According to the Federal Aviation Administration, more than sixteen million flights occur in the United States each year. If you’re one of the millions of passengers that board airplanes each year, you know the hassle and time consumption that can be involved.
Depending on how often you fly, you may have considered commercial air flight alternatives, such as investing in a private plane. Maybe you need to travel frequently for work, or you are constantly going on trips to explore. Whatever the reason, keep reading for a breakdown of how much a private plane cost.
Your Travel Tendencies
If you fly often, you might think the cost of a private plane would be cheaper than being a passenger on a commercial flight. This depends both on how many hours you fly each year and the nature of your flight.
The general rule is, if you fly more than 200 hours annually, a private jet may be worth the investment. Anything less will result in you losing money for the upkeep of the plane.
You should also consider if you will be making many one-way trips, as this will result in you needing to send the plane back, which is an added cost. If you tend to make week-long trips, you’ll have to pay for the crew and plane to be stationed there for the length of time, which could also increase the cost.
The Charter Option
When deciding on how to utilize a private jet, you have to weigh the options of chartering versus owning. When you charter a private jet, you lease an entire plane for a particular trip. You still have to rely on the charter company, which means you might not get the exact plane you want, and you’re at their mercy for what’s available and when.
It’s also true that these prices fluctuate dramatically between companies, so you can’t rely on knowing exactly what you’ll be paying each time. This can be anywhere between $3,000 – $30,000 for each trip.
The Owning Option
Owning your private jet comes with some advantages that chartering does not. You’ll know your plane is always available, and you won’t have the hassle of working with different companies to communicate to airports.
A new private jet cost averages between $3 million – $90 million at the initial purchase, depending on the size, make, and model. You will also have to pay for the maintenance and crew, which can cost several million dollars annually. Being the owner, you’ll be responsible for anything that it requires, which means paying for its hangar and any repairs.
Your Private Plane Cost
Both chartering a plane and owning a plane have their own benefits. However, if you want the freedom to hop on your own plane whenever you want, the private plane cost might be worth it.
Consider what you’re willing to spend, and explore your options of buying new versus used. You could soon be reaping all the benefits that being a private plane owner has to offer. Check out more of our articles if you want to explore even more helpful lifestyle ideas.