The Cost of Owning a Private Jet vs. Flying Private Jet Charter

If you fly via private jet regularly, you may have considered purchasing your own private plane, but is it worth it? Depending on your travel plans, both private jet charter and outright ownership have their benefits. Considering the costs of chartering a plane and private jet ownership can help you decide which is the better option for you.

The Cost of Flying Private Jet Charter vs. the Cost of Owning a Private Jet

How Much Does it Cost To Charter a Jet?

There are several factors that impact private jet costs. Generally, the cost of a private jet charter boils down to an hourly rate. This rate encompasses the cost of fuel, compensation for the flight staff, and any required airport fees. Other variables can also alter the cost of your flight, like higher runway fees, fuel surcharges when prices are high, and peak travel periods.

The most significant factor in the cost of your flight is the type of aircraft you are flying on. Expect to spend more on your flight if you have more passengers and require a larger aircraft, as larger aircraft require more fuel and can lead to higher runway fees.

The type of aircraft you choose may be more or less expensive, depending on its features. For example, some flights offer WiFi and in-flight entertainment, while others do not. As with any service, you pay more for more amenities.

On average, the cost of chartering a plane is about $7,500 an hour or more.

Can You Save Money on Private Jet Costs?

Frequent flyers can significantly lower the prices of flying private jet charter by signing up for a membership through a private jet operator. Memberships provide private travelers with exclusive rates and benefits, like easier access to specific aircraft. For example, JetCharter.com offers a number of charter services for regular travelers. Learn more here.

What Is the Cost of Owning a Private Jet?

When buying a private jet, you have to budget for a list of expenses. The first expense, of course, is purchasing the private jet. But even after you purchase your new jet, you have to prepare for all the costs associated with ownership.

In the process of buying a private jet, you can expect to pay anywhere between $2 million and $200 million, depending on the type of aircraft you choose. Larger jets are going to be far more expensive than light jets. Regardless of your choice, this is a one-time cost.

Meanwhile, ownership costs can add up quickly. As is the case for flying private jet charter, you have to pay for the regular travel expenses of fuel and airport fees. However, ownership adds many more costs than private jet charter, like paying for storage, hiring your own pilots, finding insurance, obtaining necessary safety certifications, and more.

Altogether, management costs can add up to as much as $500,000 to $1 million per year.

Can You Save on Ownership Costs?

You can find ways to save on ownership costs as well. However, when you work with a trusted aircraft management company, you can save money on expenses like fuel and maintenance. Aircraft companies have relationships with fuel and maintenance providers giving them access to discounted rates that can benefit you as an owner.

Another option, if you have more flexibility, is fractional ownership. When you are a fractional owner, you share ownership of an aircraft with others. Instead of paying the full price of using, maintaining, and storing the plane, you pay a monthly or yearly fee based on how many hours you use it.

Should I Buy a Private Jet or Fly a Private Jet Charter?

Obviously, there are advantages to both flying a private jet charter and owning an aircraft. Ultimately, the correct choice depends on your lifestyle and whether the costs outweigh the benefits.

Yes, owning a jet can be more expensive, but it may be worth it to have your own aircraft if you travel often during the year to save money on charter rates. On the other hand, if you have more flexibility, travel less often, and prefer to save some money on management fees, then flying via private charter may be the better option.

Generally, if you fly around 100 hours or less in a year, it is worth it to stick to flying via private jet charter. However, if you fly anywhere around 400 hours or more, ownership is likely worth it.

Find Your Partner in Private Aviation

Whether you choose to buy a private jet or fly a private jet charter, JetCharter.com is here to help. To learn more about the private jet ownership costs vs. the cost of chartering a plane, contact us today.

If you travel enough to justify buying a private jet but are concerned about managing all the ownership costs and procedures that come with managing your aircraft, then JetCharter.com is a safe and reputable aircraft management company that can help. Or, if you prefer to fly via private jet charter, our 24/7 concierge service is available to help you plan your next trip.