Having a private jet is an attractive opportunity. However, it has to be assessed comprehensively. It has both considerable benefits and downsides.
The entire flexibility is probably the biggest advantage of owning your own jet. However, on the other hand, its maintenance may cost a fortune. Pricing is indeed expensive, but variable. If you are looking for a vehicle through an aviation marketplace, you can find decent options that don’t cost millions. If you want to have a more precise assessment, the applicable pricing in the first turn, save this review then.
Factors That Affect the Maintenance Expenses for a Private Jet
The maintenance costs are probably the most considerable factor that prevents people from buying a private jet. Yes, aside from the high initial purchase price, there are also lots of other ongoing maintenance expenses. They may vary a lot – from thousands to millions of dollars per year!
When considering different jet options on the aviation marketplace, be mindful and keep in mind several factors:
- Type of aircraft. Different jets have different needs. There are light, midsize, and large jets overall. The approach to calculating approximate maintenance costs is simple in this case – a large and more complex aircraft typically requires higher maintenance costs.
- Age of aircraft. Older vehicles typically require more attention to maintenance and more cost, respectively. It’s also sometimes difficult, if not impossible, to source some details for the aircraft when it becomes older.
- Frequency of use. The more a jet is involved in flights, the more maintenance costs it will require as well, for a reason. Frequent flights accelerate wear and tear. However, when a jet is mainly stored in a hangar, its maintenance associated with the storage may require significant upkeep costs, making the entire ownership unprofitable.
- Compliance with regulations. Even if private jets ensure overall flexibility of use, they still fall under specific regulations that are steadily evolving. Ensuring compliance entails regular inspections and upgrades as necessary. If you miss or fail to comply with some regulations, you may be forbidden from making flights.
- Crew and support services. This fraction of expenses again significantly depends on the vehicle model. Unfortunately, a private jet can never be handled alone. It always requires teamwork. Essentially, this team comprises pilots, maintenance engineers, and a cleaning crew, at the very least. Optionally, you may also involve a private chef and other staff.
Must-Have Expenses and Affordability Checklist for Future Owners
It is essential to estimate the maintenance costs upfront. Basically, these costs cover:
- Maintenance and repairs. Depending on the size and complexity of the chosen vehicle, this fraction of annual expenses may vary from $500,000 to $1 million and more.
- Fuel. This type of expense is highly dynamic. It depends on the number and distance of flights made per month.
- Crew salaries. One thing that should never be sacrificed is the involvement of professional pilots and copilots. These costs also vary a lot, depending on the aircraft type and the pilot’s expertise.
- Hangar fees. This fraction of annual expenses is relatively predictable, varying from approximately $40,000 to $230,000. The specific amount always depends on the aircraft’s size and the type of hangar.
- Insurance. This option is essential and incurs a substantial ongoing expense. The annual costs in this case may reach tens of thousands of dollars.
- Other expenses. We will list here some occasional expenses that may be in place, such as handling fees, de-icing, and potential surcharges.
If you want to check yourself on whether you can purchase an aircraft and bear the associated expenses, here is a checklist for your convenience:
- Initial purchase price. There is a considerable upfront payment, varying from $200,000 for older or smaller models to $100 million for luxurious and brand-new options.
- Operating costs. These are annual expenses that constitute a large part of the initial purchase price. Roughly speaking, these costs may comprise somewhere between 10% and 50% of the aircraft’s price.
Alternative Option and a Hidden Benefit of Owning an Aircraft
If purchasing a personal aircraft seems too costly, there is a viable alternative solution. You may use an on-demand charter. This alternative suits perfectly those who don’t travel often but want to enjoy more comfort than airlines provide.
However, there is a hidden benefit of owning your personal aircraft. You may provide it for rent when you don’t use it on your own. This endeavor will not only help you cover the maintenance costs but also likely yield substantial profits.
Final Word
Private jets are generally reliable because they are federally regulated and maintained to the highest safety standards. However, private jets require rigorous expenses for proper maintenance, which the aircraft’s owner entirely bears. The costs are significant and upfront.
Ongoing expenses are essential for ensuring the aircraft is in a sufficient state. These are the costs for fuel, crew salaries, insurance, hangar fees, and other expenses. These costs may be estimated in thousands or even millions of dollars per year, depending on the size and model of aircraft.
On the other hand, having a private jet is an extremely flexible option. It makes the owner fully independent from the airline’s schedules. Surprisingly, buying a private jet can help to save more in the long run, especially if the owner runs a large business. The flexibility of having an aircraft allows entrepreneurs to handle their business more actively and raise more capital.
Thus, on balance, it may bring more benefits! Take a look at the options available on the aviation marketplace to pick the right one for your needs and budget!