How Much Does a Private Jet Cost? Here’s What to Know

Recently, my family took an Adriatic cruise. It was an extended family affair to celebrate my dad’s 80th birthday. There were 10 of us in our travel party, which involved months of planning to get everyone from point A to point B.

We were booked on the same non-stop commercial flight to Venice. We were arriving one day before our cruise departure to allow wiggle room for delays. We booked a luxurious hotel on the Grand Canal and had a few excursions planned, including a gondola tour. Unfortunately, our commercial flight was delayed twice and eventually canceled.

Our party of 10 was automatically rebooked on separate flights with different arrival times and air itineraries. My elderly parents had the longest flight, with two stopovers. My family’s flight was pushed to the following morning, causing us to miss all our excursions, and we only just got there in time to board the cruise.

I have traveled enough to know that commercial flight delays and cancelations happen. Heck, you probably have too, or you are aware of how common and how bad delays can be. But as I sat waiting at the gate for the arrival of my rebooked flight, I thought there must be a better way…

So I started researching commercial flight alternatives. The top search result was private aviation. Interestingly, private flights are increasing in popularity. The options range from owning a private jet to private pay-as-you-fly charters.

So, after doing some research, I decided to write this all down so you can have a starting point if you’re considering flying private. Below, I’ve detailed different options for private jet flights, discussed the ins and outs of owning a private plane, shared some popular private jet models and prices, reviewed the pros and cons of private air travel, and suggested affordable alternatives for flying private.

So, the questions are; how much does a private jet cost to own, lease, or rent? Let’s find out!

What is a Private Flight?

First, let’s define what a private flight is. There are two options for air travel: commercial airlines and private flights. When flying commercially, you book individual seats on a commercial airline, like British Airways, Delta, Emirates, or Ryanair.

When flying private, you book the entire aircraft and, in most cases, have the entire plane to yourself. You control the schedule, including departure dates, times, airports, and passengers.

While owning an entire private jet is one option for flying private, it is not the only one. There are several levels of private jet ownership to consider, such as fractional ownership, that offer the benefits of a private jet at a lower price point.

It’s also worth noting you don’t need to own a plane to fly private, nor do you need to pilot it yourself (phew). Private jet charters are an easy and increasingly affordable way to rent a private jet without the burden of ownership.

See Related: Best Ways to Get Free Flights and Airfare

Pros and Cons of a Private Jet

Before we delve into chartering or buying a private jet, let’s examine the pros and cons of flying private.

Pros of Flying Private

Of course, one of the biggest pros of chartering a private jet is the luxurious travel experience. Most private charter companies use their own terminals and hangers, so you can avoid having to deal with crowded gates or long lines at security. You’ll have more control over the flight schedule and be able to fly with a group that you know. If you’re flying with family, that might be a pro and a con…

One huge benefit of flying private is that many private charter companies allow pets. If you don’t want to fly with your dog in cargo (I don’t blame you!), charting a pet-friendly flight is the only good way to have your larger dog in the cabin.

Some other pros to flying private include:

• Easy passenger arrivals
• Less chance of lost luggage
• Cost-effective for high-volume travelers
• Fewer baggage restrictions for carry-ons
• Smaller airports for privacy and convenience (provided you didn’t opt for a private airliner)
• If you own one, you can hire it out

Cons of Flying Private:

Flying private isn’t all sunshine and rainbows – and in fact, weather is one of the biggest downsides. Smaller jets and smaller airlines don’t have the same ability to navigate tricky weather. It also requires much more coordination and planning and is really quite terrible for the environment.

A few other cons of flying private include:

• It can be cost-prohibitive for low-volume flyers
• Almost always more expensive than commercial flights
• Baggage restrictions related to weight
• Strict cancellation and refund policies
• Just about the least eco-friendly thing you can do

See Related: Air Travel Set to Soar This Year: Prepare for the Travel Boom!

Flying Private Without Owning a Private Jet

While I’ll get onto the nitty-gritty of fully purchasing and owning your own private jet in a bit, let’s look at this question from the angle of your average Joe and not Daddy Warbucks. Flying in a private jet is not just for the rich and famous anymore!

Fractional ownership and private jet leasing are less pricey options than full ownership. You can fly privately even without partially owning or leasing a private jet.

Ownership alternatives, like jet memberships, jet cards, and private jet charters, are relatively affordable options that should be considered. Let’s review the options.

Private Jet Fractional Ownership

Should you desire the bragging rights of owning a private jet without the headache of management and maintenance, private jet fractional ownership may be the answer. Think of it as a timeshare with a jet instead of a mountain lodge.

With fractional ownership, you own a fraction of the fleet, similar to being part of a timeshare. Instead of owning a single plane, you buy a portion of the fleet used through flight hours. Companies like Jettly and Flexjet are great places to start.

Larger fractions equal more flight time to use throughout the year but also cost more. Fractional owners enjoy access to most jets within the fleet, allowing them to fly different jet types and sizes based on travel needs.

This is especially beneficial, as you won’t be grounded if one plane requires maintenance or repairs. You always have access to other aircraft within the fleet.

Fractional ownership requires an initial purchase of the aircraft share to gain ownership, then tack on monthly and hourly rates.

Monthly management fees are shared among all the owners and cover insurance, hangar costs, crew salaries, and other general expenses required for fleet upkeep and storage.

Conversely, the hourly rate is applied for your personal private jet use. The fees cover expenses during your flight, including crew salaries, maintenance, and fuel. Hourly rate charges are specific to you and vary based on flight itinerary and aircraft.

See Related: What Affects Flight Prices? Biggest Influencing Factors

Leasing a Private Jet

Leasing a private jet offers the benefits of owning a private jet without a significant, long-term investment. Typically, your lease is specific to a single plane.

But, some services like Flexjet provide access to a fleet. Use of the plane ends when the lease terminates, although there is often the option to renew. Depending on your financial situation and commitment, there are two types of private jet leases: Dry and Wet.

Dry Lease vs Wet Lease

A dry lease, the most common option, includes the plane but not any other services. Pilots, crew, maintenance, insurance, and fuel are not included in the lease agreement, meaning you will be required to cover these costs during your lease term. Your lease may be less expensive on the front end, but it is crucial to anticipate the usage costs associated with the specific aircraft.

On the other hand, wet leases include these services in the lease agreement and price. So, for the most part, your costs are paid upfront.
The caveat with wet leases is that the private jet owner maintains operational control over the aircraft, giving them control over its service schedule and availability. If the plane requires repairs or maintenance, you may be grounded.

Private Jet Membership Programs

Private jet memberships are the country clubs of the skies, and companies like FlexJet can get you some skin in the game FlexJet. You pay an enrollment fee that unlocks entry into their membership program.

Memberships typically have a lower-cost entry than fractional or leasing options and renew annually. All the maintenance costs are rolled into your membership fee, so you are still contributing towards the fleet’s maintenance, but it’s not extra out-of-pocket.

Most companies offer graduated membership levels that give you a specific allotment of flight time to use, typically starting at 50 flight hours but could be more depending on your chosen membership level. The benefit is you have access to the entire fleet, like fractional ownership, without the hefty price tag.

However, the more you fly, the higher your membership fee. Check the membership terms to see if flight hours expire or carry over.

Private Jet Cards

If you’re eager to avoid hidden costs and private jet membership fees, private jet cards may be right for you. The simplest explanation is a private jet card is pre-paid flight time with a specific company.

With jet cards, you purchase blocks of flight time at a fixed price, giving you access to a fleet of private jets. Like fractional ownership, you can access the entire fleet without being locked into a contract, lease, or membership.

Different card tiers can be purchased with graduated pricing. Higher tiers offer packages with more flight hours at reduced hourly rates, and some add benefits like guaranteed availability, quicker call times, and shorter waiting periods.

You should read the fine print to see if you can carry over unused flight time. Private jet cards work best for travelers averaging 25 to 50 flight hours annually and those who know exactly how many flight hours they will need.

NetJets offers a decent private jet card membership program that I’d recommend.

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Chartering A Private Jet: An Affordable Way To Fly Private

The most affordable solution of all is pay-as-you-fly or on-demand private jet charters. Think of private jet charters as the a la carte option of air travel.

There is no commitment, contact, membership, or pre-paid cards with flight hours that could expire. You book, board, fly, then walk away.

On-demand charters are expanding, with options ranging from booking an entire plane, sharing a private jet, and even booking an individual seat. The good news is there are plenty of apps and other services out there to help you choose an on-demand charter flight that is right for you.

I’ve heard good things about both Jettly and Wheels Up, but research is key when determining whether a charter flight is affordable.

How Much Does a Private Jet Charter Cost?

There is no flat rate for private jet charters. They vary based on a range of factors. Private jet charter prices are typically calculated as hourly rates applied to billable flight time. Private jet charter costs can range from $2,000 for a light jet to over $14,000 for a large private jet.

An advantage of booking a private charter is that you can adjust your travel plans to fit your budget as you shop prices. While we all would love to fly in the lavishly expensive Airbus A380, the midsize Cessna Citation XLS/XLS+ may be a more realistic choice.

Factors that Affect Private Jet Charter Costs

Various factors affect the final cost of chartering a private jet, including size, type, and age of the jet, preferred amenities and features, number of passengers, etc. The good news is all these fees and charges are built into your quoted price, so you know exactly what the private jet charter will cost before booking.

The four biggest variables that affect private jet charter costs are:

• Aircraft Size. Aircraft Size is one of the top factors that determine the cost of your private jet charter. In general, larger planes require more staff and fuel, thus costing more than a smaller jet.
• Aircraft Type. Aircraft Type refers to the amenities and features of the different private jets. Private jets with more facilities like lavatories, full bars, catering, or even a gym will cost more to charter than a private jet with basic facilities.
• Aircraft Age. Aircraft Age is another factor that affects private jet charter costs. Newer private jets typically are more in demand, as they likely have the latest technology and amenities., making them more expensive.
• Billable Flight Time. Billable Flight Time is the amount of time the private jet is in use. A billable flight hour includes flight time, landing, takeoff, and positioning fees. The industry minimum standard for billable flight time is two hours per day.

Additional Fees Affecting Private Jet Charter Cost

While the costs mentioned above comprise the bulk of the private jet charter costs, some additional fees may be included in your private jet rental cost, like airport fees, may apply. Again these fees should be included in your quote.

It’s a good idea to request an itemized quote before booking to see exactly what’s included in the quote. Some of the additional fees can be quite pricey, especially unexpected ones.

• Landing fees are charged by the airport to maintain the runways, terminal and other parts of the facility. Airports determine landing fees based on the size and weight of the plane. Large private jets will pay more than light and midsize jets. On average, landing fees range from $150 to more than $500 per aircraft.
• Ramp and aircraft handling fees are charged by fixed base operators (FBO) to use their private terminals. FBOs offer waiting areas for passengers and crew, fuel, maintenance, and other general aircraft services. These fees range from $100 to more than $500 per aircraft but may be waived with fuel purchases.
• A US Segment fee is a US Government excise tax on air transportation. It is charged per passenger, per segment, or leg, of the flight. A flight segment is the single takeoff and landing of an aircraft. Non-stop flights pay one fee, while indirect flights pay multiple, depending on their flight itinerary. In 2023 the US Segment fee is $4.10 per passenger per segment.
• Federal excise tax on all US domestic flights. The tax rate is 7.5% of the cost of your charter.

How To Fly a Private Charter More Affordably

Empty-leg Flights

Some flight plans require the jet to be flown to its home base or another location without any passengers on board, known as empty legs. To cover some of the costs, some companies may offer empty-leg charters with significant savings, in some cases 75%. However, these flights are often one-way, so keep that in mind when booking.

Individual Seats

If you don’t need an entire plane, consider individual seats on a luxurious jet. In some cases, charter companies may sell individual seats on empty-leg charters. Filling empty, individual seats is another way private jet charters try to cover costs.

Semi-Private Jet Charters

Some of the most luxurious private jets are too big and pricey. If you don’t mind sharing airspace with another party, a semi-private jet charter may make your air travel dreams come true.

Splitting the cost of a private jet saves you money. You still get all the benefits of a private air charter flight, like private terminals, fewer baggage restrictions, and faster security.

Forego Some Luxury

While it would be nice to jet set like Tom Cruise, you may need to scale back on the luxury to keep the private jet charter affordable. Yes, a large private jet with all the bells and whistles may be on your wish list, but does that fit within your travel budget? Be realistic about what you can afford and stick with it.

There are plenty of luxurious yet affordable private jets out there. Remember, the real luxury is time.

See Related: How to Find Cheap Business Class Flights: A Step-by-Step Guide

Best Private Jet Charter Companies

Now if the above breakdown has convinced you to charter a private jet for your travels, here are the top private jet services for you to look into:

How much does it cost to own a Private Jet?

Now let’s get onto the question of ownership. Owning a private jet is expensive, even a small or mid-sized jet. But if our list of private jet pros outweighs your cons, a private jet may be a good investment.

The biggest question about private jet flights is the cost. The most immediate cost is the purchase price, with the cheapest (and I mean cheapest) jets costing about $2 million. And like an automobile, additional costs can be a significant and ongoing piece of the purchasing equation.

With that in mind, purchasing a private jet should not be taken lightly. Thorough research into the buying process and knowledge of all private jet costs, including maintenance and operating costs, should be reviewed before finalizing the purchase.

Owning a private jet is the most expensive option for private air travel, but it offers the most flexibility. Conversely, buying your own private jet equates to managing your own business, as you are responsible for all costs, including private jet maintenance, storage, personnel, regulatory, insurance, and more.

Much like horses or boats, the initial purchase price will seem like a small investment when you realize the everyday costs. Maintenance, storage, staffing, and everything else cost a good chunk of change.

Can I Afford a Private Jet?

Owning a private jet should be viewed as an investment. These questions can help you assess whether buying a private jet makes sense and what size, features, and amenities top your list.

• Number of passengers. How many people will be flying in the private jet? This helps you determine the most appropriate plane size. A family of eight will need a larger aircraft than a family of two.
• Number of flights per year. How often do you plan to use the jet? While there is no golden number, if you average over 300 flight hours annually, buying a private jet may be a smart choice.
• Flight range and distance. Your favorite destinations dictate the aircraft type you should focus on. If most of your flights are quick trips of three hours or less, smaller, light jets may be best. But, if international flights or coast-to-coast domestic flights dominate your flight plans, your shopping should focus on larger private jets.
• New vs. Pre-Owned. Most new private jets will cost more than pre-owned jets. The only real exception is size; a brand-spanking new G6 will be less expensive than a second-hand 747. New jets can be built to suit, so you have a better chance of getting all the features and amenities you want in the private jet.
  But, plenty of pre-owned jets are out there, and while the jet may not be a perfect match, it may meet most of your requirements and fit your budget. If buying new, experts recommend working directly with the manufacturer. Buyers could also check manufacturers’ pre-owned listings or consult an aviation acquisition expert if interested in pre-owned jets.

How Much Does a Private Jet Cost to Buy?

Purchasing a private jet is a significant investment. You can expect to pay from $2 Million for very light jets to well over $100 Million for heavier jets. Remember that the purchase price does not include refurbishing, upgrades, or annual costs to maintain and operate the private plane.

Factors that Affect the Purchase Price of Private Jet

Multiple factors can influence the asking price for private jets.

• Size of Aircraft: Smaller models, like the $2 million Cirrus Vision Jet, are cheaper to buy than larger, long-haul Embraer Legacy 650E, which starts at $25 Million. In general, smaller models cost less to maintain, too, requiring less fuel, smaller crews, and fewer inspections.
• Amenities and Features: Like a car, more basic models with fewer amenities are cheaper than more luxurious jets. Private jets sporting high-demand features and amenities, like private bathrooms, workout areas, and office spaces, will likely fall within a higher price range.
• Age and Condition: Pre-owned private jets likely have more wear and tear. Consequently, they will cost less than a brand-new plane. Nonetheless, while the purchase price may be less, consider upkeep costs and maintenance fees for the used plane.
  Poorly maintained aircraft could quickly rack up high annual maintenance costs. Newer aircraft could also have higher than expected maintenance, as some of the latest, high-tech features cost more to repair and operate.
• Flight Hours and Distance: Pre-owned private jets with high flight miles could require more maintenance and higher upkeep costs than aircraft with lower hours. Distance flown is another factor that can lower the price of a private jet, as they, too, could require more maintenance.

Additional Costs for Whole Private Jet Ownership

Owning a private jet includes additional annual and monthly costs to maintain and operate the plane. Maintenance and Operating Costs are the bulk of the fees you should expect to pay each year to keep your private jet ready for takeoff.

On average, private jet owners can expect to spend between $500,000 to $2 million annually on upkeep. These costs vary depending on the private jet’s type, size, age, and features.

• Upkeep, Repairs, and Maintenance Costs: Any jet is a sophisticated piece of precision engineering that needs constant maintenance. Regular maintenance is crucial to keep your private jet flying safely (or at all). The more bells and whistles the aircraft has, the higher the maintenance fees. Older planes will likely require more frequent maintenance and repairs, increasing out-of-pocket costs.
• Fuel costs: Getting to and from your favorite destinations require fuel. Fuel costs, like auto fuel, fluctuate. Do you think filling up your car is expensive? While aviation fuel (or avgas) is cheaper by the gallon than gasoline, you’ll need a heck of a lot more to fill up your plane – which is a thing you’ll need to do before every flight. The size of the plane greatly affects fuel costs, as a large private jet requires much more fuel than a smaller jet. International flights or longer distances also require more fuel and higher costs.
• Aircraft Insurance: Liability and property insurance for your private jet is highly recommended. Most policies cover repairs and damage to your private jet. Owners may expand the policy to cover any damage caused by their private jet to land properties, like airports or hangars. Additional Accidental Aviation Insurance covers injury or loss of life. Private jet insurance premiums vary by aircraft worth, size, type and frequency, and distance of flights.
• Airplane Hangar: Most aircraft owners buy or rent hangar space to safely park their private jet when not flying. Aircraft type, size, and storage requirements affect the cost, which averages about $30,000 for 200 hours of storage time.
• Inspection and Regulatory Fees: The FAA mandates a re-occurring 100-hour inspection on all aircraft. During the inspection, specialized technicians thoroughly check the entire aircraft to ensure it is airworthy. Any defects or damage undergoes repair, along with routine maintenance, including an oil change. The inspection cost varies based on aircraft type, size, and features, but a few sources say the cost is typically $1,000 or more.
• Pilot and Crew Members: Who is going to fly the damned thing? Who will bring you your G&Ts? These things won’t do themselves, y’know! If you are not a licensed pilot or have a larger plane, you will likely need to hire and manage a pilot and crew members, including flight attendants and mechanics. Their salaries are based on experience, type of plane, flight hours, and technology. Pilot salaries range from $50,000 to $400,000 annually. Aircraft management companies can help you hire crew members.
• Landing Fees: To land your private jet at an airport, you will be charged a landing fee ranging from a couple of dollars to a few thousand dollars. The fee varies by airport and the size and weight of the private jet.

Types of Private Aircraft

Private jets come in all shapes and sizes, with different ranges, capabilities, and price points. Let’s take a peek:

Very Light Private Jets

These are small jets that carry up to five passengers. Their 1,000 nautical mile flight range, which translates to about a three-hour flight, is ideal for quick trips, like a San Francisco to Las Vegas flight.
These are the least expensive jets and do not have room for lavatories, which somewhat spoils some of the allure of private jets if you can’t even tinkle. New planes range from $2 million to nearly $5 million.

The Cirrus Vision Jet SF50 and Embraer Phenom 100EV are examples of very light jets. These are the best options for folks who want to pilot the jet themselves.

See Related: Must-try Fighter Jet Experiences

Light Private Jets

These are another type of small jet that can hold up to six passengers. Their flight range is 2,000 nautical miles, twice that of very light jets.

They have roomier interiors and commonly have lavatories onboard. They cost $5-10 million to purchase new. The Embraer Phenom 300E and Cessna Citation CJ3+ are popular light jets.

Medium/Midsize Private Jets

This category is often considered the quintessential and most versatile type of private jet; most are usually well-equipped with amenities. They can hold between nine and 12 passengers depending on the interior configuration. Their transatlantic range of about 3,000 nautical miles makes them a great choice for international travel, but they can also be used for bicoastal domestic flights.

Their reasonable size allows them access to some smaller airports. Their price tag for a new jet ranges from $10 million to $20 million. Cessna Citation Sovereign+ and Embraer Praetor 500 are popular midsize jets.

Large Private Jets

These are the most luxurious, hence the most expensive jets outside private airliners. They can comfortably accommodate 12 to 19 passengers with a range of 3,000 to 7,500 nautical miles. Because of their size, they have room for some incredible amenities, like showers, office space, cinemas, and luxury bedrooms.

Their long flight range makes inter-continental flights a breeze. New planes like Bombardier Globals and the smaller Airbuses can cost upwards of $20 million. Still, depending on your setup, these can easily cost over $100 million and are most commonly owned by businesses – maybe even your business.

Private Airliners

Reserved for the most wealthy, purchasing an airliner as a private jet is possible. It is exceedingly rare to buy one of these brand new, even if you’re a literal billionaire, and they are normally in the hundreds of millions price range.
That said, if you’re in that bracket, you can kit out this flying house as you see fit. If you’ve ever thought about going to the gym or tinkering on your car in a workshop at 10,000 feet, now’s your chance! Again, these are mostly owned by businesses, but even Drake got his hands on one, so y’know…

Final Thoughts

Top-tier attractive benefits of private air travel is sidestepping chaotic airports and avoiding overcrowded commercial airlines. Private jets fly out of smaller, private terminals, no waiting in long security lines or arriving hours before takeoff. While owning a private jet may not be in your future, flying like royalty may be.

FAQs

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