Here's How Much It Costs To Own A Private Jet
For many, the notion of owning a private jet is the very last word in celebrity ostentatiousness. In an infamous incident in July 2022, Kylie Jenner's "You wanna take mine or yours?" Instagram post, demonstrating both Jenner and her then-partner Travis Scott's private jets, struck climate-concerned nerves around the world.
From business moguls to politicians and bands (Led Zeppelin's legendary Boeing 720 "The Starship" springs to mind), those with the means use private jets for practical transportation, for safety, and for the sheer status symbol of it all. It's a privilege, of course, that few could ever dream of enjoying. Elvis Presley, as another example, owned a Convair 880 he named the Lisa Marie.
Naturally, this sort of luxury doesn't come cheap. Apart from simply buying an airplane outright (if that's the route taken), there are maintenance, staffing and fuel costs to think about. Of course, every private jet user's situation and needs are different, and there's no uniform amount that owning one will cost. The numbers that are available, though, give an intriguing insight into just how rich a person many need to be to own one.
The small matter of the airplane itself
How much does an airplane cost? That's a tremendously open question, but generally speaking, multi-million dollar price tags are all but guaranteed. In 2019, megastar Beyonce made news when she purchased a Bombardier Challenger private jet for the equally-iconic Jay-Z. While many husbands would be thrilled with a set of golf clubs, Beyonce's gift cost a cool $40 million. This particular model was made by Bombardier Aerospace for a period of eleven years until 2015, and was valued at $32 million in 2012, according to Aerocorner. It almost makes Max Verstappen's $15 million jet seem thrifty.
Not many of us have pockets as deep as those of Beyonce and Jay-Z, naturally, and that's okay: private jets come at a range of price points. AvBuyer notes that used models of smaller jets can be bought for less than $1 million, and offers everything from very light jets like the Embraer Phenom 100, 2009 (just under $2.7 million) and Cirrus Vision SF 50, 2018 (approximately $2.3 million) to large jets like the mighty Gulfstream G650ER, listed for $59.9 million.
It's all about the kind of aircraft that suits the prospective buyer: larger, pricier models are suited for travel further afield, and for more travelers, but the price of the aircraft typically increases in kind. Regardless of the model in question, though, one thing remains the same: There's much more to budget for than just the private jet itself.
The other costs of owning a private jet
Those who are fortunate enough to own a private jet will attest to the fact that simply owning it, while expensive enough, doesn't get them anywhere. The logistics of flying or being flown from place to place incur all kinds of other costs too. After buying a car, of course, that vehicle will incur gas costs, mechanic costs, insurance, taxes, and so on, and the very same concerns apply to private jet ownership too.
Fuel alone represents an astronomical cost concern, considering the sheer amount that larger jets can use on longer flights. In January 2022, Flight Deck Friend estimated that a flight between London and New York on a Boeing 747 would burn around $66,658 worth of fuel, when a gallon of A1 cost $2.46.
Pilots, the U.S. Bureau of Labor Statistics reports, earned an average $134,630 in 2021. Here, too, there will be enormous variation relating to pilot experience, who they're flying for, and so on, and this will also be the case for other potential staff. The only thing that's certain is that there are tremendous costs involved, and that loans, chartering and a wide range of other options will need to be explored.