Private Jet Prices

Many people wonder what are the costs of owning or chartering a private jet. Very few people realise that the cost of ownership for a private jet is not only a one time payment, but a challenge. Upkeep costs, parking, registration, fuel costs, refurbishment costs, and of course mechanical upkeep can be valued at hundreds of thousand dollars a year, and can quickly pile up. Below we will explain a few different scenarios by giving real world examples of three different private jet prices.

Firstly, let’s look at a lear 40. A light jet well known for its range, a great jet to own. The lear 40 usually is configured for 7 or 8 passengers and is quite comfortable to fly in, and is known for being quite mechanically stable. Many prefer the lear 35A but the lear 35 has been discontinued for 10 years now, buying a new jet is no longer possible. A new Learjet 40 costs approximately $9.5 Million. Where as chartering one costs approximately $2900 an hour to charter. Lets remove the cost of fuel, because a private owner would have to pay for fuel. Fuel comes to approximately $700 an hour, leaving us with a $2200 an hour cost. A flat calculation tells us if one were to fly more than 4318 hours, buying the Learjet 40 would be a better option. But realistically, even then, a frequent flyer with an average of two hours of flight per day, everyday, would mean the accumulation of those flight hours would take nearly 24 years. No private owner would keep a jet for 24 years, and even if they did, maintenance costs over 24 years would be something very close to $3-4 million. Of course, having your own aircraft is much more convenient, that is without doubt. But it is almost always a smarter option to charter your jet.

Next, lets look at a larger aircraft, the more recent Gulfstream G650. With a current street price of $70+ Million, it’s quite the investment. Ordering directly from Gulfstream means you will not see your jet until 2018. Though there are multiple G650s for charter right now. Let us do the same calculations. Removing fuel, a G650 costs approximately $7500 an hour to charter. With 14 seats on board, that’s under $600 per hour per passenger. Assuming you buy a G650 from a private buyer for $77 Million, it would take 10,266 hours of charter to make back the G650’s value. Again, with a 2 hour average flight per day, that would be 56 years! This of course isn’t considering the horrendous maintenance cost for a jet this size. Of course, owning a G650 is a special sort of luxury, but charting one is the same level of comfort and speed, and allows you the option of flying in a smaller jet if you have fewer passengers or flying in a larger jet if more space is needed.

Finally, we look at a Boeing 757 BBJ, the ultimate in luxury, capable of carrying 50+ passengers with the right configuration, allowing bedrooms, showers, conference rooms. A jet of this calibre is estimated at $200 Million for a new aircraft, with the internal seating fully customised. A BBJ minus fuel costs is estimated at approximately $15,000 per hour. The previous calculation tells us the return of investment is at 13,333 hours, or 73 years (2 hours per day). There is almost no scenario in which buying a jet of this size is worth the investment. Unless you intend to fly 8+ hours per day, everyday, carrying over 20 people at any given point. There is no need to discuss maintenance fees for an aircraft of this size, something as simple as refurbishment can cost tens of millions of dollars.

Keep in mind that all of the previous calculations are just estimations. If you plan on buying your own private jet, you will need pilots, and if necessary, flight attendants. Of course there are scenarios in which buying your own private jet is a much better alternative than charter. If you need your jet ready to go with zero notice, it is always better to own. Although private jet charter can arrange for jets within 30 minutes, availability is the biggest issue and very often, an aircraft will need to be ferried from a nearby airport. If you are interested in chartering or even buying a private jet, we are available to help you every step of the way, with nearly 30 years of experience in the private aviation field, we will make sure that you always get the very best possible offer for your needs.