Even though private jets are more widely available, brand-new private aircraft can cost anything from $3 million for a tiny Cirrus Vision with seven passengers to $660 million for an Air Force One. You must also account for maintenance, gasoline, and employee wages in addition to the purchase price. Get the entire picture of how much a private jet costs and how to pay for one before you start looking.
How much does a private jet cost to purchase?
There are both new and old private jets available if you're considering purchasing one. While a new aircraft will give you the most modern technology, a used jet will cost less due to its older amenities.
There are various sorts of jets, from small six-seaters with little range to huge airliners with long range. The most popular jet options are as follows:
- Very light jets: The smallest private jet option, these aircraft may accommodate four to seven passengers and have a maximum range of roughly three hours. Depending on the type, prices can range from $1.5 million to $5.5 million.
- Light jets: slender jets These jets, which are a little larger than the extremely light jets but still small, can accommodate eight passengers plus a restroom. The cost to purchase a light jet ranges from roughly $900,000 to almost $6 million.
- Midsize business jets: Midsize business jets can fly for up to five hours at a time, making them suitable for both short and long flights. Midsize aircraft feature a larger cabin that can carry five to 10 passengers, two pilots, and a flight attendant. They also have additional storage capacity. From $9.9 million to $20 million is the price range.
- Super mid jets: Compared to smaller aircraft, super mid jets have a larger cabin and greater range of flight. They can also move more quickly. New prices for these aircraft range from $5.4 million to $26.7 million.
- Heavy business jets: These have a lot more room, can accommodate at least ten passengers, and include amenities like pull-out tables and fully functional kitchens. Prices for heavy business jets range from about $27 million to $39 million.
- Ultra-long range heavy jets: These jets have enough interior area to serve as mobile hotels. They can carry up to 17 passengers and travel up to 6,500 miles, and they come with full-size beds and plenty of space to spread out. An ultra-long-range heavy jet will typically cost between $35 and $62 million.
- Airliners: The most opulent and spacious choice in private aircraft, airliners may include amenities like a full toilet or a cocktail lounge. Additionally, they may make trips that last longer than ten hours. The most expensive option is likewise an airplane, with several versions costing between $418.4 million and $500 million.
The amenities and customisation you select for the plane might also affect price. Owners of plans have the option to select unique furniture, distinctive design, and even separate rooms.
New Private Jets
A brand-new private airplane can cost anywhere from $3 million to $660 million. The size, manufacturer, range, customizability, and features the jet offers, such as the engines and avionics, all affect the price.
Used Private Jets
Despite being less expensive, used aircraft still cost millions of dollars. For comparison, a pre-owned 2019 G600 S/N 73008 sold for more than $54 million in June 2022 on the Gulfstream website. The cost can increase to hundreds of millions of dollars with addons and personalization.
How much does it cost to keep a private jet in operation?
The expense of having a private jet is much more than the price at which it is purchased. The cost of a private jet is influenced by the aircraft's dimensions, carrying capacity, and range. As a result, one of the most expensive expenses for private planes is gasoline. Long-distance flights with larger fuel tanks demand more fuel. For instance, the Bombardier Global 7500 can hold more than 51,000 pounds of fuel.
In addition to fuel, you must factor in expenditures for staffing your plane, storing it while not in use, and routine maintenance. Depending on the type and size of the workforce and the service they provide, operating costs vary. Some jet owners travel with personal chefs who prepare and serve meals while they are in the air. You can estimate your costs based on the model you're thinking about using a website like Aircraft Cost Calculator.
What is the price of renting a private jet?
Even though renting a private jet is far more expensive than taking a commercial flight, it is still lot less expensive than purchasing your own aircraft. Private jet flights are priced per hour. Prices vary according on the size of the aircraft, the distance traveled, and the number of passengers. A private jet charter typically costs between $1,200 and $12,000 per hour. A private jet can cost at least $50,000 to rent for a weekend.
But those costs don't tell the whole story. Depending on the route or the season, prices can change drastically. Repositioning fees are not included in the standard hourly prices listed by operators, claims Doug Gollan, founder of Private Jet Card Comparisons. Gollman added, "You also have to take into account the expense of flying the empty plane to pick you up and then back to its base once it drops you off.
Unless you fly at least 150 hours a year, renting a private jet is definitely preferable to buying one because you can save money on annual maintenance costs.
According to Justin Crabbe, CEO of private jet firm Jettly, "with on-demand charter, you don't pay expenditures such as hangar fees, maintenance fees, crew salaries, insurance, depreciation, interest, not to mention the cost of locking up cash in a multimillion-dollar asset." The math clearly shows that chartering is considerably more cost-effective than outright ownership of an aircraft when there are fewer than 100 flying hours per year.
What is the price of reserving a seat on a private jet?
For a "light" flight, private jets typically feature six seats, according to Crabbe. You must know the aircraft's hourly rate, the length of the journey, and the number of seats in order to calculate the cost of a seat.
A six-seat jet, for instance, would cost around $2,500 per seat at a rate of $5,000 per hour, or $15,000 for a three-hour journey.
It illustrates the distinction between travelling on a private jet and a commercial trip, even though the price could be significantly more or lower depending on the firm. The experience of flying in a private plane might not seem all that different for travelers who prefer first or business class. But this cost can seem incredibly excessive to commercial travelers flying in economy. According to the kind of flyer you are.
Private Jet Card Membership
You can use the services of your provider's aircraft by using a private jet card membership. Different businesses offer various membership categories and levels. You should be aware of how the price operates because the terms "jet card" and "jet membership" are marketing terms.
There are three categories of pricing:
- Dynamic pricing: This occurs when costs fluctuate according to the situation. Your trip's cost will vary depending on a number of things. "Each journey must be priced, and the price will change depending on when, where, and how far in advance you call. Additionally, the cost will alter if you need to cancel and rebook, according to Gollan.
- Fixed pricing: Normally listed as an hourly fee, fixed pricing is also available on select routes. Depending on the sort of aircraft you select, the costs will change. Unlike with dynamic pricing, the prices won't vary based on the season or other variables.
- Capped pricing: If you choose this option, the cost of your flight won't exceed a particular amount per hour.
To acquire the most accurate price for your journey, pay close attention to daily and segment minimum prices. For instance, even though your flight is shorter than the daily minimum, you will still be charged for two hours. You should also find out if there are additional fees for flying to specific locations.
The primary benefit of jet memberships is that you typically don't have to pay exorbitant repositioning fees. These clubs have fixed or capped hourly charges. Generally, programs will charge you for the projected or actual flight time, plus any additional expenses and the time required for taxiing.
Additionally, you get guaranteed availability with these memberships. You won't have to stress about finding a flight when you need one.
With jet cards and subscriptions, there are more than 60 choices. A few of the key figures are:
- FlyExclusive
- Jet Edge
- Jettly
- Jets.com
- Magellan
- NetJets
- Nicholas Air
- Sentient Jet
- VistaJet
- Wheels Up
- XO
A jet membership might seem like a fantastic bonus for people who travel frequently. You can travel whenever you want without worrying about the added expenses associated with owning a plane. However, if you only fly a few times annually, the up-front fees might not be justified.
Apps for Private Jet
A private jet app works similarly to a typical flight booking software in that you enter your departure city, destination city, and travel dates to find available private jet booking alternatives.
Unless the jet company directly runs the app, these apps often only provide anticipated prices. The broker might use them to receive emails for upcoming promotions. After filling out the form, you must obtain hard estimates before you can pay for and reserve your ticket.
To sign up for notifications and discounts, you might need to create a login. Although it's not always necessary, joining some organizations may entitle you to an additional discount.
Deals with no Legs
A plane that is departing from a location without any passengers is known as an empty-leg flight. Because the jet is designed to fly with or without passengers, these flights are available to everyone. Additionally, booking one of these aircraft might result in a financial savings of up to 75% compared to a traditional private jet charter, according to Crabbe.
You can look up empty-leg flights on many private jet websites and apps, and you can sign up for notifications to be notified when one is approaching an airport close to you.
This enables you to reserve a private jet for a small portion of its original price, but you must be very adaptable. Despite the fact that some flights are available a few days after you search, you might only learn about an empty leg trip 24 to 48 hours before it is scheduled to depart. You'll also need to figure out how to get home. Flights with an empty leg are simply that—a leg of the journey.
Are you able to afford a private Jet?
It's crucial to consider the elements that affect a private jet's overall cost before you buy or rent one. Consider the types of travels you intend to take and how frequently you'll do them in advance; longer, more populous trips will probably require a more expensive plane than less-frequent, shorter trips. Be remember to include for costs such as fuel, insurance, storage, and maintenance when calculating the total cost of a jet.
Think about the following when determining if you can afford a private jet:
- How many people will fly: Is your plane only for you and a friend, or do you have family trip plans? The size of the plane you need to look for depends depend on how many passengers are on board. In comparison to a smaller jet that can accommodate just a couple of people, your plane may end up costing more the more passengers you need to carry.
- How frequently you will fly it: Some aircraft are designed for short journeys, while others are built for longer ones. Take into account the time you intend to use your plane. You might fly a different kind of aircraft than someone who flies every weekend if you just intend to use it sometimes.
- Where you wish to go: Are you going to the Bahamas from the East Coast? Do you wish to travel to the Pacific Northwest but are currently in California? Using an aircraft with a smaller fuel tank is necessary for shorter flights. Consider renting a plane with more fuel capacity if you're traveling abroad or making several stops.
- Whether purchasing new or used: The price of a new aircraft may be higher than the price of a used aircraft. The model and size of the plane, however, also affect the price. In general, older aircraft are less expensive than newer ones, but be aware of any additional maintenance, insurance, or maintenance expenditures.
- The quantity of personnel on board: Whether you own or charter your plane, you must also account for the expense of hiring pilots and flight attendants. According to Aviation Voice, you should set aside more than $215,000 a year for a qualified crew. An aircraft management company or the business that is chartering your jet can help you find a crew.
- How much upkeep you'll require: You'll need to account for routine — and occasionally unanticipated — maintenance costs in addition to fuel costs and flight crew compensation. Tens of thousands of dollars can be spent fixing a mechanical problem or a shattered windshield, and the cost may be higher for older models. Like with a vehicle, minor maintenance should be carried out on a regular basis.
How is a private jet financed?
Decide how you'll pay for a private jet before you buy one. You might need to borrow money because very few people can pay the whole cost of a plane.
Individual Loan
You can obtain a personal loan from a bank or credit union to cover the upfront cost of the jet and return the loan over time. But it's more harder to secure a personal loan for a private plane than it is for a new automobile. Only a few lenders will sanction a loan for that much money because even the most affordable private jets can cost millions of dollars.
Make sure you have a strong financial background and excellent credit rating before approaching a bank for a private jet loan. You might also think about applying for a secured personal loan, which would require you to place a valued asset, such your house, as collateral. The lender will have the right to legally confiscate your asset if you are unable to repay the debt.
Some lenders, such as JetLoan Capital, JetLease Capital, and Global Aircraft Capital, specialize in loans for private jet finance. To help you estimate your monthly payments, the Aircraft Owners and Pilots Association also provides an online loan finance calculator.
Leasing
Consider leasing if you're not quite ready to buy a private aircraft because it has many of the same advantages as owning one. A private jet can be leased for a period of time ranging from a few months to several years, just like a new car. You can often select from a few different types of leases offered by aircraft companies:
- Wet lease: The lessor is responsible for paying for both the aircraft and at least one crew member. Due to the additional expense of paying for the services of a pilot or crew member, wet leases are a more expensive choice.
- Dry lease: It means buying an aircraft without paying for a crew, but the lessor must utilize their own crew members. If the lessor already has a pilot and crew member they can employ for flights, this is a less expensive option.
Before making a commitment to buy a private jet, leasing one is a terrific chance to try out various models. Lessors also don't have to worry about depreciation or selling the plane if they decide to buy a new one because they don't technically own it.
Where may a private jet be purchased?
There are a few locations you can look over options if you've resolved to buy a plane rather than charter one and have determined the type you desire:
While many websites allow you to search for nearby aircraft, you may also conduct a more thorough search of private aircraft in your area. You might have more chance contacting individual owners through companies or marketplaces since some vendors don't post their aircraft on all websites.
Some businesses, such as Gulfstream, feature pre-owned aircraft on their websites if you have a specific model in mind.
The conclusion
A private jet's purchase is astronomically expensive. There are various methods to fly privately if that's what you desire, even though purchasing a private jet may be out of your financial range. Consider hiring a private aircraft or signing up for a private jet service that enables you to fly frequently throughout the month or year.
If you do decide to buy a private jet, you might be able to obtain a personal loan from an established bank or investigate your possibilities with lenders who specialize in lending for aircraft. To guarantee you obtain the best deal possible, compare quotations from many providers, just like you would with any loan.
