Key takeaways
- The price of a private jet ranges from less than $1 million to $660 million.
- How much you'll spend on a jet depends on various factors, including whether you choose to lease or buy, how long you'd like to travel and your desired passenger space.
- Renting a jet instead of buying or leasing one can be an excellent alternative, especially if you only fly a few times per year.
Even with private jets becoming more accessible, new private planes cost anywhere from $2 million for a small seven-passenger Cirrus Vision to $660 million for an Air Force One. The purchase price is far from the only cost involved — you’ll also have to factor in maintenance, fuel and staff salary.
Before you start shopping, get the full scope of what a private jet costs and how to pay for one.
How much does it cost to buy a private jet?
If you’re thinking about buying a private jet, you can pick between brand-new planes and used ones. A new jet will afford you the most up-to-date tech, but the older amenities of a used jet cause a lower price point.
There are different types of jets, ranging from small six-seater, low-range planes to larger airliners able to fly long distances. The most common jet options available include:
- Very light jets: The smallest option for private jets, these planes can hold between four and seven guests and can fly up to about three hours. Prices start at less than a million for used models and are between $3.50 million and $5.70 million for new models.
- Light jets: A little bigger than the very light jets but still compact, these jets carry up to seven passengers and can hold a bathroom. New light jet prices range from $5.75 million to $11.89 million to buy.
- Midsize jets: With a capacity of about five hours of travel at a time, midsize jets work well for both short and mid-range flights. Midsize jets also have more storage space and a larger cabin. Prices range from $4.2 million for an older midsize jet to $29.97 million for newer midsize jets.
- Heavy business jets: These have a significant amount of space, holding at least ten passengers and boasting features such as pull-out tabletops and fully equipped kitchens. On average, heavy business jets cost between $15 million and $30 million.
- Ultra long range heavy jets: Jets like these hold enough space to act as flying hotel rooms. With full-size beds and room to stretch out, they can hold up to 17 passengers and travel up to 7,000 miles. On average, you can expect to pay between $20 million and $30 million for a used ultra-long-range heavy jet and up to $65 million for a new model.
- Airliners: The most luxurious and largest option for private jets, airliners may have features like a full bathroom or a co*cktail lounge onboard. They can also travel more than 10 hours in one trip. Airliners are also the priciest option, with different models selling for upwards of $442 million.
Prices can also differ based on what amenities and customization you choose for the plane. Plane owners can choose custom furniture, personalized decor and even different rooms.
New private jets
The price for a brand-new private jet ranges from about $2 million to $660 million. The price is determined by many factors, including the size, maker, range, customization and what the jet offers, like the engines and avionics.
Used private jets
Though secondhand jets are cheaper, they still cost millions of dollars. For instance, a pre-owned 2018 G500 S/N 72010 was listed for over $39 million on the Gulfstream website as of Feb. 18, 2024.
How much does it cost to maintain a private jet?
The purchase price of a private jet represents only a fraction of the cost of owning one. The price of a private jet depends on its size, the number of passengers it can hold and the distance it can fly.
Fuel is one of the highest costs for private jets. Planes with larger fuel tanks for long-range flights require more fuel. For example, the Bombardier Global 7500 Passport edition has a fuel capacity of 51,850 pounds.
Aside from fuel, you’ll need to consider costs like staffing your plane, storing it when you’re not using it and ongoing maintenance. Operating costs differ based on the type and size of crew and what kind of service they offer.
A site like Aircraft Cost Calculator can help you determine your costs based on the model you’re considering.
How much does it cost to rent a private jet?
While a private jet rental is considerably more expensive than flying on a commercial flight, it is still much cheaper than buying your own jet. Flights on private jets are charged by the hour.
Prices vary depending on the size of the plane, the length of the flight and the number of people on board. The typical cost is between $2,000 and $14,000 per billable hour to charter a private jet. However, those prices aren’t the whole story.
The price can vary dramatically depending on the season or the route. According to Doug Gollan, founder of Private Jet Card Comparisons, the typical hourly costs providers list doesn’t include repositioning charges. “You also have to factor in the cost of flying the plane empty to pick you up and then back to its base after it drops you off,” Gollan says.
Unless you spend at least 150 hours a year flying, a private jet rental is probably a better option than buying — that way, you avoid many of the yearly maintenance fees private jets cost you.
“With on-demand charter, you don’t incur costs such as hangar fees, maintenance fees, crew salaries, insurance, depreciation, interest, not to mention the cost of tying up capital in a multimillion-dollar asset,” says Justin Crabbe, CEO of private jet charter company Jettly. “Less than 100 flight hours per year, the math is quite clear that chartering is much more cost-effective than owning an aircraft outright.”
How much does it cost to book a seat on a private jet?
According to Crabbe, private jets usually have about six seats for a “light” flight. To find out the cost of a seat, you need to find the hourly rate of the aircraft, the total flight time and how many seats are on board.
For instance, a six-seat jet that’s $5,000 an hour — or $15,000 for a three-hour flight — would cost each seat about $2,500.
While this cost could be much higher or lower depending on the company, it shows you the difference between flying on a private jet and a commercial flight. For bookers who prefer first or business class, it might not seem much different to go on a private jet. But for commercial flyers in economy, this price might seem very high. It depends on the type of flier you are.
Private jet card membership
Private jet card memberships are services that allow you to access and benefit from your provider’s aircraft. Different companies offer different levels and tiers of membership. “Jet card” or “jet membership” is a marketing term, so you should pay attention to how the pricing works.
The three types of pricing are:
- Dynamic pricing: This is when prices go up and down depending on the circ*mstances. Your trip’s cost will depend on various factors, including when you book, and the price will vary.
- Fixed pricing: This is typically listed as an hourly rate, but some routes also have fixed options. The prices will vary depending on the type of aircraft you choose. The prices won’t change depending on the time of year or other factors like it would with dynamic pricing.
- Capped pricing: With this option, you won’t pay more than a certain amount per hour on your flight.
Pay attention to daily and segment minimum pricing to get the most accurate price for your trip. For example, if the daily minimum is two hours but your flight is shorter than that, you will still pay for two hours. Surcharges may also apply.
The biggest advantage of jet memberships with fixed or capped hourly rates is that you generally don’t have to pay expensive repositioning costs. Programs will generally charge you for estimated flight time or actual flight time plus time for taxiing and any additional fees.
These memberships also give you guaranteed availability. You don’t have to worry about a flight not being available when you need it.
There are over 60 options with jet cards and memberships. Some of the major players include:
For near-constant flyers, a jet membership might seem like a great perk. You get to fly when you want without having to manage the extra costs of owning a jet. But if you’re only flying a couple of times a year, the upfront costs might not be worth it.
Private jet apps
A private jet app is similar to a regular flight booking app, where you put in where you’re leaving from, where you’re going and your travel dates and get matched with private jet booking options.
Most of the time, unless the jet company itself operates the app, these apps are estimated pricing. It allows the broker to get emails for future marketing. After you put in the information, you then go through getting hard quotes before you can pay for and book your flight.
You might need to create a login, but this lets you sign up for notifications and deals. Membership isn’t always required, but for some companies, it might get you an additional discount.
Empty-leg deals
Empty-leg flights are planes that are scheduled to leave a destination without any passengers. These flights are open to everyone since the jet is set to fly with or without passengers. And booking these jets can save you some cash — sometimes up to 75 percent on the cost of a conventional private jet charter, Crabbe says.
Many private jet companies and apps let you sign up for notifications to alert you when one is at an airport near you. This lets you book a private jet at a fraction of its original cost, but you need to be extremely flexible. You might get notice of an empty leg flight only 24 to 48 hours before it’s set to leave, but some may be available farther in advance. Empty leg flights are also just one leg of the journey, so you’ll need to find your own way back.
Can you afford a private jet?
Before you buy or rent a private jet, it’s important to evaluate the factors that influence the full price tag of a jet. Think ahead to the types of trips you want to take and the frequency at which you’ll take them — long trips with many people will likely require a more expensive plane than shorter, infrequent trips.
When considering whether you can afford a private jet, consider these factors:
How many people will fly
Is your plane for you and a friend or is it how you plan to travel with your family? The number of people on the aircraft will determine the size of the plane you’ll have to look for. The more people you need to fit into your plane, the costlier it could be compared to a smaller plane fit for a couple of people.
How often you will fly it
Some planes are good for quick getaways and others are made for longer trips. Consider when you plan to use your plane. If you think you’ll use it every few months, you might fly a different type of aircraft than someone who flies every weekend.
Where you want to fly
Are you on the East Coast and hitting the Bahamas? Are you in California and want to head up to the Pacific Northwest? Shorter trips mean using an aircraft with a smaller fuel tank. If you’re heading overseas or on a trip with many stops, consider getting a plane with greater fuel capacity.
If you’re buying new or used
The cost of a brand-new plane might be higher than that of a used plane. However, the model and size of the plane also determine the cost. In general, older planes cost significantly less than newer ones, although keep in mind any additional maintenance, insurance or upkeep costs.
The number of staff members on board
You will also have to factor in the cost of hiring pilots and flight attendants, whether you’re buying or chartering your jet. According to Aviation Voice, you’ll have to budget upward of $215,000 annually for a skilled crew. You can find a crew through an aircraft management company or the company chartering your jet.
How much maintenance you’ll need
In addition to fuel costs and flight crew salaries, you’ll need to budget for regular — and sometimes unexpected — maintenance expenses. A cracked windshield or a mechanical issue can cost tens of thousands of dollars, and that price may be higher for older models. Regular maintenance should also be performed, just like with a car.
How can you finance a private jet?
If you purchase a private jet, determine how you want to pay for it. Very few people can afford the cost of a jet in full, so it’s possible that you’ll have to borrow money.
Personal loan
With a personal loan, you can borrow money from a bank or credit union to pay for the jet up front, then repay the loan over time. However, getting a personal loan for a private jet is much more difficult than getting one for a new car. Even the cheapest private jets can cost millions of dollars, and very few lenders will approve a loan for that much money.
If you approach a bank for a private jet loan, ensure you have an excellent credit score and a solid financial history. The average personal loan interest rates are currently high, so it may not be the best option.
You can also look into getting a secured personal loan, which would require you to put down an asset, such as your home. If you can’t repay your loan, the lender will be able to legally seize your asset.
Some lenders cater specifically to loans for private jet financing, including JetLoan Capital, JetLease Capital and Global Jet Capital. The Aircraft Owners and Pilots Association also offers an online loan financing calculator to help estimate your monthly payments.
Leasing
If you’re not quite ready to purchase a private jet, consider leasing, which has many of the same benefits as owning a private jet. Leasing a private jet is similar to leasing a car, with the option to sign a lease from several months to several years.
Most aircraft companies allow you to choose between a few different types of leases.
- Wet lease: The lessor pays for the aircraft itself and at least one crew member. Wet leases are a more expensive option because of the added cost of paying for pilot or crew member services.
- Dry lease: The lessor pays for the aircraft without the cost of a crew but is required to use their own crew members. This is a cheaper option if the lessor already has a pilot and crew member they can hire for flights.
Leasing a private jet is also a great way to test out different aircraft before fully investing in purchasing one. And because lessors don’t legally own the aircraft, they don’t have to deal with depreciation or resell the plane if they decide to purchase a new one.
Where can you buy a private jet?
If you’ve decided on owning a plane over chartering one and have figured out the type of plane you want, there are a few places you can browse through selections:
While many websites let you browse for planes near you, you can also do a broad search of private jets in your area. Some sellers don’t list their planes on all websites, and you may have more luck reaching out to individual owners through businesses or marketplaces.
If you have a specific model in mind, some companies like Gulfstream advertise pre-owned aircraft on their websites.
The bottom line
Buying a private jet is incredibly expensive. While owning a private jet may be out of your price range, there are many ways to fly privately. Think about renting a private jet or becoming a member of private jet services that allow you to fly multiple times a month or year as a member.
If you do decide to purchase a private jet, you may be able to get a personal loan from a reputable bank or explore your options with aircraft-specific lenders. As you would with any loan, compare options by shopping around and getting quotes from multiple providers to ensure you get the best deal possible.
