How Rich Should You Be to Own a Private Jet? | The average commercial flight has 100 passengers, while the average private jet is 4.12. Not only do private jets offer you more space and convenience, but they also offer the fastest turnaround time and the most luxurious mode of transportation.
When owning a private jet, the U.S. is the country with the highest percentage of people owning one. In fact, half of the private jets worldwide are owned by Americans.
Want to learn more about how much it costs to own a private jet and its benefits? Keep reading.
Cost to Own a Private Jet
Have you ever wondered how much does it cost to own a private jet? The price to own a private jet varies depending on the size, range, make, and capacity of the jet you are purchasing.
On average, however, to own a private jet, you need around $2 – $100 million. In addition to the price of the jet itself, owning a private jet comes with additional costs. Keep reading to learn more.
Cost to Own and Operate a Private Jet
While the sticker price of the jet may seem high, many additional costs come along when you own a private jet.
When you charter a jet, you are not responsible for ongoing expenses, but when you own a private jet, you have to pay for the following:
Customization
When you own a private jet, you can customize the interior of your plane. Whether you choose to make minimal changes or want a total to revamp, the costs are entirely your responsibility.
Crew
When owning a private jet, you need to have a crew to take you from point A to point B. This includes a pilot and onboard crew members. The total costs of the crew depend on how many hours you fly, the total number of your crew, and the salaries of your crew.
Maintenance
You must prepare for wear and tear when you own a private jet. You must be ready to pay for the general maintenance and unexpected repairs that you will inevitably face.
The maintenance costs for private jets depend on the jet model and the repairs needed. However, it is best to prepare early since fixing private jets is costly. In fact, a cracked window can cost you upwards of $10,000.
Jet Fuel
One of the most expensive aspects when you own a private jet is paying for the fuel. Jet fuel is currently priced around $2.25 – $5.50 per gallon and private jets go through fuel quickly.
If you fly for 300 hours a year, your jet fuel bill will surpass $256,000.
Hangar Fees
When you own a private jet, it is necessary to store the jet when not in use. Buying or renting space in an airport hangar is the most popular option but will cost you an additional $3,000 a month on average.
Benefits of Owning a Private Jet
There are numerous benefits beyond traveling in style to owning a private jet. Some of the top benefits include:
- Privacy
- Security
- Comfort
- Control over your schedule
- No long TSA lines
- Arrive at your destination faster
- No baggage claim
- Travel with pets
- Space
There are even more benefits that come along when you own a private jet. For example, you fly to private airports that provide the highest levels of attention and service.
Start Flying in Luxury Today
While thinking about if you should own a private jet, it’s a no-brainer if you love to travel. Stop flying commercial, and start flying in luxury today!
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