How much does a private jet cost?
Private jet travel allows passengers to fly around the world at their whim, jetting off to the Caribbean for a last-minute getaway or to a business meeting without the slightest hassle. But how much does a private jet cost? Whether you’re purchasing your own aircraft or chartering one, many factors go into the price.
Buying a private jet
Buyers should first consider the size that best suits their needs. Private jets can be small turboprops or light jets, midsize or super-midsize jets, heavy jets or luxury executive airliners. Passenger capacity is one important factor, but it’s also essential to consider the typical distances one will fly. Small planes need to stop and refuel on longer trips, which adds cost and travel time. On the other hand, larger planes are expensive to operate if your typical flight time is short.
Next, consider whether you’d like a new or pre-owned aircraft. As a few examples, a brand new Cessna Citation M2, a light jet that seats seven, costs about $4.5 million at base price; the Learjet 75, a popular midsize jet that seats nine, costs about $13.5 million; and the ultra-luxurious Gulfstream G650, a heavy jet that seats up to 10, has a base price of $64.5 million. If a buyer plans on traveling with more passengers than that, the 17-seat Bombardier Global 6000 costs $60.5 million.
An aircraft’s lifespan is measured in flight hours and landings rather than age, so private jets are often viable for decades. Many buyers opt to purchase a pre-owned aircraft to cut costs. As a comparison, possible prices start from $3.5 million for a used Cessna Citation M2, $7 million for a Learjet 75, $62 million for a Gulfstream G650 and $50 million for a Bombardier Global 6000.
The costs don’t stop there. Once the plane is purchased, the largest expense for owners is aircraft maintenance, which can cost from hundreds of thousands to several millions of dollars a year. A brand new jet is expensive, but will come under full warranty to cover any repairs or replacements within the first few years of ownership.
Additional costs for private jet owners include safety inspections, insurance, fuel, hangar space and pilot and crew salary and expenses. If you’d like to customize the interior of your aircraft, this can also come at a high price, with a top-of-the-line cabin design costing as much as $100 million.
Chartering a private jet
Given the high cost of owning an aircraft, chartering a private jet is a far better option for the majority of travelers, as it offers all the convenience of private jet travel without the expense of maintaining an aircraft. While private jet travelers also pay costs such as fuel, airport handling fees, landing fees, crew costs and passenger taxes, the expensive maintenance fees are covered by the owner.
When chartering a private jet, travelers can cut costs by choosing the ideal aircraft for each individual journey they make. For instance, one week you could take a turboprop such as a five-seat Piper PA-34 Seneca from Boston to Nantucket for about $3,000, then the following week fly your entire team to Chicago for a business meeting in an eight-seat Hawker 750 for approximately $21,000. This way, travelers can ensure that the aircraft they select is always the most cost-effective choice. For more information, read our article on how much it costs to book a private jet charter.
Not every aircraft can accommodate all routes. Small jet owners have to charter a larger aircraft or book a commercial ticket for long-haul flights. Additionally, airports like St Bart’s and Courchevel have shorter runways that aren’t suitable for certain planes. When flying by private jet charter, travelers can guarantee that their plane will always be suited to their destination.
Private jet charter passengers can also take advantage of ‘empty leg’ flights, which happen when a one-way charter aircraft flies back to base or goes on to another location for its next booking. Empty legs offer an extraordinary discount, sometimes as much as 75% off the cost of a regular charter, as the plane would otherwise be flying empty.
Do you have questions about the cost of arranging a private jet charter? If so, contact us. Our specialists will provide a personalized quote and help you choose the best plane for each journey you take.