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How much would it cost to own a private jet?

November 22nd, 2012 . by Clark Scott

Purchasing, maintenance, flying costs, etc.

All depends on what "Private Jet" you own. Lets start with a Gulfstream G550 (which congress wants to buy several of) They start at 40mil US and range up to 70mil!

Now to run the thing there are both fixed and variable costs.
"Variable operating costs (Fuel, Maint, Trip expenses) are around $2,300.00 per hour while overall ownership expenses (including maintenance, storage, crew costs and insurance) could be around $600,000 per year.
This does not include costs for periodic maintenance procedures such as $1,000,000.00 for an engine rebuild, $ 200,000.00 for a paint job or $300,000.00 if you want your interior refitted." (This is from both Wikipedia and Gulfstream sites)

Now suppose you want a smaller jet like the Cessna Mustang VLJ the buy in is less as well as fuel etc. They start at 1.75Mil US and only around 1200/hr to operate.

Want an OLD Jet like a 1970′s Citation, you can find some good ones under 1mil in fact some around 300-500K (but be careful they may need an engine overhaul at about 250,000-300,000 and they have two of those! Expect to also repaint for around 70K-100K and renew the interior also around 60-90K and expect some other "repairs". )
They still use about the same fuel as new aircraft and cost more to maintain since they are older. Hangar rent and pilots expenses are still the same etc etc.

It is not inexpensive to own a private jet of any size.

8 Responses to “How much would it cost to own a private jet?”

  1. comment number 1 by: Steven

    You are looking at about $500,000+
    References :

  2. comment number 2 by: Bob S

    I was always told if you have to ask, you can’t afford it!
    References :

  3. comment number 3 by: Patrick

    Private jet? As in a turbine aircraft? I wouldn’t expect you to spend less than $1 million between initial purchase and annuals and overhauls and fuel. That is, if you buy flat-out. It’d be much cheaper, and is a more popular choice, to buy a fractional ownership of a jet, and from there work out a schedule amongst all the people who bought a "piece" of that plane.
    References :

  4. comment number 4 by: JetDoc

    Even a small corporate jet will cost several million dollars (US) to buy, and $1000 or more per hour to fly. Depending on how many hours it flies every month, safety inspections, maintenance, crew salaries etc equal several thousand dollars more.

    In other words… More than you have in your piggy bank.
    References :

  5. comment number 5 by: Steve D

    Most private jets are leased, not purchased. Either way, all of the costs involved with having and using a jet aircraft are very high. There’s an old saying that if you have to ask how much it costs, you probably can’t afford it.
    References :

  6. comment number 6 by: Aerostar

    Exact amount varies among jets. For one thats worth owning (used) about $ 1,000,000 to buy and $800 per flight hour (low end) to operate, including fuel, maintenance reserve. New ones are $ 3M and up.
    References :

  7. comment number 7 by: Tracy L

    All depends on what "Private Jet" you own. Lets start with a Gulfstream G550 (which congress wants to buy several of) They start at 40mil US and range up to 70mil!

    Now to run the thing there are both fixed and variable costs.
    "Variable operating costs (Fuel, Maint, Trip expenses) are around $2,300.00 per hour while overall ownership expenses (including maintenance, storage, crew costs and insurance) could be around $600,000 per year.
    This does not include costs for periodic maintenance procedures such as $1,000,000.00 for an engine rebuild, $ 200,000.00 for a paint job or $300,000.00 if you want your interior refitted." (This is from both Wikipedia and Gulfstream sites)

    Now suppose you want a smaller jet like the Cessna Mustang VLJ the buy in is less as well as fuel etc. They start at 1.75Mil US and only around 1200/hr to operate.

    Want an OLD Jet like a 1970′s Citation, you can find some good ones under 1mil in fact some around 300-500K (but be careful they may need an engine overhaul at about 250,000-300,000 and they have two of those! Expect to also repaint for around 70K-100K and renew the interior also around 60-90K and expect some other "repairs". )
    They still use about the same fuel as new aircraft and cost more to maintain since they are older. Hangar rent and pilots expenses are still the same etc etc.

    It is not inexpensive to own a private jet of any size.
    References :
    Years of appraisals – TL

  8. comment number 8 by: Ron

    The price of a private jet wil vary depending apon the year, make ,model, total hours, and how bad the current owner need to sell the aircraft – just like buying a car. I work as a mechanic for a company the buys and sells aircraft. This past October, the company purchased 2 Hawker 700s for $800,000.. in turn sold one of those in December for $675,000. Right now it is a buyers market just like in the housing market. The econimy has dictated the oversized luxury items need to be liquidated. You can find Repo’d aircraft out there for a steal. There are many web sites out there showing aircraft that are for sale world wide. But depending apon the factors stated above, you can find one on the market for $2 – 300,000 on up to what you can pay cash for or finance.
    References :

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