The rich and famous not only buy private jet, they change it every few years. Which makes one wonder, how much does a private jet cost?
Have you ever wondered how much does a private jet cost? We follow these celebrities and rich people on Instagram (or these rich kids on Snapchat) and often see them riding around in their private jets.
It makes one think about how much money is actually spent buying (and maintaining) these expensive ‘toys’.
How much does a private jet cost to buy?
Now, it really depends if you want a NEW one of a “pre-loved” one. A new Gulfstream G450 will set you back US$40m while secondhand models are available for as “little” as US$14m.
It all depends on age and condition. Of course, that’s just the cost of buying it. To maintain the jet, you can expect to fork out US$1.6m a year in variable costs and annual fixed costs of about US$880,000.
(Normal folks like me would be happy buying 10 condos in the city for the price of those annual fixed costs alone…)
A brand new Bombardier Challenger 605 will cost around US$27m, with its expected annual variable costs at about US$1.5m and fixed costs of about US$725,000.
For a “budget” option, the Embraer Phenom 300 will cost under US$9m, with used models priced at about US$7m-8m. Annual variable costs are about US$800,000, with an additional US$343,000 in fixed costs.
If you’re more of a vintage person, you can find light jets over three decades old (such as a Learjet or a smaller Cessna) for under US$1m.
What about co-owning a jet?
Turns out, you don’t actually have to buy the whole plane. You can have partial ownership of a private jet.
Sometimes, partial ownership is the more practical option as one may not require the use of the jet too often, or that whole ownership of a jet is too costly.
There are services like Executive AirShare, NetJets and Flexjet that allow partial ownership of jets. Think of it as a car-sharing service, except for super-rich people who want to co-own private jets.
For example, a 1/16 share of the Embraer Phenom 300 through Executive AirShare is US$624,500. Monthly shared expenses only come up to US$5,900 and the owner hourly rate is US$2,085.
This would make sense if you fly more than 50 hours in a year but not so much for short-haul flights.
How much does a private jet cost to rent?
Okay, so maybe buying it will never be attainable for some of us. But what about renting?
Private aircraft rental can be done through an on-demand charter or through a jet card programme, where prices are charged per hour.
For jet cards such as Delta Private Jets, prices start at US$100,000. Or you can get a 25-hour card with Sentient which starts at US$124,825.
Charters, which are best if you’re only looking to book the jet for a special occasion, can set you back from as low as US$1,500 per flight hour for a turboprop to US$8,000 for a heavier jet.
So, will you be flying private? If you are, take us along with you!
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