If you’re a traveler who doesn’t want to deal with public airports, long security lines, and inconvenient flight times, you might want to look into owning a private jet.
However, private jet ownership cost isn’t cheap. Continue reading to learn more about what it takes to own a private jet.
What Is a Private Jet?
A private jet is a smaller aircraft designed for transporting small groups of people and/or goods. Many private jets are owned by elite celebrities and business owners.
Private jets are a luxurious way to travel. Owning, as opposed to chartering, will give you unlimited flying hours and dedicated usage. However, all of these benefits come at a big cost.
Private Jet Ownership Cost
Like any luxurious item, a private jet is a huge investment. The price of a plane depends on a variety of factors including the size, the model, age, condition, and more.
Most private jets will run into the millions of dollars range. For example, a smaller jet fit for nine passengers would cost, on average, around $3 million. A larger plane that can fit about 75 passengers will be in the hundreds of millions.
Besides the actual plane, it’s important to know about the additional private jet costs you’ll need to invest in. As the owner, you are solely responsible for all of the maintenance of your private jet.
You should be prepared to inspect your plane frequently. Commercial planes, for example, require an inspection every two days and full mechanical maintenance every two years. From cracked windows to engine issues, you have to be prepared to fix a variety of problems. If you are looking into private jet ownership, be prepared to spend at least 1 million per year on maintenance costs.
Like a car, you’ll also want to get insurance on your plane. There are a variety of policies you can choose from that can cover repairs, damages, and any liability claims.
Fuel is another cost to include in your private jet running costs tally. Fueling up a plane isn’t cheap and can be the most expensive cost depending on your plane usage.
Jets can use up to $1,000 of fuel every hour in flight. On average, it can cost $10-15,000 to fill your jet’s fuel tank.
You’ll need a place to store your private jet on the days you aren’t flying. You can choose to rent or purchase hangar space at any local airport. These prices vary and usually depend on the size of the plane.
If you’re looking to store your plane in New York, visit this page to see a variety of locations where private jets can land in New York City.
Additional Private Jet Costs
Other additional costs will include any customizations you want to make to your plane. If you’re investing in a private jet, you’ll want the interior decor to match your unique style.
Your flight crew’s salaries are also your responsibility, so be sure to take that into consideration!
Owning a Private Jet
Private jet ownership cost is not cheap. There are many factors that you need to consider before making this big investment. However, if you’re able to buy your own private jet, the convenience and benefits may be worth the cost.
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