What does it cost to own and operate a private jet? While buying your own private aircraft is about having the freedom to fly wherever and whenever you need to, the cost of operating that business tool is about more than just the price of the plane and the fuel to fly. Take a look at this list of costs that you will need to consider, depending on how often you fly and what features you want to have on each flight.
- Annual insurance premium — Just like your vehicle, home, or boat, it’s necessary to have insurance on your private jet. The cost of insuring your plane is similar to your car. It takes into consideration replacement value and miles flown each year.
It also has an additional factor — the pilot. Most people who buy a private jet are not the pilot of that jet, and if other people are allowed to fly the plane, they are typically named on the airplane insurance policy. The insurance company will want to know that the named pilots are qualified and will base your premium on their flight records, hours in the air, and other specifics.
- Storage — Whether you choose to house your plane in a hangar or tie it down on the runway when it’s not in flight, storing your plane costs money, just like a parking space.
- Maintenance costs — Again, just like a vehicle on the ground, your plane will need regular maintenance. You can typically get a good idea of the recommended maintenance schedule from the manufacturer, and the costs will depend on the provider you choose.
If you park your plane near where the maintenance and repair facility is located, you can often save a little by being a frequent customer. In addition, don’t forget to calculate the cost of the annual inspection.
- Salaries and benefits for the crew — Depending on how often you fly, you may want a consistent pilot and crew, versus the “rent a crew” option. Your crew may be employees of your company or another; either way, you’ll need to consider how much that will cost.
- Take-off and landing fees — Any plane that lands at an airport must pay a landing fee, based on maximum takeoff weight, which can vary dramatically from airport to airport.
- Catering — If you are hosting guests and want to wow them, you might want to factor in catering options. These costs may include food, ice, alcohol, and other options that aren’t normally stored on board. Don’t forget to consider children or pets! Likely, they will need special accommodations.
Private jet ownership means leaving your personal belongings on board and having your jet ready to leave when you want to leave. You control who does and does not fly or ride on your aircraft. You get to hand-pick the staff and customize the aircraft as you desire.
Still, there is no magic formula for figuring out the total cost of private jet ownership. It depends on the aircraft, how often and how you fly — and your personal choices.
Contact L & L International if you need assistance in purchasing or selling a private jet.
You can reach our sales specialists today at sales@L-Lint.com, call us anytime at +1.305.754.3313, or visit us online.