Private Jet Cost and Ownership

Abby Hill
October 16, 2023
Fact checked by
Narayan

Among the most extravagant, costly forms of transport available is the private jet. In many cases, these costs can be justified by the returns. Fly privately, and you’ll get more of your valuable time back, and you’ll be able to enjoy a more comfortable, stress-free experience.

If you’re Bill Gates, for example, then your time is extremely valuable – to the point that the process of going through a standard passenger flight isn’t just galling, but financially counterproductive. In these cases, the case for going personal is difficult to dispute.

Since most private jet passengers don’t command quite this level of wealth, it’s worth thinking about the various options available and which form of independent air travel makes the best match with your needs.

Let’s see if we can break down some of the expenses and see how they might be avoided.

Purchase and Operating Costs

The cost of a private jet can vary fairly substantially. You might pay anything from two million to a hundred million dollars to purchase it. Then, you might contend with ongoing expenses. You’ll need to fuel, maintain, and store – and pay to keep it crewed, too. All of these costs, naturally, can add up quickly, especially if it is sitting idle for much of the year. Secondhand ones are also available in the market, which is way cheaper but still cost millions of dollars.

Airbus A380, the most expensive private jet, is owned by Saudi Prince Al-Waleed bin Talal and costs around $500. As such, only very wealthy individuals and organizations looking to keep very important people happy can justify the outlay.

Shared and Fractional Ownership

What if you could split the cost of flying with a few other people? Obviously, your costs will go down substantially. You might share the aircraft with one other person or with twenty of them. The downside is that you won’t have exclusive rights to the plane at every time. You’ll reserve your hours in advance. If you don’t intend to fly frequently, this might be a tempting option.

Fractional jet ownership is another term for the same practice. For best results, you’ll want to research the provider thoroughly before you commit.

Jet Cards and Memberships

You can think of a jet card as a scheme that will allow you to prepay for flights at a pre-agreed rate, with availability guaranteed. The membership card offers you full access to an aircraft according to your location and date. You must abide by conditions and deadlines and pay a mandatory membership fee. Unlike fractional ownership, which offers the highest level of control and flexibility, these cards do not have that much to offer. But here, you are free from the capital risks related to proprietorship and maintenance.

The advantage here is that you can book and re-book while keeping the same rate. Take an example of Wheels Up, a private aviation based in the United States that provides its members access to aircraft up to 365 days and, as they say and I quote, “with as little as 72 hours’ notice”.

Chartering

Chartering means that you don’t need to own the jet. You’re just renting it for a limited time. If you don’t want the commitment and hassle that comes with outright ownership, then chartering might represent the flexibility that you’re looking for. It grants individuals to enjoy the same benefits same as a private one on a trip-per basis. The range to charter an aircraft depends on various factors like US segment fees, ramp and handling fees, category, and type. The price of the same can range from $2,000- $11,000 per flight hour.

Flexjet, currently owned by Directional Aviation, provides the facility that covers service areas from the Continental US to North and Central America, Bermuda, and the Caribbean. They deliver you three options, which can be customized as per your needs. You can download the comparative Private Aviation Guide from their website.

By Mackenzie Laidlaw