Are you a frequent flyer? Owning a private jet has many perks. Having access to a private jet can have many perks, but the actual freedom lies in owning one.
There are a few things you need to consider when buying a private jet. Although there are many perks to owning a private jet, the cost of owning one can creep up quickly. The initial buying price of a private jet can vary, depending on many aspects. It can cost you anywhere from $2 million to $100 million to buy a private jet.
This article will break down the costs you need to consider when buying a private jet.
Along with the cost of buying a private jet, there are some additional charges that you will need to consider. They are as follows-
Buying a private jet can be similar to buying a car. As the owner, you will want to customize a few things. It can range from completely redoing the interiors to just adding a few personal touches. How much you spend on customization will solely depend on how big you want the changes to be.
Owning a private jet will be of no use unless you have an onboard crew. It will include air hostesses and pilots. How much you need to shell out on crew members will depend on the flying hours and number of crew present. You will need to spend approximately $200,000 per year.
Flying through the sky will inevitably leave your private jet with some wear and tear. The maintenance of your private jet needs to be regular. It will ensure your private jet is capable of flying again, with no faults. There are certain unexpected repairs that you also need to keep in mind. The cost of repairing a private jet will vary according to the private jet you have purchased and the nature of the repair. Even the most minute repairs, like fixing a broken window, can cost you thousands of dollars.
Fuel will be the constant and the highest cost for which you will need to pay. The current price of jet fuel is around $2.50 to $5.50 per gallon. Fuel consumption depends on the private jet itself and the weight it will be carrying. Bigger private jets can use up to 300 gallons of fuel per hour. If you fly for about 300 hours every year, you can assume you will have to pay around $250,000 in jet fuel.
In conclusion, you need to consider a lot of expenses before you buy a private jet. Owning a private jet is a luxurious asset that can benefit you in many ways. Keep the costs mentioned in this article and get your private jet.