Indeed many people who have flown private planes at least a few times have thought about buying their private jet. This is quite reasonable – why spend money every time you rent an airplane when you can buy one? However, most people who want to own a private jet or perhaps have bought one do not expect the price to pay for the upkeep of commercial airplanes.
As a result, we decided to produce this post so that you can understand how much a personal plane will roughly cost you and see if you are prepared to invest so much money to maintain and service the jet. Continue reading to discover a wealth of information.
Chartering vs Buying a private jet
Let’s figure out what is better, buying a private jet or renting one.
A private jet is a luxury item that can provide exceptional comfort to its owner, which is why it is pretty tricky to calculate the benefit to be gained from its purchase.
In general, there are many reasons for owning a private jet. But often, the following situation happens: a person buys a jet, uses it, enjoys it, and then realizes that they have to pay a large or significant part of their income for the maintenance of the aircraft. To avoid getting into this situation, it is important to purchase a jet only when it is needed.
And also, it is worth understanding that sometimes it is still advantageous to rent a plane and use the services of a business flight company rather than purchase your own. Charter Jets, Inc. is always ready to help its customers choose a plane to their liking and for a pleasant price.
Benefits of buying a private jet
Even though buying a private jet involves significant financial costs, owning a private jet has its advantages:
- The ability to get on a plane at any minute and travel to your desired destination.
- Choosing an airplane of optimal size and configuration will always be to your liking.
- The ability to make the interior unique and comfortable, taking into account your preferences.
- Assemble a team of staff based on personal preferences.
If you can pay for all costs, and it will not significantly affect your budget, then buying a good private jet is quite realistic and relevant.
How much does it cost to buy a private jet?
The price of private jets depends on many factors. On average, the cost starts at $2 million. But it is worth remembering that the cost of owning a private jet includes its purchase price and further maintenance. Let’s find out what expenses are waiting for you when buying a private jet:
The cost of Purchasing an Airplane
As we wrote above, the price of private jets can be quite different. The cost of the aircraft may depend on many factors, such as the year of manufacture or its technical characteristics. But the price is the fee you pay as a lump sum to purchase an airplane, in which you additionally need to invest more than a small amount of money.
The average purchase price of private jets varies from $2-2.5 million. You should agree that this is not a small amount, considering that you will have to pay additional expenses. Moreover, it is worth remembering that planes are often bought not as new but second-hand (if new, prices can increase by three times or more).
You probably know that every so often cars have to be serviced. It is the same with an airplane, as when you are flying, you need to be sure that all the parts are functioning correctly and that your flight will be accident-free.
The price of maintenance of private jets depends on the number of hours the airplane spends in the air. Each airplane has several hours, after which supervision is necessary. Each aircraft model may have a different number, affecting the maintenance price.
On average, maintenance is required from $50,000.
Aircraft Storage Space
Buying a private jet is no small thing, both in importance and size. Accordingly, the airplane needs somewhere to be stored. Of course, you can not store it at home and you should choose an appropriate airfield for your plane.
The rental cost of storage space for private aircraft may affect the conditions in which the plane will be kept. For example, if your private jet is outside, the rental cost will be cheaper, but rain, snow, and other weather phenomena will fall on your plane.
If you choose to store your plane inside a hangar, your plane won’t get wet in the rain, but the cost will be higher. The cost of storing your own jet can vary depending on the location, airfield, and storage option. The minimum price starts at $20,000.
Just like car insurance, you also need an insurance policy for an airplane. You need 2 types of insurance: fully comprehensive and lump sum liability insurance.
The cost of taking out an insurance policy can also be very different – this is affected by the model, how many hours the plane has flown, and even when the plane was released. For orientation: the minimum price of an insurance policy per year is $30,000.
If you want to fly somewhere, you need an FAA or EASA licensed crew who can fly the plane. The cost of a crew is one of the most substantial and valuable, so when buying a private jet, you need to consider this. The cost of the crew depends on location and experience. Some planes only need one pilot, but bigger planes need two or even three.
The cost you have to pay for the crew per year starts at $120,000, the approximate minimum you can pay.
Fuel for the Airplane
The fuel cost is also a significant part of your investment in owning a private jet. It is impossible to calculate precisely how much fuel you will need and how much it will cost because you may fly more often or not at all in a particular month.
How much to fill a private jet? Calculate a minimum of $70,000 per year. And if you want a more exact cost, calculate that one gallon of fuel costs $4, and work out how many gallons you use for one hour of flying.
Upgrading your private jet is unnecessary, but sooner or later, you will want to change something in the interior or the equipment.
The number of options available to improve your private jet is enormous, and the prices may also vary. For the most part, it depends on the type of renovation you would like to do because we understand that changing a couple of paintings or replacing lighting differs in cost significantly.
If you want to use the services of private aviation, then we are always happy to help you with our CarterJets Inc. airplanes! You can rent a plane from our company, choosing the cabin’s design according to your preferences.
Why Fly with Charter Jets, Inc.?
Our Aviation Professionals at Charter Jets, Inc. have over a century of combined experience in private aviation. They have the market knowledge and a commitment to service that guarantees you’ll receive the whole “Charter Jets, Inc. Experience”.
- No Long-Term Contracts
Our global team is ready to assist any of your private charter needs.
Do I not need to buy a plane if I only fly a few times a year?
If your income allows you to maintain a private jet, you can buy one. But if the number of flights is small, do you really need your plane?
Can I carry more passengers in my airplane than it is designed for?
No, you can’t. At a minimum, passengers have nowhere to sit, which is very important for take-off and landing. In this case, it would be better to rent an airplane that can carry more passengers.
What is the best plane for me to buy?
Choose any aircraft you like that fits your specifications. Remember to choose a plane according to your requirements; for example, if you need an aircraft for long-haul flights, they may cost more.
Where to buy a private jet?
You can look at ads on the internet from aircraft manufacturers. These are primarily new models and are more expensive. Some airfields or people sell planes of older models, but cheaper.