How Much Is a Private Jet?
Reviewed by Ebony Howard
Are you a frequent flyer? Do you find even first-class service on commercial airlines more frustrating than fulfilling? While you can charter a jet, the ultimate freedom comes when you own one. Before you buy, though, you should consider whether the investment is truly justified.
Depending on size, range, model, and features, a private jet can set you back anywhere from $2 million to over $100 million. Like used cars, private jets are subject to significant depreciation. If you’re looking for a bargain, second-hand jets can be much less expensive.
Key Takeaways
- A private jet can cost anywhere from $2 million to over $100 million.
- Ongoing expenses include crew salaries, routine maintenance, unexpected repairs, hangar rental, and insurance.
- Alternatives to ownership include private jet charter services, fractional jet ownership, and private jet club memberships.
- Chartered flight rates range from a few thousand to over $10,000 per flight hour.
Things to Consider Before Purchasing a Private Jet
Hourly Rate
The first question to ask is: How much do you fly? Aircraft vendors will often tell you that flying 200 hours per year justifies the outright purchase of a jet. Remember, they’re also trying to sell you one.
Aircraft brokers who offer fractional ownership in a plane will say it’s more like 400 to 600 hours. They, of course, are also trying to sell you something. Fractional ownership is similar to a timeshare in real estate.
An unbiased rule of thumb is that you’ll need to fly at least 240 hours per year to justify the operating costs of owning a private jet.
Your Travel Routine
The type of travel you do can be even more important than the number of flight hours. For example, if you often need to book one-way flights, you’ll incur additional costs for sending the plane and crew back home.
Alternatively, if you plan to stay in one location for a week or more, you’ll need to arrange accommodations for the crew or pay for them to return. In either case, the additional costs may outweigh the benefits of purchasing a jet.
Ongoing Costs
Regardless of how often you fly, jet owners face substantial ongoing expenses, starting with routine maintenance and downtime when the jet is on the ground.
Then there are unforeseen repairs. A blown tire can cost $2,000 to $3,000 to replace. Other ongoing expenses include hangar fees, crew salaries, and aircraft insurance. As the owner, you’ll be responsible for all of these costs.
As a rough estimate, operating costs for a private jet typically range from $500,000 to $1 million per year. Online aircraft cost calculators can help break down expenses for specific jet brands and models.
If you do decide to buy, consultants and aircraft management companies can assist with both the purchase and ongoing management of the jet.
Used private jets can be a more affordable option. Prices for pre-owned jets range from as low as $200,000 to as much as $15 million, depending on age, model, and condition.
Other Options
If the costs of ownership don’t align with your budget, there are several more affordable ways to access the private jet experience. These alternatives include chartering a flight, purchasing fractional ownership in a jet, or joining a private flight club.
Book a Charter
Chartering a flight is a great option for travelers who don’t want to fly commercially but also don’t want the commitment of ownership. When booking a chartered flight, you’ll need to consider factors such as the aircraft type (based on passenger numbers and destination), costs, and the company you’re booking through.
You can charter a flight directly with a jet company representative or through an independent broker who can help you select the best aircraft for your needs.
Charter costs typically range from $1,000 to more than $10,000 per flight hour. For frequent fliers, joining a private jet club or considering fractional ownership may be more cost-effective.
Private Flight Club Membership
A private flight club membership allows you to book domestic or international flights on a variety of jets at set hourly rates, often with short notice. To join, you purchase a membership from a charter company, which gives you access to its fleet. Memberships are usually sold in annual increments, with a minimum one-year commitment.
These options provide a custom travel experience without the complexities and costs of full jet ownership. It’s worth shopping around, as many competitors offer charter flights, fractional ownership, and private flight memberships.
What Is the Cheapest Private Jet for Sale?
The least expensive, new private jet for sale is the Cirrus Vision Jet, with a sticker price of $2 million. However, used private jets can sell for as low as $200,000.
Is a Private Jet a Good Investment?
Owning a private jet can be a good investment if the annual cost of chartering flights or flying commercially exceeds the cost of ownership or if you spend an average of 240 or more hours in the air each year.
What Are the Ongoing Costs Associated With Owning a Private Jet?
The ongoing costs of jet ownership include maintenance, repairs, fuel, storage, and crew salaries. Depending on the jet’s size and usage, these expenses can range from $500,000 to $1 million annually.
The Bottom Line
Owning a private jet is a significant financial commitment, with costs ranging from $2 million for a new, entry-level jet to over $100 million for a luxury model. Ongoing expenses, including maintenance, insurance, and crew salaries, can add another $500,000 to $1 million annually.
For frequent fliers, owning a jet may make sense, particularly if you log over 240 flight hours a year. However, if the high costs don’t align with your travel needs, alternatives like chartering flights, fractional ownership, or joining a private flight club offer more affordable options for those seeking a premium flying experience without the hefty price tag of ownership.