Flying High: What Is the Real Cost of Owning a Private Jet?

Flying High: What Is the Real Cost of Owning a Private Jet?

Your commute to and from work is the worst part of your day. The traffic feels like it stops dead for a decade!

As you sit on the highway waiting for the car in front of you, you think to yourself “what if I could bypass all this traffic? What if you got a private jet?

But, the cost of owning a private jet could shock you. Studies show that the average net worth of private jet owners is 1.5 Billion! Keep reading to learn about the real cost of having your own jet.

Upfront Cost

The first (and most obvious) cost is the upfront cost that you pay the company that sells the jet. The price of your jet depends on the age, make, and model of the plane. Adding upgrades or add ons will also hike up the price.

For a brand new G450, you can expect to shell out anywhere between $38 and $43 million! But, for a similar model that comes pre-owned, the sticker price looks more like $14 million to $35 million.

Hangar Fees

Do you happen to have a covered area large enough to store your jet at home? No? Then you need to pay someone to store your jet when it’s not in the air!

To house your jet at a smaller private airport like the one signature tailwins uses, expect to pay somewhere around $81,000 per year to store your jet. If you want to keep it at a major airport, that annual cost balloons to upwards of $160,000!

The Maintenance and Operating Cost of Owning a Private Jet

It costs money to use your jet too! Depending on the kind of jet you have and the amenities you want, you might find that flying your jet is more expensive than you thought!

Some of the things you might need to pay for are crew/pilot salaries, fuel, navigation, and computer maintenance/services to name a few. One owner estimated his cost to run his Gulfstream G450 about 423 hours a year cost him about $4 million!

Why Fly First Class When You Can Own the Plane?

Even if you can afford to pay the sticker price on a jet, there are many other financial aspects of owning a jet to consider. If you feel like you aren’t quite there, consider joining a fractional ownership program. Those programs act like a timeshare for a private jet.

If you find yourself traveling often for work or play, and you prefer the comfort and luxury of traveling in style, you can’t beat the VIP feeling of flying in a private jet! If you travel often enough on first-class flights, you might find that owning a private jet is cheaper in some cases!

We hope you enjoyed reading this article and that you learned a few things about the real cost of owning a private jet. If you’re looking for more great articles about travel, tours, and vacations, check out the rest of our blog today!

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