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Cost To Buy a Private Jet: 15 Most Popular Models


When the ultimate luxury is required for traveling then a private jet is the only way to go. For those celebrities, movie stars, and wealthy families who wish to travel the simplicity of stepping out of their vehicle and walking straight up the steps to their waiting jet must be absolute bliss. The question is though, just how much are private jets to purchase?

Small, 6 seat private jets can cost as little as $400,000 – $500,000 for a used model that is several decades old. New private jets like the Cirrus G2+ can be purchased from as little as $3M and go all the way up to a Boeing 747-8 Business Jet costing well over $100M and able to carry over 100 passengers.

As with any aircraft, there are so many models to choose from and a vast used airplane market makes finding the right airplane for your budget a doddle, just remember the bigger the airplane, the more it is going to cost.

Here is the typical pricing of 15 of the world’s most popular private jets:

Airplane Model# of SeatsPrice New
$USD
Price Used
$USD
Eclipse 5002 Crew
4 Pax
Production
Ended 2008
1.2M – 1.8M
Cirrus Vision G2+2 Crew
5 Pax
3M1.3M – 2.5M
Hawker 800A2 Crew
9 Pax
Production
Ended 2013
1.2M – 2.5M
Cessna Citation Mustang2 Crew
4 Pax
Production
Ended 2017
1.8M – 2.5M
Embraer Phenom 1002 Crew
4 Pax
5M1.5M – 3M
HondaJet HA-242 Crew
4 Pax
5M2.5M – 4M
Pilatus PC-242 Crew
8 Pax
11M5M – 9M
Bombardier Learjet2 Crew
7/9 Pax
13M450,000 – 10M
Embraer Legacy 4502 Crew
7/9 Pax
15M9M – 13M
Gulfstream G2802 Crew
10 Pax
25M15M – 22M
Cessna Citation2 Crew
7/12 Pax
7M – 27M500,000 – 25M
Dassault Falcon2 Crew
10 Pax
41M1.5M – 35M
Bombardier Global Express2 Crew
8/19 Pax
51M10M – 35M
Gulfstream G6502 Crew
8/19 Pax
66M40M – 60M
Boeing Business Jet Max72 Crew
25/50 Pax
92M50M – 85M
All Links to Wikipedia

What Effects The Cost of Buying a Private Jet?

The older private jets with analog gauges and minimal automation will command the lowest price tags, but modern jets with state-of-the-art avionics, engines, and systems can cost tens of millions of dollars. Used jet price tags are based on the condition and time remaining on its components.

When looking to purchase a new private jet there will be many factors that dictate the final selection. These factors can be things like:

  • No. of passenger seats
  • Cargo Space
  • Endurance
  • Initial purchase cost
  • Hourly running cost
  • Insurance cost
  • Power-By-The-Hour maintenance programs

For those of you that may be looking for more jet for your budget then a used jet can allow you to obtain considerably more aircraft for the same amount as a new aircraft.

When selecting a used private jet it is highly advisable to go through a reputable and experienced jet broker. All aircraft have many components that have a life limit to them which can fall under a calender life limit or an hours used limit.

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Depending on how many hours are left of certain components can really affect the price of an aircraft. A great deal may not seem so great when the engine/s have to go for a complete overhaul only a year after purchase! Overhauled engines can start at $500,000 each and climb rapidly!

Most sales will list the hours remaining on the major cost items to allow the prospective buyers the ability to see how much life is left before that expense is incurred.

Typical Sales listings will include details as follows:-

Key:
TTSN – Total Time Since New
CSN – Cycles Since New
MPI – Major Periodic Inspection

AIRFRAME

Total Hours: 14,949.8
Total Cycles: 11,600
C of A Date: November 29, 1978
Base: New Century, KS
Regulation: FAR Part 91

ENGINES

Honeywell TFE-731-5AR w/Thrust Reversers
SN P98138 SNP98161
TTSN 6020 – Remaining 4521.4
CSN 5485 – Remaining 3140
MPI 1743.4 – Remaining 439.7

APU

SUNDSTRAND T62-T40CSN 795015
TSN 4993.3
CSN 11835

By looking at these numbers the buyer, along with their broker and maintenance technician can see if the listing price is fair compared to how much time is left before heavy maintenance will be required.

How Much Does it Cost to Own a Private Jet?

In addition to purchasing a private jet additional costs need to be budgeted for crew, fuel, maintenance, hangarage, insurance, and landing fees. Most aircraft run on a cost per hour where these costs are broken down based on the number of hours flown per year. 200, 500 and 1000 hours per year are common.

Although the initial purchase cost of a private jet may seem very high, what catches out many people is the annual operating cost of the aircraft once it has been purchased. No matter how many times the aircraft is flown there will be some costs associated with it, even if it sits for most of the year.

The more it is flown, the more the hourly operating cost will be reduced, but the larger and newer the jet, the higher its operating costs will be.

For Example:

Crew

Depending on the aircraft type it may be flown by the owner once they have passed all of the pilot certificates and type ratings or 1, 2, or more pilots may be required. Professional jet pilots can easily cost between $80,000 – $200,000 per pilot for an annual salary.

Fuel

Even a small jet like the Embraer Phenom 100 has a range of around 1,100NM. On a 1,000NM flight with 4 passengers, baggage, and a pilot it will burn around 280 gallons of jet fuel. At today’s average Jet A cost of around $3.30/gallon that flight will cost $925 in fuel.

Increase the jet to a Gulfstream G650 and that same trip will cost $2,970 just in fuel!

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Maintenance

Older, smaller jets can be serviced just like a regular private airplane by a certified aircraft mechanic at a local airport, service center, or the home hanger, however they may require more maintenance due to their age.

As the jets become larger and more modern the maintenance will have to be completed at authorized service centers with appropriately sized hangers to accommodate the size of jet.

There are numerous maintenance programs available for aircraft today that are based on the ‘Power-By-The-Hour’ methodology. The predicted hours flown for the year will be set and then a maintenance contract for certain components or the entire aircraft will be undertaken to ensure the best possible value to the customer.

For the Embraer Phenom 100 those maintenance costs based on 500 hours flown per year can result in a cost of around $70/hour each time it is flown.
For the G650 those costs can be up to $1800/flight hour, just for maintenance.

Hangarage

The bigger the jet, the bigger the space is required to park it or store it. The small jets can easily fit in a small hanger found at most regional airports and take off from even the smallest runways costing only several hundred dollars in rent per month.

When the jet becomes considerably larger the owner will have to look for suitable hangarage at airports with runways long enough to accommodate the airplane. Hangers to house large private jets can be built or purchased for several million dollars or be rented for several thousand per month.

Insurance

Typical insurance rates for a private jet are based on roughly 14% of the aircrafts’ hull value. A $5m jet will look to cost the owner around $15,000 per year.

Layover Fees

When flying to a location, unless it is for business, the owners will usually be staying for a period of time. During that time the owners are faced with two options:-

  1. Send the jet back to home base and return for their pickup, or
  2. Park the jet and have it wait

Either way incurs costs and depending on the distance back to home base the choice may be simple. However, if the jet is to wait then there will be costs associated with parking it and having it readied for the owner’s return flight.

The most common costs to wait are:

  • Crew accommodation and daily diems
  • Airport Parking Fees
  • Airport Landing Fees
  • Servicing Fees (Food, Alcohol, Water, Septic)

If the monthly ownership costs and the initial purchase cost of a private jet are just out of reach then there are other options available that can provide all the benefits of private jet travel but without the ownership hassles.

Alternative Options To Owning a Private Jet

To allow the ownership of a private jet to return on the investment most owners are advised only to buy if they plan to use the airplane for at least 100 hours each year for a 4-6 year period, depending on the aircraft.

For those who do not wish to fly that much then one of the following options may be better suited:

Chartering

Chartering a private jet is just like booking a taxi. You call to reserve an aircraft and crew to take you from point a to point b on a set date. That flight is then calculated based on the routing, distance and airports then invoiced to the customer.

This is by far the best am most popular option for those who only wish to travel a few times per year.

Fractional Ownership

An owner can look at purchasing a 1/16th or fractions of that for an aircraft. This co-ownership will allow the buyer an allotted amount of flight hours per year based on a multi-year contract upon which they will then pay an hourly fee for every hour flown.

There are many of these programs around with all sizes of private jet available. Once brought in you are locked to that size of jet for the duration of the contract.

Leasing

This is a way to block book a jet for a set amount of time. Most leases will include the crew, hangarage, services etc with a levy based on the latest fuel prices. For owners who know they will be requiring a set amount of hours to be flown each year a lease agreement could be the most cost-effective.

Memberships

These are a hybrid of all the options mentioned above but give the purchaser the opportunity to not be locked into a single type of aircraft. Memberships will allow the purchaser to use any of the fleet, whenever they wish to book, to go anywhere in the world.

Many of the large memberships have aircraft available all over the globe so you can find the best deals to suit your journey.

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Rick James

I am an aviation nut! I'm an ATP-rated helicopter pilot & former flight instructor with over 3500 hours spanning 3 countries and many different flying jobs. I love aviation and everything about it. I use these articles to pass on cool facts and information to you whether you are a pilot or just love aviation too! If you want to know more about me, just click on my picture!

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