New private planes range in price from $2 million for a modest seven-passenger Cirrus Vision to $500 million for a highly customized Airbus A380, despite the fact that private jets are becoming more accessible. You’ll also have to account for maintenance, fuel, and employee salaries in addition to the purchase price. Before you begin shopping, learn everything there is to know about the cost of a private jet and how to pay for one.
If you’re considering purchasing a private jet, you can choose between brand new and secondhand jets. A new aircraft will provide you with the most up-to-date technology, while a secondhand jet will provide you with older comforts at a reduced price.
A brand-new private airplane can cost anything from $2 million to $500 million. Keep in mind that the price is influenced by a variety of criteria, including the jet’s size, manufacturer, range, customisation, and features, such as engines and avionics.
Even while used jets are less expensive, they still cost millions of dollars. In November 2021, a pre-owned 2019 Gulfstream G280 on the Gulfstream website costs $18.5 million. The price can reach hundreds of millions of dollars with addons and personalization.
The cost of purchasing a private jet is a fraction of the expense of owning one. A private jet’s cost is determined by its size, the number of passengers it can transport, and the distance it can go. As a result, gasoline is one of the most expensive items for private jets. Long-distance flights necessitate more gasoline for planes with larger fuel tanks. The Bombardier Global 7500, for example, has a fuel capacity of almost 51,000 pounds.
Aside from fuel, you’ll have to factor in expenses such as staffing your plane, storing it when it’s not in use, and continuing maintenance. Aircraft Cost Calculator, for example, can assist you in calculating your costs based on the model you’re contemplating.
While renting a private jet is more expensive than flying commercially, it is still less expensive than purchasing your own plane. Private jet flights are priced by the hour.
The cost of a flight is determined by the plane’s size, the length of the flight, and the number of passengers on board. According to Airshare, a private charter service, the average cost of chartering a private aircraft is between $2,000 and $23,000 per hour.
A weekend rental of a private jet might cost $100,000 or more.
Unless you fly at least 150 hours per year, however, renting a private aircraft is definitely a better alternative than buying one because you save many of the yearly maintenance expenditures that private jets incur.
For a “light” flight, private jets typically contain roughly six passengers, according to Crabbe. To calculate the cost of a seat, you must first determine the aircraft’s hourly rate, the total trip time, and the number of seats on board.
For example, each seat on a six-seat jet that costs $5,000 per hour — or $15,000 for a three-hour journey — would cost around $2,500. While the price may vary greatly depending on the company, it illustrates the difference between traveling on a private jet and flying on a commercial flight. Going on a private jet may not seem like much of a difference to passengers who prefer first or business class. However, for commercial travelers in economy, this fare may appear to be exorbitant. It all depends on the kind of trip you’re making.
Memberships in private jet cards give you access to various benefits from your provider’s aircraft. Distinct companies have different membership levels and tiers. “The jet card membership establishes a secure designated trust account in the member’s name with cash placed by the member that can be used to charter aircraft anywhere in the world,” explains Crabbe.
Some companies charge an hourly amount for time spent in the air, while others charge a flat monthly fee. These flights aren’t the same as chartered ones. You can almost always get flights when you buy a private jet card. Chartered flights necessitate a little more flexibility in terms of flight dates and timings.
This may appear to be a fantastic benefit for frequent fliers. You may fly whenever you want without having to worry about the additional costs of owning a private jet. However, if you only fly a few times a year, the initial fees may not be justified.
A private jet app works similarly to a standard flight booking app in that you enter your departure city, destination city, and travel dates to be matched with private jet booking possibilities. You may be required to make a login, however this will allow you to sign up for alerts and promotions. Although membership is not always needed, it may provide you with a discount from some businesses.
You can search for a plane based on the type of jet you want, the number of seats you want, and the day you want to leave. You add your credit card and check out through the app once you’ve found what you want.
Planes leaving a destination with no passengers are known as empty leg flights. Because the plane is configured to fly with or without passengers, these flights are open to everyone. And, according to Crabbe, booking these jets can save you money – up to 75% off the cost of a traditional private jet rental.
Many private jet firms and applications allow you to look for empty leg flights and sign up for notifications when one arrives at a nearby airport.
This allows you to book a private jet for a fraction of the cost. However, you must be incredibly adaptable. Although some flights are available a few days after you search, you may receive notice of an empty leg trip only 24 to 48 hours before it is scheduled to depart. And you’ll have to figure out how to get back on your own. Empty leg flights are exactly what they sound like: a single leg of a journey.
It’s critical to consider the aspects that determine the total cost of a private aircraft before purchasing or chartering one. Consider the types of travels you wish to take and how often you’ll take them; longer journeys with a large group will almost certainly necessitate a more expensive plane than shorter, infrequent trips. Make sure to account for items like fuel, insurance, storage, and maintenance when calculating the total cost of a jet.
Consider the following variables when deciding whether or not you can afford a private jet:
How many people will be flying: Is your plane just for you and a friend, or will you be traveling with your family? The size of the plane you’ll need to look for is determined on the amount of passengers on board. When compared to a smaller plane that can accommodate only a couple of people, the more people you need to load into your plane, the more expensive it will be.
How often you’ll fly it: Some planes are designed for quick trips, while others are designed for longer journeys. Take into account when you intend to use your plane. You might fly a different type of aircraft than someone who flies every weekend if you anticipate you’ll only use it every few months.
Where would you like to fly: Are you planning a trip to the Bahamas from the East Coast? Are you planning a trip to the Pacific Northwest from California? Shorter flights necessitate the use of a plane with a smaller fuel tank. Consider buying a plane with more fuel capacity if you’re flying internationally or on a journey with multiple stops.
If you’re buying new or used, keep the following in mind: A new plane may be more expensive than a used plane. However, the cost is also determined by the plane’s model and size. Older planes are generally less expensive than newer planes, but keep in mind any additional maintenance, insurance, or upkeep charges.
The number of staff members on board: Whether you’re buying or chartering your jet, you’ll need to account for the expense of hiring pilots and flight attendants. According to Aviation Voice, a qualified crew will cost you upwards of $215,000 per year. An aviation management company or the company chartering your plane can help you discover a crew.
How much upkeep you’ll require: You’ll need to pay for regular — and occasionally unexpected — maintenance bills in addition to fuel costs and flight crew compensation. A shattered windshield or a technical problem can set you back tens of thousands of dollars, and the cost may be higher for older vehicles. Minor maintenance, much as with a vehicle, should be done on a regular basis.
If you’re not ready to buy a private aircraft yet, try leasing, which offers many of the same advantages as buying one. Leasing a private aircraft is comparable to leasing a new automobile in that you can sign a lease for a period of time ranging from a few months to several years. Most airplane leasing businesses offer a variety of lease options, including:
Wet Leasing: The lessor pays for the aircraft as well as at least one crew member under a wet lease. Wet leases are more expensive due to the additional cost of paying for the services of a pilot or crew member.
Dry Leasing: A dry lease is one in which the lessor pays for the aircraft but is compelled to utilize their own crew members. If the lessor already has a pilot and crew member on hand, this is a less expensive option.
Leasing a private jet is also a wonderful method to try out different planes before committing to a full purchase. Lessors also avoid dealing with depreciation or reselling the plane if they decide to buy a new one because they don’t legally own it.
A charter flight membership is another method to fly on a private aircraft without needing to purchase one. People pay for a single seat on a plane rather than the entire plane with these clubs, but it’s still a highly expensive alternative. However, there are certain benefits to being a member of these clubs, such as guest access and family discounts.
Buying a private jet is a huge investment. Even if you travel regularly for work or pleasure, the cost of a private jet will be decades before it is less expensive than traveling commercially. It’s critical to ensure that you can afford not just the upfront fees, but also the long-term costs of petrol, crew members, insurance, and repairs before making the investment.
If you want to buy a private jet, consider taking out a personal loan from a reputable bank or looking into aircraft-specific lenders. Shop around and get quotations from numerous lenders, just as you would with any other loan, to be sure you’re getting the best price available.