What factors will predispose your position, and when is it justified to splurge on one of these big-ticket items. It’s not your budget you have to consider but a few other critical things — things that might make you rethink the whole idea of private jet buying.
Sometimes even first class on a great airline is incredibly frustrating. There are dozens of things that might infuriate you. Not just of the plane itself, but of the whole traveling commercial experience. Sure, you can charter a jet, but the reality is that the greatest experience and privilege comes from owning a private jet.
Depending on size, range, model, features, add-ons, and whether or not it is used or brand new, a private jet buying can cost anywhere between $2 million to over $100 million. There’s also a depreciation factor, private jets, like cars, are subject to this — once you take them off the lot, they dip in value. Once you ride then, just one time, they start to depreciate. In any case, from an investment point-of-view cars, like private jets, are seen as liabilities instead of assets. Getting one means splurging on an item that will go down in its intrinsic value as the years pass by.
Comfort and convenience: traveling on a private jet, particularly if it’s your own, is incredibly easier and more comfortable. A private jet buying is an extension of your own home. Like a car, you can use it whenever you want.
Consistency: being able to fly with the same team, the same pilot, the same crew gives you a consistency of travel. This means that, if properly tweaked, you could create a masterpiece experience that ultimately fulfills you every step of the way.
Customization: once you own a private jet, it’s yours. You can reconfigure the cabin, add a galley, a wet bar, paint it purple, you can do just about anything your want once you buy the property.
Revenue: there are programs where you can offset the cost of ownership by selling flight hours. These help you build a source of revenue if necessary.
The cost of private jet buying swivels between $2 million to $100 million. It depends on several factors, including range, model, size, etc. Luxury private jets, for example, are incredibly pricy. While cheaper jets, or second-hand ones, can be found at a discount.
Then there are operating costs. Generally speaking, you can expect to pay around $500,000 to $1 million annually on these costs. This includes your staff, maintenance fees, aircraft insurance, on-the-ground downtime, and even the cost of the hangarage — your parking spot. For example, a blown tire can end up costing you more than $4,000 to replace.
You can always go for second-hand products, in which case we strongly recommend buying from authorized dealers and having a personal consultant and mechanic at hand to analyze the aircraft before purchasing it.
Cirrus Vision Jet — $1.96 million
With a wingspan of 38.7 feet and a 30.7 feet long cabin, this is the most affordable jet right now. The Cirrus Jet had a crushing speed of 345 miles per hour.
Cessna Citation X — $3 million
A classic on aviation the Citation X has been around for almost 25 years. These birds are capable of reaching a crushing speed of 607 miles. They are one of the only cheap models that allow for a transAtlantic voyage without the need to re-fuel.
Stratos 716X — $3.5 million
This is, along with the Cirrus, the world’s second single-engine private jet buying in existence. The estimated range is 1,500 miles, that’s enough to get you from New York to Minneapolis on a single tank.
These types of private jets can fit up to 12 seats and are some of the most cost-effective in the market. They are both luxurious as well as affordable, comparatively speaking.
Embraer Legacy 650 — $20 million
The Embraer is a semi-luxury plane that is capable of doing cross-Atlantic hops and has a phenomenal crushing speed.
Gulfstream 450 — $21 million
Another classic, the Gulfstream 450 has a 533-knot operating speed and travels up to 4,350 nautical miles.
Dassault Falcon 2000EX EASy — $11 million
The Falcon 2000 can speed across the sky with a range of 2,975 nautical miles at a high-speed cruise of 479 knots.
Luxury private jets come in all shapes and sizes. Many are handcrafted for specific reasons and their price range starts in the upper $50 million. It’s hard to jot down which models to buy because in most cases they are unique aircraft created for a specific client. Here are the 3 most expensive private jets in the world.
Boeing 767-33A ER — $170 million
This plane is capable of seating a whole football team at its dining area. You could fly from London to Singapore non-stop. This Boeing, property of Russian businessman Roman Abramovich is fitted out with chestnut interiors and gold decorations.
Boeing 747-430 — $323 million
One of the world’s richest men has one of the world’s most expensive planes. This Boing is the property of the Sultan of Brunei. The jet has a crystal and gold interior making it a true flying castle.
Airbus A380 — $502 million
This is the world’s most expensive jet. It is owned by Prince Alwaleed Bin Talal of Saudi Arabia. The 550-meter squared aircraft has an actual concert hall, a Turkish bath, a garage space, and even a stable for horses. It is one of the only planes with a prayer room that rotates constantly to face Mecca from any direction.
There’s a fairly standard rule of thumb when it comes to private aviation solutions. It’s rather simple. If you fly anywhere below 25 hours per year, then on-demand charter options are your best bet. If it’s below count and monthly subscription. If you’re constantly using private jets, between 50 to 400+ hours then you should consider either buying a whole aircraft or fractional ownership of one. 50 hours a year then you should consider a loyalty program that gives you access to multiple private jet buying at a discounted price.