Even if you are a first-class frequent flyer, you may still find yourself more frustrated than fulfilled lately when it comes to travel. With lines, delays, cancellations, waiting, more delays, and crowds – even flying first or business class is less than ideal.
Of course, there are private flight options, such as partial ownership, private jet charters or private jet cards, and – full ownership. But how much does it cost to own a private jet? And is it the right choice for you? Let’s explore your options!
How Much Does a Private Jet Cost – Initially?
Depending on size, range, model, and features, a private jet can cost anywhere from a measly $2 million all the way up to and past $150 million! Unfortunately, much like cars, boats, and other travel machines, private jets depreciate very quickly, and steeply.
How Much Does a Private Jet Cost – Yearly?
The ongoing expenses can include flight crew salaries and expenses, fuel, routine maintenance, unforeseen repairs, hangar rentals, insurance, and more. And, like the price of a private jet, this cost can vary greatly depending on usage, size, and preferences.
In general, whole ownership and the associated fees and maintenance can run you anywhere from $700,000 to $4 million per year.
Here are a few factors in determining what your ongoing costs may be:
How Often Do You Fly?
If you spend over 450 hours in the sky every year, then owning a private jet might be a good idea, but, this depends on the size you need and if your trips ever vary from one type of jet to another.
Where Do You Travel?
The type of travel you do is even more important than the hours you spend in the sky, this is because frequent ‘one way’ flights mean you have to send the jet and crew back empty often. Or, international flights or very long flights may incur much higher maintenance and crew fees. If you stay in one location for a longer amount of time, then you also have to put the crew and pilots up with accommodation for the duration of your stay, which again, can add costs.
Maintenance and Other Fees Depend on Your Jet
Regardless of how often you use your jet, or the distance you use it for, you will always have maintenance and fixes to perform as well, because, like all things, even private jets break.
However, the maintenance costs vary greatly depending on your specific jet size and features, and the costs for maintenance and repairs vary depending on where you get them down and what specific breakdown you are dealing with.
Tire blowouts can cost between 2 and 3 thousand dollars to replace, parking in a hangar varies by every location, and aircraft insurance will fluctuate depending on the value of your jet and the amount of usage and locations frequently flown to – much like care insurance.
A midground expectation of operating costs usually falls between $500,000 and $1 million
For a fee, you can see cost breakdowns of specific jet brands and models here!
Private Jet Charters Through Vault Aviation
Private jet charters give you all the freedom of owning a private jet, without the depreciation, upkeep, repositioning, and other hassles! And as your full service broker, Vault Aviation is able to find whatever you want, whenever you want, and do it all ourselves.
If you fly over 450 hours a year, then fully owning a private jet might be worth the high ticket price. But for anyone under 500 hours – a private jet charter is the answer.