The Market Split In Half: The Numbers Don't Lie | EP 55

The Market Split In Half: The Numbers Don't Lie | EP 55

Author: Jason Zilberbrand September 1, 2026 Duration: 46:13

The September 1 VREF value revision is live—and the numbers tell a very different story than the broad “strong market” or “weak market” headlines.

Business jet transaction volume is down nearly 19% year to date, essentially returning to 2020 COVID-era levels.

But prices didn’t simply fall with volume.

They split.

Across 658 business jet model years revised by VREF:

421 moved down.
230 moved up.
7 stayed flat.

And the dividing line isn’t simply light, midsize, or heavy.

It’s increasingly about which generation of aircraft you own.

In this episode:

  • Why business jet transaction volume has round-tripped to roughly COVID-era levels
  • Light jet volume down approximately 18%, midsize down 25.5%, and heavy down 13%
  • Why Jason’s 2026 sequence—volume first, days on market second, price last—has now played out
  • How legacy midsize values fell roughly 5.1%, with 122 out of 122 model years moving lower
  • Why current-production super mids moved the opposite direction, rising about 4.1%
  • How current-production large-cabin flagships gained nearly 7% while prior-generation large-cabin aircraft declined
  • Why the market is effectively repricing obsolescence
  • How the “age penalty” is shrinking for some large-cabin aircraft while growing for older light and legacy midsize jets
  • Why a 15-year-old Global can appreciate while a similarly aged Citation or Hawker loses value
  • How two aircraft both labeled “midsize” can be moving almost nine percentage points apart
  • Why broad weight-class averages can describe an airplane that doesn’t actually exist
  • What rising days on market and weaker transaction volume reveal about the buyer-seller standoff
  • Why midsize is becoming the canary in business aviation’s coal mine
  • How fractional ownership, charter growth, financing sensitivity, and corporate caution may be permanently removing some buyers from whole-aircraft ownership
  • What the September revision means for sellers, buyers, lenders, insurers, and fleet planners

For sellers of legacy aircraft, the conversation has changed. Buyers are no longer negotiating only against opinion—the published values are beginning to move to their side of the table.

At the top of the market, the opposite is happening. OEM backlogs and limited availability are pushing buyers toward current-production and late-model aircraft—and they’re paying for the privilege.

That means the old question— “How’s the market?”—is becoming almost useless.

The better question is:

“What is happening to my model, my generation, and my model year?”

Because as of September 1, there is no single aircraft market.

There are winners.

There are losers.

And the gap between them is getting wider.

For the latest aircraft values, historical trends, operating costs, fleet data, and transaction-based market intelligence, visit VREF.com.

The market doesn’t care what you paid. It only cares what it’s worth.

And as of September 1, it changed its mind about a lot of airplanes.

Fly safe. Stay smart.


Hosted by Jason Zilberbrand, VREF | The Truth About the Aviation Market cuts through the noise to deliver clear-eyed analysis on how aircraft hold and lose their value. This isn't just industry news; it's a deep dive into the economic forces, market trends, and regulatory shifts that directly impact valuation. Each episode leverages the authoritative perspective of VREF, a leader in appraisal services, translating complex market data into actionable insights. Whether you're a pilot, an owner, an investor, or simply fascinated by the business of flight, you'll find a grounded conversation that connects the dots between current events and your bottom line. The discussions are built for those who operate where leisure, business, and aviation intersect, offering a unique lens on asset management and market intelligence. Tune in for a candid and expert-driven exploration of what really drives the aviation marketplace, making this podcast an essential tool for anyone with a stake in the skies.
Author: Language: English Episodes: 50

VREF | The Truth About the Aviation Market
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