When you fly private, there are many advantages—conveniences, luxuries, what have you—not available in commercial flights. Of course, you could always rent, but nothing beats owning your very own private jet.
Obviously, we’re looking at big expenses, from purchasing the actual jet and its amenities to other overhead expenses that don’t get much attention. To help you understand the costs, we’ve broken down some of the biggest factors that a potential jet owner should keep an eye on.
Acquiring the Jet
You can imagine that there would be different variants of private jets, from Light Jets and mid-size jets to super-mid size lights, heavy jets and ultra-long range jets. Each one comes with its own approach to the private flying experience. This gives you an option at each price point, cabin size, amenities, engine size, and aircraft flight distance capabilities if cross-country or continental based on your needs.
You could consider checking out second-hand private jets. These tend to be more accessible in price, but there will be considerations to be made. Just like a car, you’ll want to know the mileage of the private jet (which is measured in hours), the condition of the interiors, its maintenance record, any due maintenance inspections, and whether the aircraft is part of an engine program.
Generally, those interested in purchasing their own private jet can expect to spend somewhere in the region of USD 3 million and USD 90 million. We know, we know, that’s a big gap; the thing is, with all the different categories of each jet, customers are presented with numerous options.
It should be noted that these are only the base prices. This doesn’t account for any accessories, attachments, upgrades, or bonus amenities that you may want in your private jet. Keep track of what you may want to add to your jet when looking at prices to get a more accurate estimate of your total expenses.
Private Jet Insurance
We can never forget about insurance, especially when discussing as big an asset as a private jet. Of course, just like cars, there are a few policy options available for private jet owners.
For lower rates, consider single limit liability. This will keep your overhead costs relatively low, but such policies may be unable to cover the costs of parts replacements, repairs, and similar problems when dealing with the jet. When we say relatively low, we mean around the range of USD 70,000. For those transporting valuable goods, owners should consider a hull policy that should cover cargo.
Private Jet Maintenance and Operations
These expenses tend to be some of the costlier ones for jet owners. Factors here would be the frequency of usage, model or make of the jet, and the environment in the hangar of the jet. Generally, though, you can expect maintenance to be between USD 500,000 to 1 million in a year.
For the operation of the jet, pilots will need to be hired. Pilot salaries depend on the type of aircraft and whether they are a captain. Captains typically receive a higher salary than co-pilots, so keep their requirements in mind.
Private Hangars
You’ll need somewhere to park your jet, of course. For this, you’ll need to get in touch with your hangar of choice to determine the potential cost of storage. In most cases, private jet management companies already have hangars for you to store your aircraft. Fees are often built right into the purchase price. Since most management companies manage the revenue of the aircraft, they deduct storage costs from the revenue for all expenses. Only if they manage the aircraft with no revenue will you be billed a separate charge.
The main factor in determining the cost of your hangar expense is the size of the jet. Larger jets will cost around USD 8,000 per month or USD 96,000 a year. Smaller jets, meanwhile, cost around USD 3,000 a month or USD 36,000 a year.
Conclusion
All this is to say that owning a private jet should be one of the biggest luxuries you can get yourself, and it pays to plan ahead. After all, you wouldn’t want to suddenly regret your purchase just because you weren’t aware of what it takes to own one—especially considering unexpected maintenance costs or due inspections. But do not fret! It’s not impossible to own a private jet; all it takes is planning.
For those of you who aren’t quite ready to buy your own private jet, why not charter one first? If you’re looking for an on-demand private jet charter service, then you’ve come to the right place. We here at Velox Air Charter are dedicated to providing our clients with the best service. We will get them to the world’s hottest destinations in style. Everyone who flies with us can expect to enjoy a quick flight that is comfortable, convenient, and classy. For more information on our services, visit our website today!
