What is the Cost of Owning a Private Jet?
Have you ever wondered how much it would cost to own a private jet? As private jet charter has become much more affordable, it begs the question – is it cheaper to buy a private jet now too?
Here, we’ll look at the costs involved with buying and running a private jet.
How much will it cost to buy a private jet?
The cost of a private jet will vary depending upon the size and the design of the jet. However, you can expect to pay anything from $3m-$90m (approximately £2.3-£70 million). For most, this is totally unrealistic. Even if you manage to come into a lot of money to afford the initial cost, you’ve also got to factor in the running fees.
Private jets are never likely to be considered an affordable mode of transport. However, that’s largely what makes them so popular. If everyone could buy one, they would quickly lose their luxurious appeal.
What about running fees?
You’d think the cost to buy the jet would be your largest expense. However, the running costs can also work out a lot more expensive than you anticipated.
It’s estimated it can cost anything from $700,000 – $4 million each year to run a private jet. Again, this will depend upon the size of the jet as larger ones will obviously use more fuel. This also includes the cost of maintenance.
Why chartering a jet is a great alternative
If you’re not rich or famous, there is a way to enjoy the luxury of a private jet without having to buy one. Private jet charter has become a popular option, especially amongst business travellers. It’s a lot cheaper than you might think, in some cases proving cheaper than a train ticket for short distances.
Companies such as Chapman Freeborn, offer affordable private jet charter. You can split the cost with others if you’re travelling with a group to make it even more affordable. You can also hire the jet 24 hours a day, 7 days a week. There’s no lengthy waiting times to check in and you can fly out from much smaller airports than with a commercial flight.
Overall, buying a private jet may only be an option for the rich and famous. However, chartering one is a much cheaper and viable alternative. You may just be surprised by how affordable private jet hire actually is.