G650 Plunges 20.4% YoY While G700 Surges 46% Against the Trend — Gulfstream's Ultra-Long-Range Fleet Is Undergoing Generational Replacement, G650 Pre-Owned Residual Values Face Accelerated Downward Pressure

During March 1–24, 2026, G650 movements at 1,206 declined 20.4% YoY (the steepest drop among all heavy types), while G700 movements at 276 grew 46.0% (189 to 276). G700's incremental 87 movements account for approximately 28% of G650's 310-movement loss, indicating direct demand migration from G650 to G700. As the largest installed ultra-long-range type, the G650 has high charter market share and is more oil-price sensitive. Combined with G700 delivery ramp-up substitution effects, this creates dual downward pressure. For operators and asset managers holding G650s, per-aircraft utilization expectations and residual value curves for the next 12–18 months need reassessment. G700, while impressive in growth, remains small in absolute terms (only 7.9% of heavy total) — insufficient to reverse the overall heavy-market downtrend. Confidence: ★★ (AviGo dual-year data; generational replacement logic is clear).