How Much Does it Cost to Own a Private Jet?

Many individuals will consider private jet ownership in their lifetime for the luxury, convenience and flexibility that comes with no longer relying on commercial flight schedules. However, the reality of owning a private aircraft is undercut with a number of ongoing costs that surpass the initial price of purchase including maintenance, management, and hangerage.

How Much Does it Cost to Own a Private Jet?

Ultimately, while the convenience and luxury of owning a private jet are undeniable, the costs involved are not insignificant. As with any major investment, it’s essential to carefully weigh the financial implications before taking the leap into private jet ownership, and as aviation specialists, Multiflight are exceptionally qualified to provide you with this information before you commit to your purchase.

Price of purchase

The cost of purchasing a private jet is highly variable, influenced by factors such as the model, age, and specifications of the aircraft. A new small jet, such as a Cessna Citation XLS+, can cost around £6.5 million, while larger, more luxurious jets, like a Gulfstream G650, can be priced upwards of £45 million.

If you’re purchasing a preowned jet, prices can be significantly lower, but keep in mind that older jets may come with higher maintenance needs.

The type of jet you choose depends on your specific travel needs for example, whether you’ll be flying short regional trips or making long haul flights around the globe. Other considerations include the aircraft’s size, range, and technology.

Example costs for different aircraft:

  • Light Jet: £3.5–£5 million
  • Mid-Size Jet: £6–£9 million
  • Large Jet: £30–£50 million

While these are general price ranges, prices fluctuate based on market conditions and the aircraft’s year of manufacture.

Operating costs

Once you’ve purchased your jet, you must be prepared to shoulder operating costs. These are the day to day expenses associated with flying and maintaining the aircraft.

On average, operating a private jet can cost anywhere between £1,000 and £2,500 per hour of flight time, depending on the type and size of the jet. For example, a smaller jet may incur lower operating costs, whereas a larger jet with more powerful engines and complex systems will be more expensive to operate.

Key operating costs include:

  • Insurance: Insurance premiums for a private jet vary, but on average, you can expect to pay between £50,000 and £200,000 annually. Factors affecting the cost include the type of aircraft, flight hours, and the region in which you are flying.
  • Fuel: Private jet owners must be prepared for the inherent costs of keeping their plane fueled.

Maintenance costs

Private jets require regular maintenance to keep them in top condition. This is an ongoing cost that every aircraft owner must consider as neglecting maintenance can lead to expensive repairs further down the line.

Routine inspections, such as annual or 5 year checks, can cost between £200,000 and £500,000 annually, depending on the size and make of the jet. A thorough inspection every few years may be necessary, and unexpected issues could increase these costs.

Additionally, the age of the aircraft plays a significant role in the cost of maintenance. Older jets, particularly those that are 15-20 years old, may require more frequent servicing and part replacement. For example, you may need to replace avionics, engines, or even major structural components, all of which add to your maintenance budget.

Maintenance costs

Fuel

Fuel is one of the most significant operating expenses for a private jet owner. The cost of jet fuel does vary depending on your location and the global market, but on average, it costs around £4 to £6 per gallon of Jet A-1 fuel.

When you factor in the frequency of flights, you can see how fuel costs can quickly add up. For a single round trip flight from London to Paris, the fuel cost alone could range from £2,500 for a smaller jet to £10,000 for a larger aircraft.

Hangar fees

Storing your jet requires space, and hangar fees are another expense to keep in mind. In the UK, hangarage fees can range from £10,000 to £30,000 annually for a smaller aircraft, and upwards of £50,000 for larger jets. The location of your hangar will also influence the price.

Hangar fees generally cover the cost of housing the aircraft, ensuring that it’s protected from the elements, and can include other services such as ground handling and de-icing during winter months. Additionally, some airports may charge extra for security services, which can increase hangar fees further.

The cost of aircraft hangarage does not compare to the reassurance you get from knowing your aircraft is in safe hands, and at a location that not only protects it from theft, vandalism or weathering, but has access to a team of exceptional engineers who can manage ongoing and emergency maintenance at a moment’s notice.

Multiflight provides a first class safe and secure aircraft hangar service for a wide range of aircraft for individual clients, corporate companies and global airlines.

Management fees

Management fees can be structured in a number of ways, but you can expect to pay around 5% to 10% of the aircraft’s annual operating costs for a full-service management contract. This can equate to anywhere between £50,000 and £200,000 per year, depending on the complexity and frequency of the jet’s usage.

In addition to full service management, some owners opt for specific services, such as flight scheduling or maintenance management, which can be priced individually.

For those seeking professional aircraft management services, Multiflight offers comprehensive solutions tailored to individual needs. Our Corporate Jet Management Service covers everything from initial buying of aircraft, accounting and processing insurance to flight planning, crew allocation and aircraft maintenance to free up your time.

Owning a private jet is a significant financial commitment, and the true cost of ownership goes far beyond the price of the aircraft. From the initial purchase price to ongoing operating, maintenance, fuel, hangar, and management fees, the total cost of owning a private jet can range from £1 million to £4 million or more per year, depending on the aircraft type and usage. As such, private jet ownership is typically suited to individuals or businesses with substantial financial resources and the need for frequent private travel.

For those who find the costs of full ownership prohibitive, an alternative could be to consider fractional ownership or private jet charter, which allows you to enjoy many of the benefits of private jet travel without the full financial commitment.