How Much Does A Private Jet Cost? Prices By Types

Even with private jets becoming more accessible, new private planes cost anywhere from $3 million for a small seven-passenger Cirrus Vision to $660 million for an Air Force One. The purchase price is far from the only cost involved — you’ll also have to factor in maintenance, fuel and staff salary. Before you start shopping, get the full scope of what a private jet costs.

How much do jets cost?

While buying a new or used private jet can cost millions of dollars, ongoing expenses required to keep the aircraft in operation make the experience much more expensive. If you’re on the fence about buying, there are additional options that don’t require you to own a private jet outright.

Buying a private jet

If you’re thinking about buying a private jet, you can pick between brand-new planes and used ones. A new jet will afford you the most up-to-date tech, but the older amenities of a used jet cause a lower price point.

• Brand-new private jets: Prices range from about $3 million to $660 million and are determined by many factors, including the size, maker, range, customization and what the jet offers, like the engines and avionics.
• Secondhand jets: Prices are cheaper but still cost millions of dollars. Used private jets listed for sale on the Gulfstream website range from $3.4 million to $30 million and more.

Another factor determining the cost of your private jet is the type of jet you buy. The types range from small six-seaters and low-range planes to larger airliners that are able to fly long distances.

Types of private jets and their cost

Regardless of whether you want to buy a new or used jet, lease a jet or book a seat on a private flight, the type of aircraft will play a significant role in what you pay. This is because the prices for private jets vary widely.

Here’s a rundown of some types of private jets and their typical costs:

• Very light jets: The smallest option for private jets, these planes can hold between four and seven guests and can fly up to about three hours. Prices start at less than a million for used models and are between $3.50 million and $5.70 million or more for new models.
• Light jets: A little bigger than the very light jets but still compact, these jets carry up to seven passengers and can hold a bathroom. Used light jet prices range from approximately $1.8 million to $4.7 million or more to buy.
• Midsize jets: With a capacity of about five hours of travel at a time, midsize jets work well for both short and mid-range flights. Midsize jets also have more storage space and a larger cabin. Prices range from $2.1 million for an older midsize jet to $30 million for newer midsize jets.
• Heavy business jets: These have a significant amount of space, holding at least ten passengers and boasting features such as pull-out tabletops and fully equipped kitchens. On average, heavy business jets cost between $15 million and $30 million.
• Ultra long range heavy jets: Jets like these hold enough space to act as flying hotel rooms. With full-size beds and room to stretch out, they can hold up to 17 passengers and travel up to 6,500 miles. On average, you can expect to pay between $20 million and $30 million for a used ultra-long-range heavy jet and up to $65 million for a new model.
• Airliners: The most luxurious and largest option for private jets, airliners may have features like a full bathroom or a cocktail lounge onboard. They can also travel more than 10 hours in one trip. Airliners are also the priciest option, with new models selling for upwards of $442 million. Used airliners can be purchased for as little as $5 million and potentially less.

Fractional jet ownership

Fractional jet ownership lets you pay for the use of a jet while sharing the costs with other fractional owners. The benefit of fractional ownership comes in the form of lower costs overall without exclusive use of the jet.

Costs for fractional jet ownership vary and can depend on the length of the contract, how many hours you fly and other factors. According to fractional jet ownership company FlexJet, this type of arrangement is best for those who want to fly privately for 50 or more hours each year.

Renting or chartering a private jet

While renting a private jet typically requires a lease, you can charter a private jet for one flight at a time as well. Prices for renting or chartering vary depending on the size of the plane, the length of the flight and the number of people on board. The typical cost is between $2,000 and $14,000 per billable hour to charter a private jet.

Leasing a private jet

Leasing a private jet typically requires a longer commitment that ranges from months to even years. This type of arrangement means the private jet will be available for your exclusive use when you need it, but that you won’t be responsible for the heavy costs involved in jet ownership.

According to FlyUSA, costs for leasing a jet can vary based on the aircraft type and size, the lease duration, operating costs and the specific lease agreement details. However, these costs typically work out to approximately $1,000 to over $10,000 for each hour of flight time.

A private jet flight

You can also book a seat on a private jet that is already scheduled to fly from one destination to another. You can do this through a private jet card membership program and various new apps and start-ups that facilitate these types of trips.

Costs for a seat on a private jet vary widely. However, private jet company XO lists individual seats on private flights for anywhere from $3,000 to upwards of $40,000 or more per person.

Cost of jet ownership: Things to consider

The costs jet owners face depend on how many people you plan to fly, how often you plan to fly and where. Other costs required to own a private jet include:

• Insurance: You’ll pay for insurance to insure a private jet just like you pay for auto insurance for your car. This coverage may cost 1 percent to 3 percent of the cost of the jet each year.
• Hangar fees: Having a place to park your jet could set you back $30,000 to $200,000 annually or more.
• Regulatory compliance fees: Various fees for certifications, registration, inspections and more can cost you tens of thousands of dollars per year.
• Taxes: Owning a private jet can also result in a significant tax bill, which can include costs for sales and use taxes as well as federal excise taxes on flights, property taxes and more.
• Aircraft management: Many individual jet owners opt to pay for aircraft management services, which can cost hundreds of thousands of dollars per year for larger aircraft.
• Fuel: Fuel costs can vary based on the type of aircraft, how far and how often you travel and other factors.
• Crew: According to Latitude 33 Aviation, annual salaries for pilots and crew can range from $85,000 to $300,000 per person depending on the hours required, type of aircraft and other factors.
• Aircraft maintenance and repair: Costs for adequately maintaining an aircraft can set you back 5 percent to 10 percent of the cost of a private jet each year.
• Operational costs: Costs for fees for landing, handling navigation, and catering can also add to the annual costs of jet ownership.
• Administrative/legal fees: Some administrative fees tend to be required as well, including fees for tax planning, financial reporting, regulatory compliance and more. These fees can cost tens or hundreds of thousands of dollars per year.
• Upgrades: Aircraft upgrades can also add up significantly over time. These costs may include cabin refurbishment, performance enhancements, new equipment and more.

Buying new vs. used private jets

Benefit of buying new

Aside from the benefit of owning something that wasn’t preowned, new planes have more efficient engines and upgraded components, which can initially lead to lower cost of ownership since a lot of maintenance is not required. New aircraft also tend to come with manufacturer’s warranties that protect against large repair bills in the first few years, and they typically do not require major parts replacements or overhauls in the first five to ten years.

Benefit of buying used

The benefit you get with a used private jet is a lower upfront price, and the purchase can be well worth it depending on the specifics of the aircraft. New aircraft can depreciate as much as 35 to 50 percent during the first five years of ownership. This means you could purchase a used private jet that is still relatively new at a significant discount.

How can you finance a private jet?

If you purchase a private jet, you need to figure out how to pay for it. Very few people can afford the full cost, so you may have to borrow money.

Personal loan

With the right personal loan rate, you can borrow money from a bank or credit union to pay for the jet up front, then repay the loan over time. However, getting a personal loan for a private jet is much more complex than getting one for a new car. Even the cheapest private jets can cost millions of dollars, and very few lenders will approve a loan for that much money.

If you approach a bank for a private jet loan, ensure you have an excellent credit score and a solid financial history. The average personal loan interest rates are currently high, so there may be better options.

You can also look into getting a secured personal loan, which would require you to put down an asset, such as your home. If you can’t repay your loan, the lender will be able to seize your asset legally.

Leasing

Leasing has many of the same benefits as owning a private jet. Leasing a private jet is similar to leasing a car, with the option to sign a lease from several months to several years.

Most aircraft companies allow you to choose between a few different types of leases.

• Wet lease: The lessor pays for the aircraft itself and at least one crew member. Wet leases are a more expensive option because of the added cost of paying for pilot or crew member services.
• Dry lease: The lessor pays for the aircraft without the cost of a crew but is required to use their own crew members. This option is cheaper if the lessor already has a pilot and crew member they can hire for flights.

Where can you buy a private jet?

If you’ve decided on owning a plane over chartering one and have figured out the type of plane you want, there are a few places you can browse through selections:

While many websites let you browse for planes near you, you can also do a broad search of private jets in your area. If you have a specific model in mind, some companies like Gulfstream advertise preowned aircraft on their websites.

Bottom line

While owning a private jet may be out of your price range, there are many ways to fly privately. Think about renting a private jet or becoming a member of private jet services that allow you to fly multiple times a month or year as a member.

If you do decide to purchase a private jet, you may be able to get a good personal loan rate from a reputable bank or explore your options with aircraft-specific lenders. As you would with any loan, compare options by shopping around and getting quotes from multiple providers to ensure you get the best deal possible.