You may be considering getting your own private jet. You might wish to travel in elegance because you’re sick of dealing with commercial airlines and their constant delays. Whatever your motivations, one of the most crucial things to take into account is the expense of owning and operating your own aircraft.
Let’s start by discussing the cost of the original purchase of a private jet. You could be looking at anywhere from a few million to tens of millions of dollars, depending on the size and model of the jet. But that’s only the start. Once you have the plane, you are responsible for its upkeep, fuel, and crew costs.
Private Jet Maintenance
An expensive expense may be maintenance. Regular inspections of the jet are required, and any improvements or repairs might can add up rapidly. Some estimates place the annual maintenance expenses between $200,000 and $700,000.
Another substantial price is fuel. Depending on your region and other conditions, the price of aviation gasoline can range from $4 to $8 per gallon. An average private jet consumes 150 gallons per hour, so the fuel expense alone for a three-hour voyage might range from $1,800 to $3,600.
The crew should not be overlooked. You must employ a pilot, a co-pilot, and any other crew members you may require, such as a flight attendant. The average annual compensation for a business pilot is approximately $110,000, according to the National Business Aviation Association. Pilot salaries can vary greatly depending on experience and other criteria.
How much does it all total then? A medium private jet’s annual running expenses are estimated by Forbes to be over $3 million. That amount may easily double or triple with a bigger jet.
These prices are just estimates, so your actual costs will vary depending on a number of variables. Owning and running a private plane, however, is an expensive undertaking. If you’re thinking about making the leap, make sure you do your homework and are aware of all the charges.
Additionally, there are still other possibilities, such as chartering or enrolling in a jet-sharing program, if you’re not quite ready to fork over millions for your very own plane. Regardless of your decision, safe travels!