The REAL Cost of Owning a Private Jet - Luxury

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Have you ever wanted to own a private jet?

If you’re watching this video, you’ve most likely wanted to own or at least fly in a private jet. I know I have and I will. Got to keep that confidence up. In this video, I will describe the true costs of owning a private jet. The total cost may surprise you.

Before we get into this video, hit that like button and hit the subscribe button so you can always be caught up on all thing’s luxury. Now let’s get into this video.

Let’s start off by describing what a private jet is. When people fly, they fly commercial. Flying commercial is not the best thing to do because you’re in a cramped plane full of people and it’s always a hassle going through TSA. You get stuck in the middle of two people. Either someone that sleeps loud or someone who is just very irritating. That is the complete opposite of flying private. Flying private, you can have the entire plane to yourself or a few other people. Cramped legroom on a commercial flight? Not on a private jet, you can sometimes lean your chair into a mini bed if you want to. You have options of planes with couches, beds, luxurious chairs, its insane. The only disadvantage to flying private is the price. It is expensive and out of reach for the average person. You might rent a flight maybe once in your life, but other than that, it is very expensive. Good thing to know that after you watch this video and make your first billion, you’ll have a better sense of how much it costs to own your own private jet.

Here are some general things to know about private jets. Business Jets range from around $3 million to over $100 million depending on the size of your plane. If you want a small Cessna aircraft, that will be on the lower side. If you want a big Boeing Business jet or an Airbus, that will be more toward the $100 million mark. 85% of business jet owners buy second-hand aircraft. So, if you can only buy used, don’t worry. You’re not the only one. If you’re not flying a plane between 150-200 hours a year, you shouldn’t own one and should rent one out instead. The typical cycle of a business jet owner buying a jet is different every four to five years. So, like the average person with their cars. Depending on the size of your plane, the annual cost can be anywhere from $700 thousand to well over $5 million. If that is too much for you or you don’t fly enough but still want to fly private. Try one of the companies that offers you pay a monthly or annual fee to get discounted rates on private flights.

Now we’re going to look at an example of costs with a Gulfstream G450. We’ll start off with the specs of this jet because it’s pretty good compared to the average private jet. The takeoff distance with this jet is a little over a mile at 5,600 feet. It has a top speed of 670 mph or 1080 km for those outside the US. If you have 8 passengers with 3 crew members, that can fly up to 5000 miles or 8,000 km. You could fly into London from New York with ease. So, the first big and obvious cost is going to be the purchase price. If you’re thinking about buying a brand-new Gulfstream G450, that is running to set you back a cool $38 to $43 million dollars depending on the upgrades you get. That is about 80 brand new 2020 Rolls Royce Phantoms. If you don’t want to be part of the 15% of business jet owners that buy brand new and want to buy secondhand, you can pick one up for a small $14-$35 million dollars.

Now that we got the big price out of the way, let’s talk about some smaller costs being the fixed and variable costs. Let’s start with the fixed costs, so these are some costs that aren’t based on how many hours you fly or how much you use it. You will need a pilot to fly your plane, right? The head pilot of your plane, the captain, is going to cost you on average $144,000 per year. Your pilot needs a co-pilot if something goes wrong, so a co-pilot will cost you $108,000 per year. You don’t need a flight attendant, but it is always nice to have one. If you want to hire a flight attendant, that can set you back around $75,000 a year. Providing the crew with some benefits is something not many people know, which will set you back around $100,000 per year for all of them. With staff for the year, that is already $427,000 per year alone. Now you can’t leave your plane out in the elements when you’re not using it, so you’re going to need a hangar to store it in. Hangar fees can be pricy at some airports. If you are using a small regional airport, that can cost you around $80,000 a year. If you’re storing it at a much bigger international airport like Los Angeles International, for example, that can cost you around $160,000 a year.

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