
And the tariffs go beyond just buying a private jet.
A May online forum showed how tariffs can impact MRO work.
Avpro’s Chris Ellis said a customer with a Gulfstream G450 was billed $850,000 in tariff costs to cover parts imported for an overhaul.
READ: Private Jet Owners speak about the good and bad of ownership
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