Whether you’re purchasing your own plane or chartering a jet for a single trip, there are many factors that affect the cost. We unpack the different factors you need to take into consideration depending on whether you are buying or chartering a private plane.
How Much Does a Private Jet Cost?
Owning a private plane is a life goal for many, but how much does a private jet cost? We demystify the cost of private jets, whether you’re buying your own plane or chartering one.
The cost of flying private
Private jet passengers have the freedom to fly around the world at their discretion, jetting off for a Caribbean getaway or last-minute business meeting. Without commercial flight schedules and crowded airports to contend with, flying becomes fun, exclusive, and hassle-free. But how much does a private jet cost?
That question can be quite complicated. Whether you’re purchasing your own plane or chartering a jet for a single trip, many factors affect the price to fly private. We take a look at these costs below.
Buying a private jet
There are several factors that will affect your decision to buy a private jet. Here are some of the questions you should ask when deciding whether a purchase is right for you.
Which type of private jet is right for you?
One of the biggest factors affecting an aircraft’s price is its size. The most compact options are small pistons or turboprops and light or very light jets, which are designed for short, regional flights. Travellers looking to cover longer distances and wanting enough space to move around the cabin can opt for a larger midsize or super-midsize jet, which typically seats seven to nine passengers. For even more travel distance, space, and luxury, choose a heavy jet or a luxury executive airliner. These models have high ceilings, enclosed lavatories (sometimes two), and the option to travel with flight attendants. This category is usually the most opulent and expensive.
When deciding on the right private jet, it’s important to remember that flying on an aircraft that doesn’t suit your journey can turn out to be far more expensive than you planned. For example, most small jets have a short range, so they need to stop to refuel on longer flights. This adds cost and time to the journey. On the other hand, a large jet has high fuel costs and is not the most cost-effective option for a short private flight. Also, a large size does not always equate to a long range. Some smaller or medium-sized aircraft are optimised to have a longer range, and other large jets are less efficient. These factors and more are why it’s so important to do in-depth research when choosing the right plane to suit your needs.
Should you purchase a new or pre-owned aircraft?
You have an idea of which aircraft will be best for you, but should you buy new or go for a pre-owned jet? The price of a private jet varies greatly depending on whether it’s fresh off the production line or has had a previous owner. However, if you’re leaning towards pre-owned, it’s important to know that the lifespan of a pre-owned private aircraft is not measured in years. Instead, it is measured by flight hours and the number of landings. For that reason, buyers can often find an older jet in good condition for a far lower price than a brand-new plane. But what are we actually looking at when it comes to the difference in price between new and used aircraft?
Starting with the smallest class of aircraft, a new Beechcraft King Air 350i, a turboprop that seats eight, starts at approximately 11.4 million AUD (8 million USD). If you're looking for a light jet, a new Cessna M2 could be listed for around 8.3 million AUD (5.8 million USD). Then there’s the Learjet 75, a popular midsize jet that seats up to nine, which is currently listed at approximately 20 million AUD (14 million USD). For an even more luxurious ultra-long-range heavy jet, the Gulfstream G650 has a base price of 92 million AUD (64.5 million USD).
If you’re looking for a new aircraft but want to save as well, be sure to check out our top five lowest-cost private jets available today.
If you’re less interested in having a new aircraft “out of the box”, you can opt to purchase a pre-owned aircraft to cut costs. As a comparison, here are some of the possible used prices on the aircraft we listed earlier.
- Beechcraft King Air 350i - 5.85 million AUD (4.1 million USD) to 9.3 million AUD (6.5 million USD)
- Cessna Citation M2 - 6.3 million AUD (4.4 million USD) to 6.85 million AUD (4.8 million USD) for a used aircraft
- Learjet 75 - approximately 14 million AUD (10 million USD)
- Gulfstream G650 - 57 million AUD (40 million USD) to 78.5 million AUD (55 million USD)
When it comes to pre-owned or used jets, it’s important to shop around as prices can vary greatly, depending on how many flight hours and landings the plane has completed.
How would you like to outfit your jet?
One of the perks of ownership is the freedom to outfit the cabin of your private jet exactly as you'd like. This might mean adjusting the number of seats so it fits your family perfectly or splurging on an extravagant private jet interior. The most lavish cabins feature custom leather upholstery, elegant master bedrooms, and top-tier aviation entertainment systems. There really aren’t many limits on the price of a custom private jet interior with some costing as much as 140 million AUD or more, depending on the aircraft.
What are the operating costs of a private jet?
Once you own the aircraft of your dreams, you'll need to pay to operate it. There are fixed costs like hangarage and insurance that will need to be covered. There are also variable costs, which relate to the number of hours flown. These include fuel costs, maintenance, landing fees, and hourly rates for pilots and crew. The largest ongoing expense for owners is aircraft maintenance, which can cost from hundreds of thousands to millions of dollars a year. A brand-new jet is expensive but will come under full warranty to cover any repairs or replacements within the first few years of ownership (this varies depending on the aircraft).
Many owners decide to charter out their private planes when they aren't in use to recoup costs. While this can save money for the owner, it also involves a monthly fee to a management company for handling the charter operations.
Chartering a private jet
majority of travellers, as it offers all the convenience of private jet travel without the long-term expense of maintaining an aircraft. But how much does a private jet cost per flight?
There are many factors that you need to consider when chartering a private jet. Here are some of the key questions to keep in mind.
Which is a suitable aircraft for the distance and number of passengers?
The biggest factor that will affect the cost of chartering a private jet is the type of plane that you choose for the journey. This is, in turn, affected by the distance you need to cover (with the cost of the fuel that you need to get there being a major factor) and the number of people that will be travelling. Depending on these key criteria, not all aircraft will be suitable for your flight.
For instance, one week, you could want to fly five passengers from Sydney to Canberra. There is a five-seat Piper PA-34 Seneca turboprop available to charter for this journey, however, there is also a six-seat Citation CJ1 light jet. The Citation CJ1 will get you to your destination slightly faster, it has slightly more space, and is quieter than the turboprop – not to mention it has an internal lavatory! However, the Citation will cost more to charter than a Piper PA-34 Seneca for this route.
As this example shows, the best-value aircraft is different for each journey and your particular needs.
Where are you planning to land?
Additionally, certain airports cannot accommodate all aircraft. Large planes are often unable to land at airports with shorter runways like London City Airport. This means that owners of large planes need to charter a small private jet or aircraft or book a flight on a commercial airline when they fly to challenging airports.
Can you hitch a ride on an “empty leg”?
As an added bonus, private jet charter passengers can take advantage of “empty leg” flights. One of the best-kept secrets in the private aviation industry, empty legs happen when a client books a one-way charter aircraft. As the plane needs to fly back to its base or on to another airport, the aircraft would otherwise be flying empty. Travellers can purchase that route as a charter flight at a major discount, often up to 75% off.
Are you planning on using the same aircraft and crew for a multi-leg journey?
If you require the services of the same aircraft and crew over multiple days, you’ll need to factor in crew overnight and per diem (daily allowance) fees into your charter cost as well. This is to ensure that the crew’s needs are taken care of while you go about your business or enjoy your holiday. Hanger fees might also be necessary, depending on where you’re travelling, to ensure the aircraft is safe for the next leg of its journey.
Do you require in-flight services
If you aren’t flying a great distance, you may not require any food or beverages or a flight attendant. However, if you are travelling far or over multiple days, you are likely to need refreshments for your journey, as well as someone to help you with it.
Charter a private jet with ACS
As you can see, there are many different things to keep in mind before you charter a jet. If you’re interested in learning more about booking a private jet charter, contact us for more information. Whether it’s for business or pleasure, utilising the services of our experts means you’ll be getting the best solution for your needs. We have over 30 years of experience in the private aviation industry and have contacts all over the world that allow us to source the best aircraft, at the best rates, for your requirements.