How much does it cost to buy a private jet?

You probably already know that a private jet is a major luxury purchase, but how much does it actually cost to buy one?

People purchase private jets for both business and personal use. The advantages include complete control over your travel schedule, no airport lines or delays, and the ability to fly directly to smaller airports closer to your destination. Plus, you get to travel in comfort with total privacy.

The main disadvantage is the cost. You'll first need to purchase a private jet, and then pay a significant amount every year to operate and maintain it. Here's what to expect.

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Table of contents
How much does it cost to purchase a private jet? What to consider before buying a private jet Make low cost international transfers with Wise Alternative options for buying a jet Private jet charter Fractional ownership Private jet membership clubs Aircraft leasing Buying a private jet FAQs

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How much does it cost to purchase a private jet?

Private jet costs can vary a lot depending on the aircraft you're buying. New jets range from 2M USD to over 100M USD, depending on size and features.¹

If that's too steep, used jets start around 200,000 USD and go up to 15M USD.¹ Private jets lose value over time, so buying used can save you money if you're willing to update older systems or live with a less modern interior.

Here’s a breakdown of what you can expect to pay for different types of private jets.

Aircraft type	Model example	Private jet price range²
Very light jet	HondaJet Elite	Under 5.5M USD
Turboprop	Beechcraft King Air 250	5.5M-10M USD
Light jet	Embraer Praetor 500	10M-20M USD
Mid-size jet	Embraer Praetor 600	20M-35M USD
Large jet	Bombardier Global 5000	35M-60M USD
Ultra-long range	Gulfstream G800	60M-100M USD
VIP airliner	Boeing BBJ 747-8	100M+ USD

Ongoing and maintenance costs

Buying the jet is just the beginning. You'll also need to budget for regular expenses that come with ownership, such as maintenance checks and fuel costs.

These expenses largely depend on the type of aircraft you operate. For example, Praetor 500 will cost you about 491,000 USD yearly in fixed costs (things you pay whether you fly or not) like:³

• Hangar space rental
• Insurance
• Crew salaries
• Annual inspections
• Software subscriptions
• Administrative costs

Then there are variable costs: what you pay to actually fly the plane. For the Praetor 500, that's 3,008 USD per hour of flight time, covering:³

• Fuel
• Landing fees
• Ground handling
• Navigation charges
• Maintenance
• Catering

If you fly 200 hours per year, expect to spend about 1.1M USD annually just on operations.³

What to consider before buying a private jet

A private jet is an expensive purchase, so it's important to consider the following aspects before committing to anything:

• New vs. used: Used jets cost less upfront but might need expensive updates. Older planes often need equipment upgrades, interior makeovers, and major maintenance that can easily hit 500,000 USD to 1M USD.⁴ Always get a pre-purchase inspection to know what you're getting into.

• Total cost of ownership: Beyond the purchase price, factor in all the ongoing costs like maintenance, fuel, crew, hangar space, insurance, and taxes. A jet that seems affordable might become the exact opposite when you add everything up.

• Size and range: Choose based on your typical trips. A smaller jet might be perfect for local travel, but you'll need something bigger for international flights or if you regularly travel with larger groups.

• Taxes and regulations: Different countries have different rules about private jet ownership and operation. You'll need to understand import duties and local aviation regulations. In the US, you'll likely need to pay The Federal Excise Tax (FET).

• Management and crew: Decide if you'll manage the jet yourself or hire a management company. You'll need qualified pilots, maintenance technicians, and possibly flight attendants. Good crew members tend to be expensive.

Overall, if you've been wondering how much is a private jet, it's quite a hefty amount, even if you're looking at very light jets.

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Alternative options for buying a jet

Want to fly private but not ready to buy a jet? You've got options. You can charter a private jet, explore fractional ownership, join a membership club, or even lease an aircraft. Let's explore what each option costs and how they work.

Private jet charter

Private jet charter services allow you to book individual private flights without any long-term commitments. You choose your departure time, destination, and aircraft type, and the charter company provides the plane and crew for your specific trip.

Each flight is priced separately, and you only pay for the trips you take. Typically, charter prices range from 1,200 USD to 10,000 USD per hour of flight time.⁵

The exact costs vary based on the aircraft size and route. Larger planes naturally cost more to operate than smaller jets, so they're more expensive to charter.

Your travel dates also impact the price: flying during peak holiday seasons like Thanksgiving or Christmas can significantly increase the costs. Popular routes between major business hubs like New York or Miami also come with premium rates.

You may also have to pay additional fees for things like:

• Catering
• Overnight parking fees
• De-icing
• Fuel surcharges

Sometimes, you also have to pay The Federal Excise Tax, too. Always ask about additional fees upfront - they can add up quickly if you're not expecting them.

Fractional ownership

If you want regular access to a private jet without buying the whole thing, consider fractional ownership. This arrangement lets you buy a share of an aircraft (kind of like a timeshare for planes). You can buy as little as 1/16th of a jet or as much as 1/2, depending on how often you plan to fly.

Fractional ownership cost depends on a few different factors, such as the type of jet, how old the jet is, and how big of a share you buy. Naturally, a share in an older light jet costs considerably less than in a newer large-cabin aircraft.

Just like with full private jet ownership, fractional ownership comes with additional aircraft maintenance and operating costs. You'll typically pay:

• Monthly maintenance fees
• Fees for flights outside your home area
• Extra charges for very short flights
• Repositioning costs
• Peak day surcharges (smaller shares often have more restricted days)

You can usually sell your share back after 3 to 5 years (depending on when your contract ends).⁶

Private jet membership clubs

Joining a private jet membership club gives you access to an exclusive network of aircraft and services. These clubs maintain their own fleet of jets or partner with multiple operators. You don't actually own a private jet, but it's a more cost-effective way to have access to one.

These private jet memberships charge different types of fees. Typically, you can expect to pay:

• Entry fees
• Initiation fees
• Monthly or annual subscription fees

These fees depend on your club, and they can cost anything from 1,000+ USD per month to tens of thousands of dollars. Initiation fees can range from 2,995 USD to 29,500 USD, and annual renewal fees can go as high as 14,500 USD.⁷

Aircraft leasing

Leasing is like a long-term rental – you get full access to a jet without actually buying it. It's the middle ground between chartering and buying, especially for businesses.

These arrangements typically include maintenance support but come with hefty fees. On average, you can expect to pay from 500,000 USD to several million dollars per year.⁸

Buying a private jet FAQs

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Is it cheaper to buy a private jet or rent one?

Renting a private jet is usually cheaper than buying one. Unless you spend a lot of time in the sky, the costs of ownership – including maintenance, crew salaries, hangar fees, and depreciation – typically outweigh charter costs.

Private jets can cost between 500,000 USD to 1M+ USD to maintain every year.¹

Is first-class cheaper than a private jet?

Private jets are significantly more expensive than first-class tickets.

A first-class trip from New York to Los Angeles typically costs from 1,416 USD to 1,826 USD on average.⁹ The same route on a private jet would cost from 1,200 USD to 10,000 USD per hour of flight time on a private jet charter, and buying a private jet starts at 2M USD and can go as high as 100M+ USD, excluding maintenance costs.¹

How much does it cost to fuel a private jet?

It depends on the jet size and current fuel prices. For example, let's say a jet burns about 210 gallons per hour. If the fuel costs 6.50 USD per gallon (hypothetically), that's about 1,365 USD per hour in fuel alone. The larger the jet, the more fuel it burns.

How much does it cost to park a private jet at an airport?

It varies by location and storage type. Outdoor parking at smaller airports might be even free for short stays, but some airports can charge you per night for ramp space. Indoor hangar storage offers better protection but costs more.

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The cost of a private jet depends on whether you're actually buying one or exploring an alternative like a private jet charger or fractional ownership.

Buying is naturally the most expensive option, ranging from 2M USD to over 100M USD plus maintenance costs, which can add up to another 500,000 USD to 1M+ USD every year.¹

But the alternatives are still not cheap. For example, chartering a private jet can cost from 1,200 USD to 10,000 USD per hour of flight time.⁵

No matter what option you choose, use Wise to pay globally while saving on fees, even when making large purchases.

Sources

1. Investopedia - How much is a private jet?
2. Corporate Jet Investor
3. Corporate Jet Investor - Embraer Praetor 500
4. LunaJets - The true cost of private jet ownership
5. EvoJets - How much does a private jet charter cost?
6. Magellan Jets - Private jet costs
7. Blade - Private jet club membership
8. Jettly - Private jet lease cost
9. Momondo - First class flights to Los Angeles

Sources checked 12.09.2024