What Is the Cost of Owning a Private Jet?

You love the convenience of owning your own private jet. It provides you with the opportunity to fly on any schedule and not the airline’s limited offering. You also don’t need to worry about fighting the crowds at the airport or being forced into an uncomfortable seat without legroom for hours. 

However, you do wonder about the overall cost of owning a private jet. You know there is a private jet maintenance cost, and you’re also paying a private jet operating cost. You might even allow an aviation management company to charter your plane to others when you aren’t using it to enjoy some charter revenue. 

You need a better understanding of private jet ownership costs, where the money goes, and where you can save a little. This guide to the costing of owning a private jet can outline these for you:

How Much Does It Cost to Fuel a Private Jet? 

In the end, your private jet fuel cost may be different from someone else’s. It comes down to a variety of factors. These factors can include:

  • Size
  • Age
  • Location
  • Routine maintenance
  • Where you go
  • Distance traveled throughout the year

The cost of jet fuel runs between $3 and $10 a gallon, and you can expect it to cost you more than $1,000 to fill up each time you need to fill the gas tank, and this cost is for a small private jet. Your private jet will use in excess of 55 gallons of fuel for every hour it’s in the air, and the larger the private jet means the more fuel that it burns in an hour. 

One way you can lower your private jet fuel cost is through quality, regular maintenance. When your private jet is properly maintained, it becomes more fuel-efficient, which means the further that you can fly on a gallon of jet fuel. 

How Much Does It Cost to Maintain a Private Jet? 

Two maintenance engineers checking and inspecting an airplane jet engine using the work tool in the hangar.The Federal Aviation Administration (FAA) is in charge of making sure that all planes are safe for air travel. The FAA demands that each airplane from crop dusters to jumbo jets owned by airlines maintain the proper maintenance schedule. 

Some maintenance needs to be completed according to a calendar schedule while others need to be completed according to the number of hours the plane has flown. For example, you might need to change the oil after 200 hours of flight. The maintenance schedule depends on many factors that affect the cost of fuel too, such as:

  • Make and model of the jet
  • Age
  • Location
  • Distance traveled throughout the year

As part of the cost of private maintenance, you’ll need to factor in the cost of labor and the cost of parts. Of course, not all maintenance requires new parts. You’ll also need to include the time it takes you to find someone qualified to do your maintenance. Depending on the type of private jet, you can expect the cost of maintenance to cost you between $500,000 to $1,000,000 each year. 

How Much Is a Private Jet to Own? 

When you talk about how much a private jet is to own, it depends on the type of plane, its age, and the frequency of use. You can buy an older private jet for around $2 million dollars or a brand new, larger jet for $75 million or more. Of course, the cost of private jet ownership is more than the cost of buying the jet in the first place. 

You need to factor in items, such as operating costs — pilot wages, training expenses, insurance, hangar rental, and more — and you’ll also need to include the costs of fuel and regular maintenance. You might be able to regain some of your cash output with charter revenue, but you’ll still spend between $500,000 to $2 million each year. 

Conclusion

While the cost of owning a private jet can seem steep, it comes with the rewards of being able to travel on your timeline and without the crowds you find on commercial flights. You can help alleviate some of these costs with high-quality maintenance and charter revenue. Mayo Aviation is ready to help you with regular maintenance and charters. Reach out to us today