How Much is a Private Jet? Cost to Hire and Buy

How much does it cost to buy a private jet? Learn everything you need to know about private jet and rental costs, as well as ongoing and maintenance costs.

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How Much is a Private Jet? Cost to Hire and Buy

How Much is a Private Jet? Cost to Hire and Buy

If you’re a frequent flyer who values their time, comfort, and privacy, then you might be in the market for a private jet. Whether it's buying or renting a private jet, there’s no doubt that private air travel offers an experience like no other, enabling you to leave behind the stresses of commercial flights, enjoy the utmost privacy and security, gain access to remote locations, choose flight times that work around your schedule - the list goes on. So, you’re probably wondering: how much is a private jet exactly and is it worth it?

 

Although buying a private jet comes with unmatched benefits and freedom, there are a few considerations to think about before making the investment. We’ll run you through the ins and outs of buying a private jet, covering everything from how much it costs to buy one to maintenance costs, and everything in between.

Interior of a Pilatus PC24
Interior of a Pilatus PC24

What’s in this article?

 

●    How much does it cost to buy a private jet?

●    How much does it cost to maintain a private jet?

●    Is a private jet a good investment for you?

●    How much does it cost to hire a private jet?

●    Buying vs. renting a private jet

How much does it cost to buy a private jet?

The cost of buying a private jet can vary significantly depending on several factors, including the make and model of the aircraft, its age, condition, and any customisations. On the lower end, smaller pre-owned private jets can cost around $2 million to $5 million. Midsize jets typically range from $6 million to $30 million, while larger and more luxurious jets can exceed $50 million or even several hundred million dollars for the most advanced and exclusive models.*

 

*Please note that all prices provided are estimates only and will vary depending on your chosen aircraft.

Very light jet prices

A very light jet can accommodate up to seven passengers and fly up to three hours without fuel stops. On the smaller side, very light jets will set you back on average around $4 million, however, you may be lucky to find used models for less than $1 million.

 

Light jet prices

As the name suggests, a light jet is slightly larger than a very light jet and can accommodate up to eight passengers and fly for around three and a half hours. This size of jet can also hold a bathroom on-board. To buy a new model, expect to pay approximately $6 million to $12 million.

 

Midsize jet prices

Midsize jets have a much larger cabin space and can fly for around five hours, which makes it a good option for both short and mid-range flights and for groups of up to eight people. A small midsize jet costs around $10 million, whereas a super midsize jet can cost approximately $30 million.

 

Heavy jet prices

For those of you looking for a larger model for longer-haul flights, a heavy jet can hold up to ten passengers and have a range of up to nine hours. Purchasing a heavy jet can cost anywhere from $15 million to $30 million.

 

Ultra long range jet prices

Ultra long range jets are much larger, accommodating customisations such as beds or rooms to stretch your legs, and holding up to 16 passengers. These types of jets can also travel a much further distance, flying up to 16 hours. For a new ultra long range jet, it can cost around $65 million.

 

Airliner prices

An airliner is the most spacious aircraft you can go for, giving you the option to add in things like cocktail lounges, bedrooms, bathrooms, and on-board spas. Depending on size and customisations, an airliner can hold up to 300 passengers and travel up to 12 hours. An airliner can cost upwards of $440 million.

 

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How much does it cost to maintain a private jet?

A private jet is not a one-time cost. In addition to the up-front cost of purchasing the jet, you also need to consider the cost of maintaining your jet and other on-going costs. You’ll also need to take into account the cost of parking your jet in a hangar, the salary of your crew, and aircraft insurance.

 

A private jet will require routine inspections, such as pre-flight checks and more thorough scheduled inspections to identify any minor issues before they become significant problems. This will also include routine engine maintenance, such as cleaning and lubrication for example. You’ll also need to repaint the aircraft’s exterior to protect it from corrosion and weather-related damage. In addition to regular upkeep on your jet, unforeseen repairs can be particularly expensive. Replacing a blown tyre can set you back $3,000! This is just scratching the surface of the potential maintenance required on a jet.

 

For added ease and convenience, there are aircraft management companies to take care of everything for you at an additional cost.

 

Is a private jet a good investment for you?

Although there are a lot of considerations and costs associated with owning a private jet, it can certainly be a good investment for the right person. For example, if the yearly expenses for chartering private flights or using commercial airlines surpass the costs of owning a private jet, owning a private jet could be a worthwhile investment. Similarly, if you prioritise your time over anything else, owning a private jet with dedicated staff is a no-brainer!

 

"Private jet ownership can be a strategic advantage for those who require flexibility, control, and a high frequency of travel. It becomes a genuine asset when your business or lifestyle demands constant, on-the-go mobility with premium comfort. However, for those flying less than 200 hours per year, hiring or chartering a jet may be more financially sensible. This approach provides the luxury experience without the overheads of maintenance, staff, and hangar fees." — Harry Morgan, Founder & CEO Global Charter

 

How much does it cost to hire a private jet?

If buying and maintaining a jet does not suit your budget or preferences, hiring a private jet can be a fantastic alternative. Chartering a jet involves renting an entire aircraft for a specific trip, offering a personalised and convenient option, without the ongoing and hefty up-front costs.

 

The cost of chartering a private jet will depend on multiple factors, including the aircraft model, the flight duration, your chosen departure and arrival destination, the time of year, etc. Typically, the starting price for chartering a private jet for one hour is approximately $5,000 for the smaller aircraft models.

 

Get on-demand private jet charter services with Global Charter, offering you luxury jets, flexible flight times, the highest safety standards, and anything else your heart desires.

Buying vs. renting a private jet

Buying a private jet offers full ownership, control, and customisation, allowing for personalised interiors and scheduling flexibility.It provides a high level of privacy and prestige, with the possibility of long-term investment. However, it involves additional costs and ongoing responsibilities, including maintenance and operational expenses.

 

Renting, on the other hand, provides convenience, cost control, and no long-term commitments. While it offers privacy during flights, customisation options can be limited. That being said, at Global Charter, we have a fleet of over 15,000 premium aircraft to choose from!

 

The choice depends on individual preferences, frequency of use, and financial considerations. Here’s a full breakdown on the pros of buying vs renting a private jet:

Ownership and control

Pros of buying a private jet

  • Full ownership and control over the aircraft, allowing for customisation and scheduling flexibility.

Pros of renting a private jet

  • No ownership responsibilities, simply pay for the flights you need with no long-term commitment.

Convenience

Pros of buying a private jet

  • Immediate access to the jet whenever needed without relying on availability from a charter company, ideal for frequent flyers.

Pros of renting a private jet

  • Convenient access to a variety of aircraft without the burdens of ownership, making it suitable for occasional and frequent travellers.

Customisation

Pros of buying a private jet

  • The ability to personalise the interior, amenities, and features to suit personal preferences.

Pros of renting a private jet

  • Limited customisation options as you are using pre-existing aircraft, yet a wide selection of aircraft to choose from.

Privacy

Pros of buying a private jet

  • High level of privacy and confidentiality, as the aircraft is exclusively for your use.

Pros of renting a private jet

  • Offers privacy during the flight, but less control over who else uses the jet.

Scheduling flexibility

Pros of buying a private jet

  • Flexibility to plan flights according to your schedule and needs, with no need to coordinate with charter providers.

Pros of renting a private jet

  • Immediate access and flexibility, but subject to aircraft availability from charter companies.

Cost control

Pros of buying a private jet

  • Predictable costs associated with ownership, but include ongoing expenses such as maintenance, crew salaries, and hangar fees.

Pros of renting a private jet

  • Pay-as-you-go model allows you to control costs based on actual usage, with no long-term financial commitment.

Long-term investment

Pros of buying a private jet

  • The potential for the jet to appreciate in value over time, depending on market conditions and aircraft type, as well as long-term savings on flight costs.

Pros of renting a private jet

  • No long-term investment, as you're essentially renting access to aircraft.

Maintenance control

Pros of buying a private jet

  • Full control over the aircraft's maintenance and upkeep, ensuring safety and reliability.

Pros of renting a private jet

  • Maintenance is the responsibility of the charter company, relieving you of maintenance tasks.

Ultimately, the decision to buy or rent a private jet, or simply stick to commercial travel, depends on an individual’s needs, flying frequency, financial situation, and level of convenience and comfort required. Buying offers control, customisation, and potential long-term investment but comes with substantial costs and responsibilities. Renting provides flexibility and cost control but lacks ownership benefits.

 

Access our expertise in aircraft sales and acquisitions or check out our on-demand private jet charter services for more information.

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Gulfstream G650 interior