Last Updated on December 18, 2021 by Peter Townsend
While private jets are getting more accessible, modern private planes can cost anything from 2 million dollars for the modest 7-seat Cirrus Vision to $500 million for a fully custom-designed Airbus A380.
The purchase price is not the only expense that you’ll need to consider maintenance, fuel, and pay. Before you shop make sure you know the complete details on how much the cost of a private jet is and the best way to finance one.
What is the cost to purchase an aircraft for private use?
New private jets
The cost for a brand-new private jet can range between $2 million and $500 million. Remember that prices are affected by a myriad of variables, including the dimensions, size, manufacturer range, customization, and the features of the jet including the engines and Avionics.
Used private jets
Although secondhand jets are less expensive, however, they price millions in dollars. In comparison, a second-hand Gulfstream G280 from the year 2019 Gulfstream G280 costs $18.5 million according to Gulfstream’s website. Gulfstream website on November 20, 2021. With the addition of customization and extras, the cost can go up to hundreds of millions of dollars.
Private jet ongoing costs
The price you pay for an aircraft that is private is just one-third of the cost of having one. The cost of a private aircraft is contingent upon its dimensions, the number of passengers it will carry as well as the length of time it is able to fly.
Due to this, fuel is among the biggest expenses on private aircraft. Larger fuel tanks on planes for long-range flights need greater fuel. For instance, Bombardier Global 7500 can hold a capacity that is greater than 51,000 pounds.
In addition to fuel, you’ll have to think about costs such as the staffing of your plane, storage it even when you’re not using it, and maintaining it on an ongoing basis. A website like the Aircraft Cost Calculator will help you estimate your costs based upon the model you’re thinking of.
What is the cost to charter an aircraft private?
Although renting a private jet is significantly more expensive than flying commercial flights but it’s also cheaper than purchasing your own plane. Flights with private jets are charged per hour. Prices differ based on what size of the aircraft and the duration of the flight as well as the number of passengers aboard.
The average cost is between $23,000 to $2,000 to charter an aircraft that is private as per Airshare the Private charter provider. The cost of a private plane rental over a full weekend can cost as much as up to $100,000.
But, unless you plan to are spending at least 150 hours per year flying privately, a rental of a private aircraft is likely to be a better choice instead of purchasing one. This means you can avoid a lot of the maintenance fees that private jets can cost you.
“With on-demand charter, you don’t incur costs such as hangar fees, maintenance fees, crew salaries, insurance, depreciation, interest, not to mention the cost of tying up capital in a multimillion-dollar asset,” claims Justin Crabbe, CEO of Jettly, a private jet charter business. Jettly. “Less than 100 flight hours per year, the math is quite clear that chartering is much more cost-effective than owning an aircraft outright.”
What is the cost to reserve a seat on the private jet?
According to Crabbe’s report, Private jets generally include about six seats on a “light” flight. To figure out the price of seats, you have to determine the hourly rate that the airplane is operating at, its total duration of the flight, and the number of seats available on the plane.
For example, an aircraft with six seats that’s at a rate of $5,000 per hour which is $15,000 on a 3-hour flight could cost about $2,500 per seat.
Although the cost may be much more expensive or lower based on the company, however, it will show you the differences between flying in a private jet or a commercial plane.
For those who would prefer business or first-class travel, It might not appear to make a huge difference to fly on an aircraft that is private. For commercial travelers with an economy, this price could seem a bit expensive. It’s all dependent on the kind the flyer is.
What is a private-jet card membership?
The private jet cards let you access and take advantage of the company’s aircraft. Different companies provide different levels and levels of membership. For Jettly you can choose Jet Card membership costs around $1,000 per month. Jet Card membership will cost nearly $1,000 per month.
“The jet card membership opens a secure designated trust account in the member’s name with funds deposited by the member that can be used to charter aircraft anywhere in the world,” Crabbe adds
There is some that charge an hourly rate for time spent in the air, while some offer a flat monthly fee for the use of the service. They’re not identical to chartered flights. If you have private jet cards, you’re almost guaranteed to fly when you need them. Charter flights need a little more flexibility when it comes to dates and timings.
For those who fly frequently, it could be an excellent incentive. You can fly whenever you’d like, without having to deal with the additional costs associated with owning a plane. However, if you’re only flying once or twice every year, the initial expenses may not be worth it.
How do private jet apps work?
Private Jet Apps are like a normal flight booking app. you input where you’re departing from, where you’re going, and the dates of your travel and are connected to private jet options for booking. It is possible that you will need to establish an account to log in, but it allows you to sign up to receive notifications and offers. Membership isn’t required in all cases however, for certain companies you may be eligible for discounts.
You can sort your search according to the kind of aircraft you’d like to fly, the number of seats you’d like to have on the aircraft, and also when you’ll be leaving. If you’ve made your choice then you can apply your credit card to the account and pay through the application.
What exactly are these empty leg agreements and how can they be used?
“Empty” leg flights are flights that leave their destinations with no passengers. These flights are available to all, as the plane is designed to fly without or with passengers. Booking these jets could reduce your costs and can save you up to 75 percent off the cost of a standard flight charter for private aircraft, according to Crabbe.
A lot of private jet companies and apps allow you to search for empty flights and then sign up for alerts to notify you whenever one is in an airport close to you.
This allows you to arrange a private jet at just a fraction of its initial price. But you have to be very flexible. There’s a chance that you’ll be notified of a flight with no leg just 24 to 48 hours prior to when departure, However, some flights are only a few days away when you begin your search. It’s up to you to find your return route on your own. A flight with empty legs is just that: one aspect of your journey.
Are you able to afford a luxury aircraft?
Before you purchase or charter an aircraft It is important to consider the variables that determine the total cost of an aircraft. Consider the kinds of trips you’d like to make and the frequency with that you’ll travel; lengthy trips that involve a lot of people are likely to require a higher cost plane than smaller short, frequent trips. When you are determining the total price of a plane, be sure to take into account things like fuel storage, insurance, and maintenance.
If you are considering whether you’ll be able to afford the luxury of a private jet considers these considerations:
- How many passengers will be flying is it just you and your friend or do you’re planning to travel with your entire family? The number of passengers that will be on the plane is the determining factor for the dimensions of the aircraft you’ll need to consider. The larger the number of passengers you’ll must accommodate on your aircraft, the more costly it will be in comparison to a smaller aircraft that can be used for just a few passengers.
- The frequency at which you use it? Some aircrafts are great for quick getaways while others are built for more extended journeys. Consider this the time frame you’ll make use of your aircraft. If you’re thinking you’ll make use of it once every couple months, you could use a different aircraft than someone who travels every weekend.
- Where do you are planning to fly Are you currently located on the East Coast and hitting the Bahamas? Are you currently in California and looking to travel toward The Pacific Northwest? The shorter trips require an aircraft that has smaller fuel tanks. If you’re traveling abroad or going on a journey that involves a lot of stops, think about purchasing a plane with more capacity in fuel.
- If you’re purchasing a new or used, the cost of a brand-new plane may be more expensive than an old plane. But, the type and the size of the plane are also a factor in the price. In general, older aircraft cost much less than modern models, however, you should be aware of any extra maintenance, insurance, or upkeep expenses.
The number of employees at the helm: You’ll be able to calculate costs for hiring flight attendants and pilots whether you’re buying or chartering your own jet. Based on Aviation Voice, you’ll have to budget at least $215,000 for a highly skilled crew. It is possible to find a crew through an aviation management company or through the company that charters your aircraft.
- What kind of maintenance will you require Apart from the cost of fuel and salaries for flight crews It is important to budget for routine and sometimes unplanned maintenance costs. A damaged windshield or mechanical problem can cost hundreds of thousands of dollars, and the cost could be higher for older models. Small maintenance needs to be carried out often, similar to the maintenance of a car.