Everyone wishes they could own a private jet after seeing millionaires with their own in music videos and TV. The surprising truth is that not even most multimillionaires can afford their own private jet.
So, just how much does a private jet cost to buy, and could it be in your budget? Read on to find out.
What Does a Private Jet Cost to Buy
the cost of a private jet comes down to several factors, but the two biggest are size and distance. In other words, how many people can ride on the plane and how far it can fly.
With this in mind, a private jet costs anywhere from $3 million to $90 million.
It’s also important when factoring private jet cost to keep in mind how much you’ll have to invest in the plane annually. The initial millions you put down won’t cover maintenance, repair, and fuel. Maintenance costs can reach $4 million a year, while fuel alone costs anywhere from half a million to a million.
Renting a Private Jet
Considering the hefty cost of buying a private jet, it’s no wonder that most people choose to rent, or charter, one instead. You can rent private jets hourly. Costs for chartering a jet depend on the size of the jet, the number of people attending, the duration of the rental, and the distance you fly the plane.
On average, renting a jet costs somewhere between $1 thousand to $10 thousand per hour. You can also pay extra to rent it for a day or weekend, but it adds up.
Despite the large bills, it’s still cheaper than buying – especially when you account for the fact that you don’t have to pay for maintenance costs.
Is a Private Jet Worth the Cost
So, is a private jet worth the cost? It ultimately comes down to whether you can afford it and if you’ll get enough use out of it.
When deciding whether to buy or rent a jet, keep in mind the number of people flying. More people means you need a larger plane, which costs more unless you’re charging them to join you.
You’ll also want to keep in mind the length and frequency of the trips you’ll be taking. This will affect not only fuel and maintenance costs, but whether you need somewhere to stop your plane. Read on here to learn about private jet airports.
Finance Your Private Jet
One way to finance your private jet is to get a personal loan. It’s worth noting, however, that a personal loan big enough will be hard to come by.
You can also consider leasing a plane or getting a charter plan membership. Membership programs exist for around $15 thousand a year and allow you to fly without dealing with maintenance costs and owning your own plane.
Is the Private Jet Life for You?
Now that you know how much a private jet cost to buy, you can consider whether the private plane life is for you. Even if it’s more expensive than you initially thought or can afford, there are several great and less expensive options.
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