How Much Does It Cost to Own a Private Jet?

Imagine being able to fly whenever you wanted to. Not having to wait for your flight to arrive, fuel and board. Gone are the days of you sitting in front of that annoying 9-year-old who keeps kicking your seat. We are talking about owning a private jet, but how much does it cost to own a private jet?

Where do you start?

Before you start factoring the costs for your new jet there are a few things you need to tick off your checklist. Size, being one of them. You have to take how many times a year you are actually going to use this expensive luxury. For this example, we will be using a Gulfstream G450.

So, what are you paying for in regard to the actual plane? Are you looking for something that can quickly take you to that meeting in a matter of hours? Do you want a plane that can take you from New York to California without stopping for fuel? How about something that is transcontinental?

A handful of aviation companies make a variety of aircraft that will fit any specific need. The G450 is on the higher end of the spectrum. You are paying for a 1,525-cubic foot cabin, a full galley, separate sleeping quarter, twin Rolls-Royce jet engines and a very swank electronics package. The G450 is also a transcontinental plane, able to travel about 4,350 nautical miles with eight passengers. But, having all the tech specs will not tell you how much it costs to own a private jet.

Where do a lot of the costs come from?

Before you consider investing a large an absurd amount of money on your new Gulfstream G450, you should consider buying a used aircraft. With a used model, you are still getting a monster of a jet, but at a lower cost. Buying used you could probably find a nice jet for $14 to $35 million.

So, now you have a very spacious pre-owned G450, everything should fall into place, right? It will as soon as you factor in the fixed and variable costs that you have to pay for once you become a jet owner. For instance, after you purchase your plane you have to figure out where you will be storing it. This means you have to find a private airstrip in your city that can accommodate the type of aircraft you have. Make sure your plane will be accepted, otherwise you will most likely have to find a new home for it. After all your research is completed this will cost about $81,300 a year, according to Sherpa Report.

Besides hangar fees, you also have to take in the cost of actually running the jet. Who is going to pilot the jet? Do you need a co-pilot? Do you really need that flight attendant? All of these features come in at about $427,656, including their benefits. Factor in training, insurance and all the other items on your shopping list, you will spend about $878,884 a year in fixed costs. Variable costs per year a much cheaper, but you will be spending a fair amount to keep your bird in the sky.

Screen Shot 2017-08-21 at 11.00.20

Is owning a jet worth it in the end?

Of course, it is. Granted we are speaking in a hypothetical sense–that being said if you have the money to spend by all means spend it–but there is something about being able to jet set around the world on a whim. Will it happen to all of us? Probably not, but it is a great dream to aspire to. Clearly owning a jet is pricey, but you are buying more than the plane, you are buying the experience. You are buying your time back, as well. No more sitting at the gate waiting for your cramped smelly commercial plane to delay your plans. Just smooth flying with style.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment

*

May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →

Do you need to tip a house painter?

There always seems to be a gray area when it comes to tipping someone. Some people are more prone to tip, while others feel the base... more →