The Gulfstream G-V arrived as the first true long-range business jet with the most dramatic demonstration of its market acceptance and value being that a used G-V increased in price by 18 percent, such that a new G-V which sold in 2002 for $43.2 million new commanded $45.5 million on the used market. These planes created a seller’s market due to its direct operating costs of just over $10 a mile and annual costs for 400 hours (not including depreciation) of almost $3 million.

The G-V was developed while Gulfstream was in significant internal organizational and financial turmoil and bare-knuckle external competition with Bombardier and Dassault. Between 1985 and 1990, the company had 3 owners and during its development the company’s cash reserves dwindled to less than 90 days’ worth. In 1993 the founder of a New York private equity firm, took over as Gulfstream’s chairman while he never ran a company before.

Even before the G-V made its first flight in November 1995, Gulfstream had turned the corner by cutting costs, increasing productivity and a growing order book, it already achieved a modest 5 percent profit in 1994 when it received an unusually large $500 million order from the parent company of NetJets.

The G-V still remains a technical and financial risk with new avionics and engines, a longer wing, a stretched fuselage and longer range–6,500 nautical miles (1,700 more than the GIV-SP) with 8 passengers and 4 crew members. The question remains if enough customers would order the $37.5 million (1996 dollars) G-V to make the program a success.

Technologically, the airplane was impressive, as evidenced by a 1997 award of the National Aeronautic Association’s Collier Trophy for aeronautical achievement, with its featured 6-screen, well-advanced Honeywell digital avionics system, even by today’s standards.