Cost to Hire or Buy a Private Jet
Last Updated on September 15, 2023 | Written by CPA Alec Pow
First Published on March 20, 2016 | Content Reviewed by 
CFA Alexander Popivker
If you want to travel by plane and you have the necessary funds, then you might be wondering how much does it cost to hire/rent or buy a private jet. The final costs will of course be dependant on the type of plane you need, its complexity, size, and capabilities. The article below will answer all your questions and make it really easy for you to pick the right airplane for you or your company:
Costs of Hiring or Renting a Private Jet
A lot of big companies are re-thinking the possibility of purchasing a private jet nowadays. This is because buying a plane isn’t just about paying a very high price for the acquisition, but the ongoing costs for periodical maintenance are also considerable. A private jet will cost a lot even if you’re not using it, just to keep it working and within all standards and certificates of airworthiness requirements. You should consider all sorts of ongoing costs, like periodical and even unplanned maintenance, hangar rent costs insurance, pilot and staff salary, and so on. This is why hiring a private jet with a crew can save you a lot of money and complications, especially if you don’t travel too much, because you can simply rent a plane and crew on a ‘per flight’ basis, so you don’t have to pay for the aircraft while it sits on the ground.
Most private jet rental companies will operate using a bespoke quotation system, where after you contact them with your requirements regarding the jet you need, the number of passengers, the travel destination, and so on, they will give you the best quote. There are even some websites that made a business around private jet brokerage, where you can buy the cheapest private jet with your requirements after searching on multiple websites.
Also read about the price of a low-cost fighter plane, hot air balloon, and travel insurance.
The final cost of a private jet rental is very much influenced by the destination and the time it takes to get there. Also, if you plan to stay more than a day after you reached your destination, the private jet might need to get back to base or continue on a charter for other clients. Returning to pick you up and take you back home will mean a significant increase in costs, so the best way to go around this is to reach the destination and return home within a single day. If you want to cut down the costs, you can always search for companies that have ‘deadhead’ private jets, planes that have just reached their destination and don’t have a client on their way back, that will usually be cheaper. If you plan to stay more than a day at the destination, then ask about overnight or layover prices, rather than the price for a one-way trip.
Hourly Jet Hire Rates
A key factor that will influence the price is the size of the jet. They are usually classified in just three big categories, as follows: light or small kets, medium or midsize jets, and heavy or full-size planes.
As shown above, you can expect the prices to increase proportionally with the plane’s size. Although the prices are pretty high, it is obvious that private jet hiring isn’t a service only for celebrities anymore, with a little bit of planning, most people will be able to get one at least once in their life. And if you don’t believe you can hire a private jet, then just search for ’empty leg’ or ‘deadhead’ flights, for great discounts. If you’re planning to use the private jet as a group and all of the group members pitch in, then the final cost will get split and everyone will pay just a fraction of the price. Although private jets are easier to hire even for normal people, that just the case of small planes because the largest and most expensive ones have prices that are on the top of the budget even for politicians, celebrities, or business executives.
Although maintenance is expensive, owning a private jet can prove to be a great investment in the long run, especially for big companies that need to send their executives on many business trips. We’re living in a world where everything moves fast and time is money, so big CEOs can’t afford to lose time with car rides or public flights.
How Much Does a Private Jet Cost?
Purchasing a new private jet will cost a lot more than getting a used one, just like buying a car. Remember to have an expert check the plane before buying a second-hand one because if the plane has maintenance issues, it might cost you more to bring it to flying standards than what you’d pay for a new one. If the cost isn’t an issue for you, then it’s better to get a new one, to be sure it’s working and under warranty. If you have a fixed budget, then be sure you get the best value for your money and aim for the highest quality. If you’re aiming for a cheaper plane, then Beechcraft King air or Super King Air Turboprop will be something to take into consideration, with a price of around $4 million to $7.5 million dollars, which is around the lowest you can expect to pay for a private jet.
Next in line are planes like Bombardier Global Express XRS, Gulfstream V-SP or Dassault Falcon with prices starting from $50 million and up to a maximum of $300 million for the Boeing Business Jet. Although this is the maximum price you’ll find for a normal private jet, some billionaires will personalize their planes with luxurious furniture and new gadgets, raising the final cost for the plane even higher.
Should the average working Joe buy or rent a private jet?
The normal costs for a private jet trip are outside the financial reach of most people working on an average wage. This means that you shouldn’t do it, unless you have something really important to do and no other way of traveling, and you don’t risk your financial safety by doing so.
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I am impressed by your site. You have explained clearly. Anyone thinking about hiring or buying a private is able to know what to expect. Sometimes people may think it’s too expensive while on the long run, it helps one to save on time and money. Thanks.