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How Much Does a Private Jet Cost to Own?

Last Updated on December 27, 2023
Written by CPA Alec Pow | Content Reviewed by Certified CFA CFA Alexander Popinker

Whatever the reason you need to get to a certain destination, business, or vacation, there is only one way you should plan to get there: a private jet flight. All too often, flying to any destination is less than optimal and becomes a blemish on an otherwise perfect vacation.

Cramped seats, other passengers breathing, coughing, and sneezing in the same confined space as you and inflexible flight schedules are just a few reasons to consider owning your own plane.

If you want to buy your own jet, it’s not like buying a car. Besides the price of the vehicle itself, sometimes quite affordable, owning and using an airplane involves many other costs, which we are going to talk about in the following lines.

How Much Does a Private Jet Cost to Own?

When talking about the costs of owning a private jet, you should know that these depend on the type of plane, the frequency of use, and the age of the plane. The cost to buy a private jet that is large and brand new is around $75 million or more, while you could pay only $2 million for an older private jet. But the cost of owning a private jet is higher than the price of the jet itself.

You should consider things such as the operating costs that may include hangar rental, pilot wages, insurance, training costs, and many more. Also, you will have to factor in the costs of regular maintenance and fuel. You should be prepared to spend anywhere between $500,000 and $2 million per year. Though, you may get some of your expenses back through private jet charter revenue.

How much does it cost to maintain a private jet?

The institution that is in charge of making sure that all jets are safe for air travel is the Federal Aviation Administration (FAA). Each airplane owned by airlines, from jumbo jets to crop dusters must respect the proper maintenance schedule imposed by FAA.

Some maintenance has to be completed according to the number of hours the plane has been in the air, while others have to be completed according to a calendar schedule. For instance, you may have to change the jet oil after two hundred flight hours. The factors that influence the cost of a fuel jet also affect the maintenance schedule, including the distance traveled throughout the year, the make and model of the plane, the location, and the age of the jet.

Also, when talking about the maintenance cost of a private jet, you should take into consideration the cost of parts and the cost of labor. However, you will not need new parts for all maintenance.

You might also like our articles on the cost of private jet rental, BAJit, or bush planes.

Another thing to consider is the time you spend to find someone who is qualified and experienced to do your private jet maintenance. You should expect to spend anywhere between $500,000 and $1 million per year for your private jet maintenance, depending on the type of the jet.

You should also consider crew salaries and other expenses related to people that will fly and maintain your plane.

How much does it cost to fuel a private jet?

Jet Maintenance ScheduleThe amount of money you are going to spend on your private jet fuel will depend on various factors such as the distance traveled throughout the year, the size and age of the plane, the destination, location, and routine maintenance.

The average jet fuel cost would be anywhere between $4 and $12 per gallon. So, you should be prepared to pay more than $1,100 to fill up a gas tank for a small private jet. For each hour that is in the air, a small private jet will need around 55 gallons of fuel. Of course, if it is a large jet, it will burn more fuel per hour.

But you can lower the fuel consumption of your private jet and with it the costs, through regular maintenance. If the jet is regularly and properly maintained, it will be more fuel-efficient, so you can fly more with one gallon of fuel jet.

Final words

The owners of a private jet must consider several costs to enjoy all the benefits that this means of transport offers. They have to pay sums that are far from unnoticeable for airport taxes for the flights made: communications, landing, beaconing, handling, and rent for parking on the platform or in the hangar, all of which are provided in a special catalog, where it is specified exactly which are the mandatory procedures.

On top of these, you should also add the payments for periodic technical overhauls, the cost of fuels and lubricants as well as other consumables necessary for good maintenance of the aircraft.

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