If the idea of flying by private jet and removing yourself from the madness involved with flying a commercial flight excites you, you may be interested in how much it costs to buy a private jet.
The answer isn’t exactly cut and dry, because there are various determining factors that impact private jet pricing. From the age, size, and manufacture of the aircraft, to the recurring expenses involved with maintaining a clean, comfortable and safe jet, a lot goes into defining the total cost of ownership.
Whether you’re ready to sit down with a private jet provider or you’re simply interested in learning if you would be willing to invest, you’ve come to the right place. In this buyer’s guide, we’ll describe the price range to expect when you’re shopping, plus the factors that go into determining these costs. We’ll also introduce you to fractional ownership, as well as chartering a private jet instead.
How Much Does it Cost to Buy a Private Jet?
So you want to own a private jet – what’s the cost to buy?
According to Flying magazine, the initial cost to own a private jet has a price range between $1.1 million and $90 million. This price range includes top of the line brand new private jets and used ones. There are a variety of factors that impact the cost to buy a private jet. Those include:
- Age and condition. How long has the plane been flying, and how well has it been maintained over the years?
- Engine Life. Engines have a limited number of hours they can fly before they are required to be overhauled. So the Time Before Overhaul (TBO) can be thought of as a % of cost. Each engine can cost anywhere between a few hundred thousand dollars, to well over a million to overhaul.
- Size and type. In most cases, the larger the aircraft, the more expensive it will cost.
- Manufacturer and model. Certain makes and models are more expensive than others.
- Features and amenities. If an aircraft you’re interested in has complementary features and amenities, this cost impacts the outright price of the jet.
What Other Costs are Involved with Owning a Private Jet?
Beyond the initial cost to secure a private jet, you have to think about the other associated expenses that come with being a private jet owner. Consider the following as you evaluate whether the investment makes sense for you:
- Maintenance and repairs. Maintenance fees and repairs can amount to anywhere between $500,000 and $1,000,000 on an annual basis, based on the type and age of aircraft. The amount of time you spend flying the plane will also impact its need for maintenance and potential for depreciation.
- Insurance. According to the BWI Aviation Insurance Agency, private jet insurance can cost between $10,000 a year to $500,000 per year. Liability limits, aircraft use, and pilot qualifications are some of the determining factors for the price.
- Hangar and parking fees. The cost of storage also comes in to play here. You will likely need to pay rent to store your private jet, unless you plan to build a personal hangar.
- Fuel and other operational expenses. Just like driving a car, flying a plane comes with fuel expenses. Elite Traveler says jet fuel is currently priced between $4 to $10 per gallon, but that price range can fluctuate. In a major market like Teterboro, Jet A costs around $10 per gallon, while the same fuel in Burlington, WI sells for only $4 per gallon. According to Global Air, the national average price for a gallon of Jet A is currently $7.11
- Pilot and crew salaries. Your private jet can’t come off the ground without a well experienced flight crew. Pilots and attendants are necessary, so you have to factor in crew salaries.
With more insight into all of the costs involved with owning and operating a private jet, it’s time to consider whether it’s worth it for you. How often do you fly and how far do you travel? Your regular travel routine can help you determine if the investment makes sense.
What Are My Other Options?
If the idea of traveling by private jet excites you, but you’re not fully committed to the costs to buy a private jet, that doesn’t mean you have to continue flying commercial for the rest of your life. Buying a fractional share of a private jet or using a charter service are two examples of ways to utilize private jets without putting in the full investment to own the asset.
Fractional ownership of an aircraft involves two or more individuals being equal owners of the aircraft. The owners in question split the costs and responsibilities involved with purchasing or leasing the private jet, as well as the operations involved with getting the aircraft off of the ground and keeping it safe and comfortable in the sky.
Fractional ownership can involve an equal split of ownership, or it can be in smaller or larger increments. Owners who buy more of the fractional share will get more flight hours available to them to use throughout the year.
Charter a Private Jet
If fractional ownership is still too much of a commitment to you, you can also consider hiring a private jet charter. Charter flights are unscheduled flight options that stand outside of a regular airline route. Essentially, you rent the aircraft and work with agents to find times that work for your departure and arrival locations.
This means you gain most of the perks that come with owning a private jet – such as scheduling the flight for when it works best for you, and getting the entire aircraft to yourself. But in this case, you don’t have to put down millions of dollars to get the experience. Just pay as you go.
Fly with Stratos Jet Charters
If you’re not ready to invest in a private jet, or you prefer the flexibility of flying private when it works for your schedule, call Stratos Jet Charters at 888-593-9066. Our friendly, expert air charter agents are available to answer any questions you may have about our processes. They can even get you a quote based on your location and preferred destination!
Book your private jet charter today!