How Much Does It Actually Cost to Buy a Private Jet?

If you’ve got plenty of money and travel often, these last couple of restrictive years may have pushed you more towards the idea of owning a private jet. Yet there are many things to consider if you wish to buy a private jet, along with the initial cost.

There is a wide range of private jets on the market to choose from to suit differing needs. You might be lucky to pick an old one up for under $2 million, and then towards the high end of prices, you’re looking at over $100 million.

So let’s now delve a little deeper into the details that affect the price of a private jet, and potential running costs.

How Many Hours Do You Fly Per Year?

To figure out whether it’s worth taking the leap into private air travel, you should first consider how many hours you fly per year. This way you can figure out if it’s a valuable investment.

If you want your operating costs to make sense, then you should at least be flying 250 or more hours per year. If you often travel first class and spend over around 400 hours flying then buying a private jet makes a lot of sense!

Do You Fly One Way Trips Often?

One factor that may change the dynamic of things is if you fly one-way trips often where you spend long periods in one location. The problem here is that you’ll have to send back your plane and full flight crew without you or have it waiting for you.

If you sent the crew and plane back, then you’ll have to recall them over again. This will make things rather costly in the long run. However, if you have your jet waiting somewhere and you’re crew is happy to stay in the same location, then it might work out for you.

Remember the Ongoing Costs

The initial cost is one thing, but you have to be aware of the substantial ongoing costs of owning a private jet. Maintenance and repairs can soon climb into the tens of thousands, for example.

You also have to pay aircraft insurance and hangarage fees. So in reality, you should expect to pay at least over $500,000 per year for ongoing costs.

Choose a Professional Facility

Professional facilities can cater to many types of private jets. And, they may even be able to help you find the best private jet for your needs.

For the most part, however, a top jet center that offers outstanding FBO services will serve you and your private jet well for years to come. And then busy airports should be a thing of the past.

Buy a Private Jet the Right Way

If you’re savvy and entrust a professional team to help you with the process of owning a private jet, to buy a private jet might be an excellent decision.

Thanks for reading through this advice and good luck! Also, check out our blog for more helpful tips of this nature.