Adding Up The Costs Of Private Jet Ownership

A private jet doesn't seem like much for the wealthy- just another toy for the front lawn

. Private jets are out of reach even for some millionaires, however. They can be quite costly when you look at the running costs, staffing the jet plane, and insurance.

Expect to pay anywhere from several million to more than $50 million for a private jet. Even being a millionaire doesn't mean that you will be able to afford a modern private jet. If you find this price tag too steep to stomach, you will need to look a private jet charter services that will allow the same benefit of owning a private jet without the inane costs that come with them.

Even if you have the money, it might not be very cost effective to buy a private jet if you don't fly often. You should be flying several hundred hours a year in order to take advantage of the private jet and all it offers. Any less, and you will simply be shelling out money for luxury.

Private jets have a lot of side expenses, like insurance costs and maintenance fees. It isn't uncommon to see a private jet cost $300,000 each year in side costs. Smaller jets may only take half that or less to operate, so long as the jet is in fine condition and is only used for necessary business trips. Private jet ownership certainly does not come cheap.

Large jets that seat more people need a lot more attention under the hood. It also takes more experienced pilots to fly them. They cost much more than the smaller jets available. You will see that even seating as many as six extra passengers can mean the difference of $20 million or more in price. The goal here is to have enough space for family in friends just in case, and then get a jet to accommodate them.

If you fall short on the initial high cost of a private jet, you might want to look at the private seller market. Getting rid of a private jet can be tough since the niche market is so small. Sellers are willing to give out big discounts on the overall price as a result. It's well worth checking out a few private markets to see what is currently for sale on them.

Final Thoughts

Private jet charter services are great because they can take a $50 million dollar jet and fly a group or individual in it at a fraction of the cost. Start looking around for a private jet charter if you think it would be better to save your money and use private jet charters for when you need to travel.

by: Chris Channing

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