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Private jet ownership and maintenance. Private aircraft ownership is on the rise. But owning a private jet comes with a list of concerns for safety and maintenance. By understanding these concerns, you can effectively plan and make decisions to mitigate these risks and costs.
Freemium did a survey which showed that more than half of the respondents would like to own an airplane. The general public does not have much of a grasp on the cost of ownership and maintenance of private aircraft. Not surprisingly, many people are surprised by the cost.
With so many private jets available and in service, it could be tough to know which jet is good for you from John Travolta’s Challenger 601 to Oprah Winfrey’s Dassault Falcon 900 to Michael Jordan’s Gulfstream III to Tiger Woods’ Dassault Falcon 2000.
Most people will probably agree that these are all very good jets for those who can afford them but are not at the same time intended for every flier to have.
It is said that one of the biggest advantages of private jet ownership is that you can fly virtually anywhere in the world while seated in your own luxurious surroundings. But there is a lot more too it than that.
Flying a private jet can add a lot of value to your business. Whether it’s for day-to-day business travel or just an occasional weekend getaway, adding a jet to your stable of assets can make traveling less of a hassle and more enjoyable.
In this article, I’ll outline the basics of private jet ownership and maintenance and demystify the process. Private jet ownership and maintenance is an industry with no shortage of myths, intentional misinformation and downright fabrications.
You’ve probably encountered many of them at this point things like “private jet pilots are all millionaires” or “all you need to do is buy a jet card and you can fly private whenever you want.” Of course, none of these statements has any truth to them.
Points to have in mind
- Private jet ownership and maintenance
- What is the cost of owning a private jet?
- What is the cost of maintening a private jet
- Pilots, flight attendants and ground crew salaries
- Cost of renting an aircraft hangar
- Cost of owning an aircraft hangar
- Overall cost of owning a private jet per year
Private jet ownership and maintenance
Private jet ownership and maintenance is a complicated and expensive proposition. The average cost of private jet ownership is $3.5 million, and the maintenance costs can be as high as $500,000 per year.
In addition to these upfront costs, there are ongoing costs such as fuel, hangar fees and crew salaries that must be factored into the equation. Private jets are not cheap toys for the rich they are serious business tools that allow their owners to get where they need to go quickly and efficiently.
Private jets are not just for celebrities or billionaires, however; companies also own private jets for business use. These aircraft provide a way for executives to travel between cities without having to deal with commercial airlines.
Which often have long lines at security checkpoints or passengers who cannot find space in overhead bins for their carry-on luggage. Private jets have made it possible for many corporations to operate internationally without the hassle of connecting flights and dealing with airport delays.
The increased efficiency of private jets has helped some companies reduce their carbon footprints by reducing emissions from commercial flights and by reducing fuel consumption per mile traveled by up to 85 percent compared to commercial flights.
Private jets have made it possible for many corporations to operate internationally without the hassle of connecting flights and dealing with airport delays.
The increased efficiency of private jets has helped some companies reduce their carbon footprints by reducing emissions from commercial flights and by reducing fuel consumption per mile traveled by up to 85 percent compared to commercial flights.
The most popular types of private jets are turboprop aircraft, which can carry between six and 10 passengers; light jets, which can carry between two and nine passengers; and large jets, which can carry between 10 and 19 passengers.
The most popular models of turboprop aircraft include the Beechcraft King Air 350i, the Cessna Citation Mustang, the Embraer Phenom 100E and the Hawker 400XP. Light jets are usually single-engine aircraft that have a maximum takeoff weight of less than 12,500 pounds (5,670 kilograms).
They are typically used for shorter flights within North America or Europe. Popular light jet models include the Embraer Phenom 300E, the Gulfstream G200/300/350/400/450/500 series and the Cessna Citation CJ1+/CJ2+.
Large jets are typically twin-engine aircraft with a maximum takeoff weight over 12,500 pounds (5,700 kg). Aircraft in this class include the Learjet 60, Bombardier Global Express and Gulfstream IV. These planes can carry eight to 10 passengers and have a range of 3,200 to 5,400 nautical miles (6,000 to 9,800 km).
Private jet ownership requires a significant investment in time and money. For example, operating costs for a Learjet 60 can be $7 per hour or more. A typical flight might cost $10,000 or more per hour.
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What is the cost of owning a private jet?
The cost of owning a private jet is a very personal decision. The purchase price of a jet can vary widely depending on the number of options and customization that you choose. Here are some examples:
A new Falcon 2000LX is priced at $31.2 million. However, this price does not include any additional options or upgrades that you may want to add. For example, if you want a custom interior with leather seats, it will cost you an additional $4 million.
If you want more fuel tanks and range for long flights, it will cost another $1 million. If you want to upgrade the engines from GE CF34s to Honeywell TPE331s (the same engines used on the B787), it will cost another $3 million-$4 million dollars more!
So all told, if you have the budget to buy a brand new private jet and do not mind paying for extras or upgrading components, then this aircraft could cost anywhere from $36 million-$47 million depending on what options and upgrades are available to you at the time of purchase.
The other option is buying an older model used private jet (last year’s model). For example: A Falcon 50EX was sold last year for $9 million but did not include any avionics, engines or interior upgrades.
The owner then spent another $2 million to upgrade the interior and avionics. This means the total cost of ownership was $12 million. The price of owning a private jet depends on which type of aircraft you choose, how much you pay for it, where you buy it and how much you upgrade it.
Private jets are expensive to buy and operate. The average cost per hour of flight for a private jet is $1,750. This includes the cost of buying the aircraft, maintenance and operating it.
For example, buying a new Gulfstream G650 costs around $65 million up front (not including upgrades), while buying a used one costs about half as much. However, if you want to buy a used GIV or GV, these are much cheaper to purchase and operate because they have lower fuel consumption than the newer models.
When calculating the total cost of owning a private jet, include:
The cost of purchasing the plane
Maintenance costs
Fuel costs (including landing fees)
Crew expenses (for every flight)
According to aviation consultant Kit Darby, “For most individuals who want private jet service, the cost is between $1-2 million per year. This includes all of the fixed expenses:
ownership (lease or purchase), insurance, hangar rent or mortgage payments, maintenance and depreciation charges for the aircraft itself as well as crew salaries and related expenses such as health insurance and 401K contributions for each employee.”
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What is the cost of maintening a private jet
The cost of maintaining a private jet varies widely, depending on the size and age of the aircraft, as well as how much time you spend flying it. The average cost of maintenance for a small jet is $1,000 to $3,000 per hour; for larger jets, it’s $2,000 to $5,000 per hour, according to Aviation Pros.
The costs include fuel, salaries and benefits for pilots and crew members (including pilots’ salaries), supplies such as oil filters or tires and replacement parts. In addition to these costs, there are taxes and fees that vary by state. For example, California charges an excise tax of 6% on all purchases related to aviation services.
The total cost of owning a jet depends on how much use it gets and how much you fly it. If you only fly your jet once a month, for example, the annual cost could be $300,000 or more. If you use it multiple times per week for long-distance travel, expect to spend closer to $500,000 per year.
Fuel costs vary depending on the type of aircraft and its size, but in general it costs about $1 per mile to operate a private jet. This means that a short flight from New York to Los Angeles will cost about $4,000, while a long-haul flight from New York to London could cost up to $20,000.
Maintenance costs include inspection fees and repairs. If you own your own plane, you’ll have to pay for these costs out of your own pocket. However, if you lease your plane from a company like NetJets or Flexjet, they will cover all maintenance costs as part of their service agreement with their customers.
Private jet owners also have to consider the costs associated with maintenance and equipment replacements. These items can cost anywhere from thousands of dollars to hundreds of thousands of dollars every year depending on how often they need to be replaced.
The most expensive part of owning a private jet is the monthly storage fee. This fee covers the cost of keeping the plane at an airport 24/7, including security staff and maintenance crews who are available around-the-clock. The average monthly storage fee for a small jet is $7,500 per month; for a mid-size or larger jet it could be as much as $20,000 per month.
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Pilots, flight attendants and ground crew salaries
Private jets are an important part of the aviation industry. It is also an important source of income for many people. When a private jet owner buys a plane, he/she should know that there are many aspects involved in operating one successfully.
There are many expenses associated with owning a private jet including maintenance and repair costs, pilot’s salary and flight attendant’s salary. The cost of owning a private jet can be very high especially if you do not do proper research about it before buying one.
This is because there are many things that you should consider before making your purchase decision such as: Pilot’s salary: Private pilots usually get paid based on the number of hours they fly; they earn more if they fly more hours per year.
Average pilot’s salary ranges from $50,000 to $100,000 depending on their experience level and type of aircraft they fly. For example, if you have been flying for over 20 years then your salary will be higher than someone who has just started flying recently.
Flight attendant’s salaries: Flight attendants receive their salaries based on the number of hours they work during a flight; they get paid according to the hourly rate of their airline. For example, if they work for a private jet operator that charges $10,000 an hour, they would earn $10,000 an hour plus any tips or gratuity left by their clients.
Pilot’s salary: Private jet pilots typically make between $100,000 and $300,000 per year. The average annual salary of a commercial airline pilot is about $120,000, but this amount can increase significantly depending on how many years of experience the pilot has and where he or she flies for work.
Flight attendant salaries: A flight attendant earns between $30 and $50 per trip from passengers who tip at least 10% of their ticket price (sometimes more). Some also receive free travel as part of their compensation package in exchange for working as flight attendants for private jets.
Ground crew salaries: The ground crew is paid hourly wages by the company they work for; however, some companies may offer incentives such as bonuses or profit sharing plans.
Read more article: How much does it cost to buy a private jet?
Cost of renting an aircraft hangar
The cost of renting an aircraft hangar is dependent on several factors, including the size of the hangar, the location and number of doors, and whether it has heat or air conditioning. The average cost for renting an aircraft hangar is about $4 per square foot per year.
The average size of a large airport hangar is about 1,000 square feet. This size hangar costs about $40,000 per year to rent. A small airport hangar is about 300 square feet and costs about $12,000 per year to rent.
The average cost for renting an aircraft hangar with heat is $6 per square foot per year, while the average cost for renting an aircraft hangar without heat is $4 per square foot per year.
Aircraft hangars are typically located at airports where they can be accessed by larger aircraft such as jets or helicopters.
They may have multiple entrances and exits so that people can easily enter and exit their vehicles without disrupting others’ operations. The doors may be manually operated or automated so that they are easy to open when necessary.
Some hangars have been designed to accommodate smaller aircraft, such as propeller-driven planes, while others have been built specifically for helicopters or other types of vehicles with rotors instead of wings.
Some hangars are even big enough to house several cars or trucks at once so that owners don’t have to move them in and out every time they use them.
Some facilities charge a flat rate for all vehicles regardless of their size or weight. Others charge by weight or by length. Some facilities also offer discounts if you rent multiple hangars at one time.
In general, the average cost of renting an aircraft hangar will depend on the following factors:
Airport location – The closer you are to an airport, the more expensive it will be because it will be easier for you to drive there with your car or truck; however, if you have to fly all the way across country just to get there, then this could end up costing more money than expected!
Size – The size of your vehicle can affect how much it costs to rent an aircraft hangar because some facilities charge by length or width instead of just by weight alone; however, most facilities charge both ways so that they can accommodate as many different types of vehicles as possible without having to worry about the size of the car itself.
Length – The length of a plane is usually the determining factor when it comes to renting an aircraft hangar. Most facilities have different sizes available for rent, including small and large hangars. They also have various lengths available for each type of hangar so that you can find exactly what you need for your plane.
Width – Some facilities charge based on your vehicle’s width instead of its length. This is especially true if you’re only parking one single car in an aircraft hangar; however, if you’re parking more than one car at once then it may not matter whether or not this is the case since there will be more space between them anyway.
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Cost of owning an aircraft hangar
The cost of owning an aircraft hangar can vary greatly depending on the type of hangar and its location. Here are a few considerations to keep in mind when calculating the costs of owning and operating a hangar:
Hangar size: The larger the hangar, the more expensive it will be to own and operate. For example, a 1,000-square-foot hangar with 8-foot doors will cost $1,400 per month in rent. A 2,000-square-foot hangar with 12-foot doors would cost $2,600 per month in rent.
That’s more than double the cost of renting a smaller unit! Location: Many airports charge higher fees for hangars located farther away from the main terminal area.
This is due to additional costs incurred by airport staff who must travel farther to service your unit during inclement weather conditions or other emergencies such as plane crashes or fires at nearby hangars.
In addition to these charges, you may also have to pay for parking permits if your hangar is located outside the perimeter fence of an airport property.
Maintenance: Hangar owners are responsible for keeping their own units clean and safe from hazards such as falling wires or loose parts on planes that could cause injury or damage to other aircrafts parked nearby in your hangar.
Insurance: Hangar owners must purchase insurance coverage for their hangar, which can cost anywhere from $2,000 to $20,000 annually depending on the size of your unit and the type of aircrafts kept there.
Taxes: If you own an airplane hangar, you will still have to pay property taxes on the space even if it isn’t being used for business purposes.
The amount of property tax you’ll pay depends on how much land is owned by your business and how much is used for non-commercial purposes like parking planes or storing them away from prying eyes.
Utilities: Hangar owners are responsible for all utilities including electricity, HVAC and water. These costs can vary greatly depending on where your hangar is located in relation to your home base airport. Commercial facilities usually have fixed rates based on usage and location that are included in your monthly rent payment.
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Overall cost of owning a private jet per year
The overall cost of owning a private jet per year depends on the type of aircraft you choose and how much you fly. It can range from $1 million to $10 million.
The average cost of flying a light jet (under 12,500 pounds) is around $3,900 an hour, according to data from the Aircraft Owners and Pilots Association (AOPA). That’s about $100 an hour for fuel alone. You’ll also need to pay for maintenance and other expenses.
Flying an ultra-long-range jet like the Gulfstream G650 or Global 6000 costs between $5,000 and $6,000 per hour and that doesn’t include fuel costs.
The longest flight time possible in one of these planes is just over 15 hours, so it’s unlikely anyone would ever spend that much time in the air unless they were flying nonstop from New York to Tokyo without stopping along the way.
Private jets are expensive because they’re designed for luxury rather than comfort. Even though there’s no difference between flying first class or business class on a commercial airline when it comes to legroom and amenities such as food service or in-flight entertainment.
private jets are designed with every possible luxury in mind from the finest food and wine to state-of-the-art entertainment systems and luxurious seating.
But how much does it really cost to own a private jet? The short answer is that it depends on several factors:
How much you use it? If you fly once or twice a year, then owning your own jet will likely be cheaper than chartering one but if you fly more often, you’ll have to consider whether it’s worth owning a jet that sits idle most of the year.
How long do you expect to keep it? Some aircraft depreciate faster than others, so if you’re looking at older models especially those manufactured during the 1970s or 1980s expect them to be less expensive than new ones. Meanwhile, newer jets can cost millions more than older models because they’re newer models.
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Final thought
Buying a private jet is not just the privilege of the wealthy. Anyone who has sufficient cash flow and can utilize the advantages of private jet travel can make it happen.
While there are significant upfront costs that should not be overlooked, the long-term benefits translate into serious cash savings over time.
With savvy financial planning, every jet owner can realistically expect to recoup their initial investment during the second or third year following purchase. The rest is pure profit.
It is not only the cost of buying your own private jet that adds up but there are many other costs that you need to consider as well.
The chart above provides an overview of the approximate yearly expenses involved with owning a private jet; there are some exceptions, so we recommend researching private jets and speaking to various brokers or individuals before making any decisions.
A private jet offers travelers a safe and enjoyable way of traveling from place to place. With advances in satellite technology, weather forecasting, navigation equipment and engine technology, the risks of flying a private plane have decreased.
Ownership is never a bad investment if you can afford to buy it upfront. The three costs of purchasing a private plane include the taxes, maintenance and fuel costs.
In the end, it is possible to save money while still owning your own private jet. It’s up to you to decide if it’s worth it or not, but a little research and careful planning can go a long way towards making your dreams of private jet ownership a reality.
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Joseph Benson
Hi, I am Joseph Benson the CEO of Trullyreview, welcome to your number one source for all things aircraft. I am the designer of Benson B1 Helicopter.
