How Much Is a Private Jet? | What Makes Up the Final Price?

Most people know you can buy, lease, or charter a private plane. But how much is a private jet? And how much is it to buy a private jet fully equipped with all the amenities? Is it worth the investment given the risks or is there a better alternative?

In this article, we’ll dive into these questions, examining the factors that impact the final private jet cost. We’ll explore what’s involved in buying a private jet, key considerations, potential pitfalls, and alternatives to outright ownership.

Just Exactly How Much Is a Private Jet?

Answering the question isn’t as simple as it seems, as starting prices vary widely depending on the source. When it comes to the final price, the sky’s the limit. With added amenities, luxury features, and customisation, a private jet can quickly become priceless.

Most dealers list starting prices at a few million dollars, but the total cost can easily exceed a hundred million dollars. Some dealers offer older, used private jets starting at a few hundred thousand, though prices for pre-owned models can also quickly rise into the tens of millions.

Costs depend heavily on the type of aircraft. Very light jets, suitable for flights of two to three hours and accommodating up to six passengers, are on the lower end. However, if you need to carry more passengers over longer distances, prices increase sharply. Ultra-long-range private jets and executive airliners occupy a league of their own in terms of cost.

Ultimately, how much is a private jet to buy depends entirely on the buyer’s preferences and needs. The private jet cost varies significantly depending on what they’re looking for, and there are many factors and specifics that affect the final price.

What to Consider as Far as The Private Jet Cost Goes

The very first question that anyone needs to answer for himself is: will it pay off in the end? Travelling by private jet is an excellent option for frequent flyers, who need to have their itinerary managed to the highest degree. Owning an aircraft provides the most freedom and greatest flexibility, but it is also the most costly of all the available options.

Flying Hours

A good guide to whether this option is right for you might be to consider the number of hours you spend in the air. Again, there are different opinions from different sources. Some say that anything from 200 flying hours is enough to rationalise owning a private jet.

Others, especially those who deal in leasing fractions of private aircraft, estimate that a more suitable amount would be 400 or even 600 hours. It generally might make sense to own a private plane, if you fly more than 250 or 300 hours per year.

Travelling Schedule

As previously mentioned, owning a jet is very versatile, but it doesn't fix every possible situation. If you frequently travel to and from one or more destinations and have the necessary budget, the benefits are likely to outweigh the private plane cost.

However, if most of your flights are just one-way, then your plane with the crew will often have to reposition back and you will have to bear the costs. Also, sporadic flight schedules, meaning you fly to a destination and then stay for a longer period, incur additional expenses. This is because you have to pay for the aircraft and crew staying there with you.

Additional Private Jet Ownership Costs

You have thoroughly considered how much is a private jet, weighed out the pros and cons, and made sure that your budget is adequate. Still, this doesn’t cover everything associated with private jet ownership. Once you make your purchase, you need to account for additional ongoing costs. These are expenses you have to pay regularly, and very often annually. They can cover multiple items and you must pay them no matter how often you fly.

What are these additional expenses exactly? For example, routine maintenance and inspections, because the aircraft needs to be kept in good working condition and up to regulatory standards.

They also include such costs as mandatory insurance, FBO fees, crew salaries, fuel and hangarage. Besides these, you will always have to be ready to pay for unforeseen repairs and unexpected fees that a country or airport might charge you due to unanticipated events.

Are there any alternatives besides buying an entire private jet?

Buying an entire airplane isn’t cost-effective for everyone. However, private jets are among the most flexible modes of transport, offering several alternatives. If owning a plane outright doesn’t suit your needs, here are some other options to consider.

Chartering a private jet

Put simply, you pay for the trip—or all the trips you need to make—by chartering a private jet, choosing the type of plane best suited to your needs. As long as there are available slots to your destination, you can travel as often as needed. If necessary, you can always charter another private jet.

Buying a Fraction of a Private Jet

If you can’t make full use of owning a whole plane, you can purchase a fraction of a private jet. The plane is available to you based on how large a fraction you purchased. The biggest benefit is that you don’t carry the whole burden alone.

Leasing a private jet

Compared to the previous option, this one doesn’t require you to put down as big of an initial capital investment on the spot. You simply lease a certain number of hours from a private jet you wish to use during a specified time e.g. a year.

Empty Leg Jet Flights

If you can make use of occasional private flights, it might be good to be on the lookout for business planes that are returning to their airport of origin without any passengers on board. This is also called empty leg jet flights and it is a very cost-effective way of chartering a private jet.

Becoming a member of a private flight club

Membership in a private flight club allows for last-minute booking of domestic or international flights on different jets at fixed hourly rates. To purchase the membership, you have to contact a charter company with a designated fleet.

Buying an entire private jet is a complex task. There are many factors you need to keep in mind and just asking how much is a private jet is simply not enough. It does have its advantages and certain groups of people can greatly benefit from it.

If you are interested in purchasing a private jet or would like to know if it is the right option for you, do not hesitate to get in touch with us. It will be our pleasure to introduce you to the wonderful world of private jet air travel.