Even if private jets become more accessible, for a new 7-person population, the new private plane costs from $3 million Cirrus Vision Up to AN’s $660 million Air Force 1. The purchase price is far from the only cost involved. Maintenance, fuel and staff salaries should also be considered. Before you start shopping, get the full range of private jet costs.
How much does the jet cost?
Buying a new or second-hand private jet costs millions of dollars, but the ongoing costs required to get the aircraft up and running makes the experience much more expensive. If you are on the fence about purchasing, there are additional options that don’t require you to own a private jet entirely.
Buy a private jet
If you are thinking about buying a private jet, you can choose between a brand new and a used plane. New jets offer you the most modern technology, but older amenities from second-hand jets cost less.
- Brand new private jet: Prices range from around $3 million to $660 million, and are determined by many factors, including size, manufacturer, range, customization, what the jet offers, such as engines and avionics.
- Used Jet: The price is cheap, but still millions of dollars. I used a private jet listed for sale Gulfstream website It ranges from $3.4 million to over $30 million.
Another factor that determines the cost of a private jet is the type of jet you buy. This type ranges from small six sweaters that can fly small distances and low range planes to low planes to larger passenger planes.
Types of private jets and their costs
Whether you buy a new jet, buy a second hand jet, lease a jet or book a seat on a private flight, the type of aircraft plays a key role in what you pay for. This is because private jet prices vary widely.
This is a summary of several types of private jets and their typical costs.
- Very light jet: The smallest option for private jets, these planes can hold 4-7 guests and can fly up to about 3 hours. Prices start Less than a million For used models, newer models that range from $35 million to $5.7 million or more are more than $5.7 million.
- Light Jet: A little larger than the very light jets, but still compact, these jets can carry up to 7 passengers and have a bathroom. Used light jet prices start from around $1.8 million to $4.7 million It’s more than I’m going to buy it.
- Medium size jet: With travel capabilities of about 5 hours at a time, the midsize jet works well on both short and midrange flights. The medium-sized jet also has more storage space and a larger cabin. Prices range from $2.1 million for older medium jets to $30 million for new medium jets.
- Heavy business jet: These have a considerable amount of space, hold at least 10 passengers and boast features such as a pull-out tabletop and a fully equipped kitchen. On average, heavy business jet costs $15 million and $30 million.
- Ultra Long Rage Heavy its: Such a jet holds enough space to function as a flying hotel room. With full-size beds and stretchy rooms, they hold up to 17 passengers and can travel up to 6,500 miles. On average, you can expect to pay in between $20 million and $30 million For used ultra-long-range heavy jets, the new model can cost up to $65 million.
- Passenger planes:Airliners, the most luxurious and largest option for private jets, may have features like a full bathroom or a cocktail lounge. You can also travel for more than 10 hours per trip. Airliner is also the most expensive option, with the new model selling for over $442 million. Used passenger planes can potentially be purchased at just $5 million.
Fractional Jet Ownership
Fractional jet ownership allows you to pay for your use of the jet while sharing costs with other fractional owners. The advantage of fractional ownership is generally made in a low cost form without the exclusive use of jets.
The cost of ownership of fractional jets varies and may depend on contract length, flight time and other factors. According to FlexJet, Fractional Jet’s ownership company, this type of arrangement is perfect for those who want to fly more than 50 hours a day.
Private Jet Rental or Charter
Normally, a lease is required to rent a private jet, but you can also charter a private jet for one flight at a time. The price of a rental or charter will vary based on the size of the plane, the length of the flight, and the number of people on board. Typical costs are in between $2,000 and $14,000 Every billable time to charter private jets.
Lease your private jet
Leasing a private jet typically requires a long commitment ranging from months to years. This type of placement allows private jets to be used exclusively when necessary, but is not responsible for the heavy costs associated with jet ownership.
According to Flyusa, the cost of a jet lease will vary depending on the aircraft type and size, the lease term, operating costs and the details of the particular lease agreement. However, these costs typically range from around $1,000 to $10,000 per flight time.
Private Jet Flight
You can also reserve a seat on a private jet that is scheduled to fly from one destination to another. This can be done through private jet card membership programs and a variety of new apps and startups that promote these types of travel.
The cost of a private jet seat varies greatly. but, Private Jet Company XO Individual seats on individual flights are listed ranging from $3,000 to $40,000 or more per person.
Jet Ownership Cost: Things to Consider
The costs faced by jet owners will depend on how many people fly, how often they fly, and where they are. Other costs required to own a private jet include:
- insurance: Just as you pay for your car insurance, you will pay for your insurance to insure your private jet. This coverage can cost between 1% and 3% of the jet’s cost each year.
- Hangar Fees: Having a place to park your jet will allow you to return $30,000 to more than $200,000 a year.
- Regulatory Compliance Fees: Various fees, such as certification, registration, and inspection, can cost tens of thousands of dollars a year.
- tax: Owning a private jet can result in significant tax bills. This includes sales and use tax costs, federal taxes such as flights and property taxes.
- Aircraft management: Many individual jet owners choose to pay for aircraft management services.
- fuel: Fuel costs vary depending on the type of aircraft, how often it travels and other factors.
- crew: According to Latitude 33 AirlinesPilot and crew annual salaries range from $85,000 to $300,000 per person, depending on the time required, aircraft type and other factors.
- Aircraft maintenance and repair: The cost of properly maintaining the aircraft can be retracted from 5% to 10% of the cost of a private jet each year.
- Operational Cost: The cost of landing, navigation handling, catering fees can also be added to the annual cost of owning a jet.
- Management/Legal Costs: Some administrative fees tend to be required, such as fees for tax planning, financial reporting, and regulatory compliance. These fees can cost dozens or hundreds of thousands of dollars a year.
- Upgrade: Aircraft upgrades can increase significantly over time. These costs include cabin renovations, performance enhancements, and new equipment.
Buy a new vs. used private jet
Benefits of a new purchase
Aside from the benefits of owning something that is not owned, new planes have more efficient engines and upgraded components. This can result in lower cost of ownership at first, as it does not require much maintenance. Newer aircraft also tend to come with manufacturer warranty protecting against large repair invoices in the first few years, and typically does not require major parts replacement or overhauls in the first five to ten years.
Benefits of purchasing to use
The advantage you get with a second-hand private jet is the low prepaid prices and is worth buying depending on the aircraft details. New aircraft can drop by up to 35-50% in the first five years of ownership. This means you can still purchase a relatively new second-hand private jet with a substantial discount.
How can I fund a private jet?
If you are purchasing a private jet, you need to know how to pay. Few people can afford the perfect cost, so they may have to borrow money.
Personal loan
With the right personal loan fee, you can borrow money from a bank or credit union to pay your jet advance before repaying the loan over time. but, Get a personal loan Private jets are far more complicated than getting a new car. Even the cheapest private jets cost millions of dollars, and few lenders approve loans for that many money.
If you approach a bank for a private jet loan, make sure you have Excellent credit score And solid financial history. Average personal loan interest rate It’s expensive now so there may be better options.
You can also consider getting a protected personal loan. This means you will need to place assets such as your home. If you are unable to repay the loan, the lender can legally seize the assets.
lease
Leases have many of the same benefits as owning a private jet. Leasing a private jet is similar to leaseing a car, along with the option of signing a lease over months or years.
Most aircraft companies have several different types of leases to choose from.
- Wet wreath: The lender pays the aircraft itself and at least one crew member. Wet leases are a more expensive option as they add additional payment costs for pilot or crew member services.
- Dry wreath: The lender pays the aircraft at no cost to the crew, but they must use their own crew. This option is cheaper if the lender can already hire the pilot and crew for the flight.
Where can I buy a private jet?
If you decide to own an airplane on a charter and understand the type of plane you want, there are a few places where you can browse your choice.
Many websites allow you to browse planes near you, but you can also search for a wide range of private jets in your area. If you have a particular model in mind, some companies like Gulfstream promote commercial aircraft on their websites.
Conclusion
Owning a private jet may be out of price range, but personally there are plenty of ways to fly. Think about renting a private jet or becoming a member of a private jet service that allows you to fly multiple times a month or year as a member.
If you decide to buy a private jet, you may be able to get a great personal loan fee from a reputable bank or explore options with an aircraft-specific lender. Just like with loans, compare options by shopping and getting quotes from multiple providers and getting the best deal possible.
