If you’re a frequent flyer, you’ve likely felt the tug of what it would be like to fly private. Flying private allows you to forgo crowded lobbies and overly long security lines. Sounds nice, right?
Before you jump into the world of purchasing a large piece of collateral, you may be wondering: how much does a private jet cost? Continue reading for a quick overview of what private jet prices really look like.
How Much Does a Private Jet Cost?
Plenty of variables come into play when looking at the cost of a private jet. You have to consider how frequently you fly, where you plan on flying, and what type of aircraft you want to fly in. In addition, perhaps you plan on chartering or maybe you’re looking to purchase a brand new aircraft outright.
Regardless of which variables are involved, each will affect what private jet prices you can expect to pay. Asset depreciation should be taken into account as well. That being said, let’s take a look at a few different asset types.
Type of Private Jets
There are 8 different types of a private jet for sale available today. They range anywhere from very light jets to executive liners. Each aircraft comes with its own perks and can get outfitted depending on personal preference.
For example, very light jets are highly cost-effective to operate and are great for shorter flight range distances. Very light jets like Embraers or HondaJets cost right around $2 million to purchase. If you’re looking to travel frequently, with spacious room for groups, executive liners such as Airbus or Boeing can operate long haul distances and can cost upwards of $91 million.
Other jets available for medium to long haul flights, such as Cessnas or Gulfstreams can run anywhere from $5 million to $30 million.
Travel Time
While size, make, model, and added features either drive the price of an aircraft up or down, the amount of time in which you use your plane for travel can also affect the price.
For example, owning a private jet means you need to pay for flight crew, routine maintenance, insurance, and hangar space. All of this is a worthwhile expense if you plan on flying your plane at least 300 hours per year. Annual costs can run you thousands of extra dollars per year, but flying frequently may justify the cost of operating a private jet.
However, if annual operating costs add up to be a bit out of budget, renting a private jet or chartering may be a more feasible option.
Additional Options
If you only plan on flying a couple of times per year, chartering a jet rather than buying a private jet is another good option. This option allows for less upkeep and operating costs, but still allows you to fly privately.
Charter costs vary heavily as they are estimated by hour as well as by range of travel. Chartering is a great option for those looking to fly private and still retain FBO advantages such as avoiding crowded terminals and long security lines.
Landing On a Choice
So how much does a private jet cost? We know it depends on a variety of factors and can run you anywhere from $2 million upwards of $90 million for purchase price alone.
Regardless of which aircraft suits your finances and appetite for travel, the decision to purchase should be made carefully.
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