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Even with private jets becoming more accessible, new private planes cost anywhere from $3 million for a small seven-passenger Cirrus Vision to $660 million for an Air Force One. And the purchase price is far from the only cost involved — you’ll also have to factor in maintenance, fuel and staff salary. Before you start shopping, get the full scope on what a private jet costs and how to pay for one.
If you’re thinking about buying a private jet, you can pick between brand new planes and used ones. A new jet will afford you the most up-to-date tech, but the older amenities of a used jet cause a lower price point.
There are also a few different types of jets, ranging from small six-seater, low-range planes to larger airliners able to fly long distances. The most common jet options available include:
Prices can also differ based on what amenities and customization you choose for the plane. Plan owners can choose to have custom furniture, personalized decor and even different rooms.
The price for a brand-new private jet ranges from $3 million to $660 million. The price is determined by many factors, including the size, maker, range, customization and what the jet offers, like the engines and avionics.
Though secondhand jets are cheaper, they still cost millions of dollars. For perspective, a pre-owned 2019 G600 S/N 73008 sold for over $54 million on the Gulfstream website in June 2022. The price can soar to hundreds of millions of dollars with extras and customization.
The purchase price of a private jet represents only a fraction of the cost of owning one. The price of a private jet depends on its size, the number of passengers it can hold and the distance it can fly. Because of that, fuel is one of the highest costs for private jets. Planes with larger fuel tanks for long-range flights require more fuel. For example, the Bombardier Global 7500 has a fuel capacity of over 51,000 pounds.
Aside from fuel, you’ll need to consider costs like staffing your plane, storing it when you’re not using it and ongoing maintenance. Operating costs differ based on the type and size of crew and what kind of service they offer. Some jet owners hire personal chefs to fly with them and serve meals on board. A site like Aircraft Cost Calculator can help you determine your costs based on the model you’re considering.
While a private jet rental is considerably more expensive than flying on a commercial flight, it is still much cheaper than buying your own jet. Flights on private jets are charged by the hour. Prices vary depending on the size of the plane, the length of the flight and the number of people on board. The typical cost is between $1,200 and $12,000 per hour to charter a private jet. A private jet rental for an entire weekend can run at least $50,000.
However, unless you spend at least 150 hours a year flying, a private jet rental is probably a better option than buying — that way, you avoid many of the yearly maintenance fees private jets 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,” says Justin Crabbe, CEO of private jet charter company 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.”
According to Crabbe, private jets usually have about six seats for a “light” flight. To find out the cost of a seat, you need to find the hourly rate of the aircraft, the total flight time and how many seats are on board.
For instance, a six-seat jet that’s $5,000 an hour — or $15,000 for a three-hour flight — would cost each seat about $2,500.
While this cost could be much higher or lower depending on the company, it shows you the difference between flying on a private jet and a commercial flight. For bookers who prefer first or business class, it might not seem like much of a difference to go on a private jet. But for commercial flyers in economy, this price might seem very high. It depends on the type of flyer you are.
Private jet card memberships are services that allow you to access and benefit from your provider’s aircraft. Different companies offer different levels and tiers of membership. For Jettly, the Jet Card membership options range from $370 a month to about $1,000 a 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 says.
Aside from Jettly, you can explore other private jet card memberships at:
Some charge an hourly rate for when you’re in the air, while others charge a flat monthly rate for using the service. These aren’t quite the same as chartered flights. For private jet cards, you’re nearly guaranteed flights when you want them. Chartered flights require a bit more flexibility with dates and times.
For near-constant flyers, this might seem like a great perk. You get to fly when you want without having to manage the extra costs of owning a jet. But if you’re only flying a couple of times a year, the upfront costs might not be worth it.
A private jet app is similar to a regular flight booking app, where you put in where you’re leaving from, where you’re going and your travel dates and get matched with private jet booking options. You might need to create a login, but this lets you sign up for notifications and deals. Membership isn’t always required, but for some companies, it might get you an additional discount.
You can browse by the type of jet you’d like, how many seats you’d like on the plane and when you plan to depart. When you find your selection, you add your credit card and check out through the app.
Empty leg flights are planes that are leaving a destination without any passengers. These flights are open to everyone, since the jet is set to fly with or without passengers in it. And booking these jets can save you some cash — sometimes up to 75 percent on the cost of a conventional private jet charter, Crabbe says.
Many private jet companies and apps let you search for empty leg flights and sign up for notifications to alert you when one is at an airport near you.
This lets you book a private jet at a fraction of its original cost. But you need to be extremely flexible. You might get notice of an empty leg flight only 24 to 48 hours before it’s set to leave, although some flights are available a few days from when you search. And you’ll need to find your own way back. Empty leg flights are just that: one leg of the journey.
Before you buy or charter a private jet, it’s important to evaluate the factors that influence the full price tag of a jet. Think ahead to the types of trips you want to take and the frequency at which you’ll take them; long trips with many people will likely require a more expensive plane than shorter, infrequent trips. When determining the overall cost of a jet, also make sure to factor in things like fuel, insurance, storage and maintenance.
When considering whether you can afford a private jet, think through these factors:
If you decide to purchase a private jet, determine how you want to pay for it. Very few people can afford the cost of a jet in full, so it’s possible that you’ll have to borrow money.
With a personal loan, you can borrow money from a bank or credit union to pay for the jet up front, then repay the loan over time. However, getting a personal loan for a private jet is much more difficult than getting one for a new car. Even the cheapest private jets can cost millions of dollars, and only select lenders will approve a loan for that much money.
If you approach a bank for a private jet loan, ensure you have a great credit score and a solid financial history. You can also look into getting a secured personal loan, which would require you to put down a valuable asset, such as your home. If you can’t repay your loan, the lender will be able to legally seize your asset.
Some lenders cater specifically to loans for private jet financing, including JetLoan Capital, JetLease Capital and Global Jet Capital. The Aircraft Owners and Pilots Association also offers an online loan financing calculator to help estimate your monthly payments.
If you’re not quite ready to purchase a private jet, consider leasing, which has many of the same benefits as owning a private jet. Leasing a private jet is similar to leasing a new car, with the option to sign a lease from several months to several years. Most aircraft companies allow you to choose between a few different types of leases:
Leasing a private jet is also a great way to test out different aircraft before making the full investment in purchasing one. And because lessors don’t legally own the aircraft, they don’t have to deal with depreciation or reselling the plane if they decide to purchase a new one.
Another way to fly on a private jet without having to own one is to invest in a charter flight membership. With these clubs, people pay for a single seat on a plane rather than the entire jet, but it’s still a very pricey option.
Wheels Up, a popular jet charter company, charges Connect members nearly $2,995 for the first year of membership, then $2,495 after the first year. Core membership prices start at $17,500 the first year, then drops to $8,500 per year after that. Memberships in these clubs come with some advantages, though, including guest passes and discounted deals for an entire family.
If you’ve decided on owning a plane over chartering one and have figured out the type of plane you want, there are a few places you can browse through selections:
While many websites let you browse for planes near you, you can also do a broad search of private jets in your area. Some sellers don’t list their planes on all websites, and you may have more luck reaching out to individual owners through businesses or marketplaces. If you have a specific model in mind, some companies like Gulfstream also advertise pre-owned aircraft on their websites.
Buying a private jet is incredibly expensive. While owning a private jet may be out of your price range, there are many different ways to fly private if that’s what you want. Think about renting a private jet or becoming a member of private jet services that allow you to fly multiple times a month or year as a member.
If you do decide to purchase a private jet, you may be able to get a personal loan from a reputable bank or explore your options with aircraft-specific lenders. As you would with any loan, shop around and get quotes from multiple providers to ensure that you’re getting the best deal possible.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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