Interesting video about the private jet cost
How much does owning a private jet cost? Here’s an insightful video about the real maintenance costs of a private jet. If you are in a hurry and don’t want to watch the 6+ minute video, you can scroll down below and take advantage of the video transcription.
This way you’ll find out all the information about the private jet cost more quickly:
The REAL Private Jet Cost
If you’ve ever found yourself in a middle seat on a cross-country flight fighting tooth and nail with the sick person beside you for the armrest, then you know what a pain it is to fly commercial…
Sure you end up where you’re going if you’re lucky but do you actually enjoy the journey sitting all the way back in 42E?
For some, flying is a luxurious experience you can sail high above the clouds in a plush leather seat, making conference calls and whisking yourself off to an exotic destination. If you have a private jet that is.
Private Jet Cost Vs. Commercial Flights Cost
A private jet is one of the first investments I truly made once I made a name for myself and I can happily say I don’t regret it! I haven’t fought over an armrest or a bag of peanuts in years but I can’t deny there are a few drawbacks a few very very large financial drawbacks.
Today we’re going to take a look at how much it truly costs to own a private jet.
I’ll even include how much it costs yearly to fly and maintain the private jets that I own, so what exactly do you have to do to maintain a private jet once you buy the actual plane.
Private Jet Cost – All Fees & Expenses
Private jets aren’t a one and done situation. You have to pay for every takeoff, every landing, every bag of peanuts and bottle of wine… Then there are rent fees you have to pay whenever your plane has a layover. There are landing fees which vary from 100 to 500 bucks where you have to pay for every single landing your plane makes. There also hangar fees which cover the cost of parking your plane in a hangar.
After all if you’ve spent 100 million dollars on your plane… chances are you’re not going to want it sitting out in the rain. On average, hangar fees land around 81 thousand dollars per year. If you want your plane parked and ready to go at an airport like LAX they charge up to $12,000 per month adding up to a staggering 144 thousand dollars per year.
Private Jet Cost: Insurances
Of course flying is considered a rather dangerous endeavor so you’ll need insurance and not just one kind. Whole insurance which covers damage to the plane and all of its systems runs around $34,000 per year.
On top of that, if you’re the owner of the jet, you’ll need single liability insurance which tacks on another fund fee of 12 and a half thousand dollars.
Private Jet Cost: Fuel
That’s not even mentioning fuel costs which vary from plane to plane but can cost as much as $53,000for a single fill.
If you’re keeping track so far, our expenses are steadily climbing to a fairly high altitude.
Private Jet Cost: The Crew
Now sure the plane is important, but unless you’re a pilot you’re going to need a crew and you’re going to have to shell out quite a bit of money to keep them around. On average you can expect to pay about $250,000 per year for a pilot copilot and two flight attendants.
You have to pay overnight fees for your crew, which include launching, transportation, and food. If you’re planning on staying at a destination for a while you can send your crew back to your home base that’ll cost you repositioning fee.
Private Jet Cost: Repairs
On top of all these and necessary fees there are a few random out layers that go with operating such a complex piece of machinery.
If you’re flying from Quebec to Florida in the middle of December, looking to escape to a warmer climate you’ll have to pay a de-icing fee before your wheels hop off the tarmac.
If something goes wrong with your jets you can look at paying as much as $60,000 for a new windshield or $80,000 for a new tire.
In other words, cross your fingers and hope that you’re flying from a warm destination to a warm destination with no repairs in store.
Now let’s get down into the nitty-gritty…
Private Jet Cost: The price difference between aircrafts
The most common private jet in the world is this Cessna Citation XLS, a small firecracker of a jet they can seat eight people along with four crew members. The Cessna is a bit dated, but it’s often upgraded and fitted with all new tech and luxurious touches. Buying an updated Cessna will cost you around $14 million.
If you want to buy a 10 year old basic model, it’ll run you about $4 million.
If you’re flying around 200 hours per year that’s enough to jet from LA to London about 15 times…
It’ll cost you around $850,000 to maintain the plane that rounds out to about ten dollars and 15 cents per mile but maybe you want something a little nicer than an old Cessna Citation XLS.
Maybe you want something luxurious like the Gulfstream 650…
I can’t say enough about this plane which is actually the one I decided to purchase years ago.
This jet has a lounge area with a sofa and a flat-screen television that pops out of a credenza.
The credenza also has an added bonus: a wine cabinet where chilled bubbly awaits! In my case it’s normally a nice white wine.
There’s also a dining room and a private state room where a couch folds out into a double sized bed.
For being 30,000 feet above the ground the bed is fairly comfortable and I’ve had my fair share of nights in the mile-high club.
I have many lovely memories on my Gulfstream g650 but that hasn’t come without investing a fair share of my money into it.
It costs about $1.6 million a year to operate the Gulfstream to fly 200 hours per year which is around my average.
The fuel alone costs almost a $500,000.
When you factor in how much the plane cost of purchase in the first place, around $65.5 millions, you’re talking about a lot of money.
Private Jet Rental Cost
Of course don’t have to buy a plane, you can charter one instead.
Before I took the plunge and bought my Gulfstream, I was chartering jets almost every other weekend and it doesn’t come cheap.
If you’re chartering a small plane you can expect to pay between $2000 to $3000 per hour.
The Cessna Citation, which is considered a mid-sized plane, costs around $9,500 per hour, but the Gulfstream will cost you around $13,000 per hour.
If you’re flying from New York to London every week you’re going to be racking up some pretty hefty chartering rates.
All in all the world of private jets is an exciting, enticing, luxurious and downright expensive one.
What do you think of the costs of owning and operating private jets ?
Would you prefer to buy?
Alright, let me know in the comments down below.
As always thanks for watching if you enjoy the video make sure to leave a like and subscribe –
Mr. Luxury, Pip-pip da doodly-doo!
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