Among the possible purchases only accessible to the uber-wealthy – from superyachts to entire islands, mega mansions and top-end Rolls-Royce cars – few are as exclusive as a private jet.
Owning a private jet not only tells people you’re rich; it also indicates a certain taste for confidentiality and exclusivity.
Private planes have made headlines as of late, with many of the wealthiest chartering flights in order to exit war-torn Dubai, and it seems that more people are keen to get their hands on one to transform their holidays.
In March, private jet use soared 300 per cent when celebrities and influencers rushed to flee the Middle East after war broke out in Iran.
Indeed, as the Daily Mail has reported, demand for travel by private jet has never been higher.
We delve deep into the real costs involved when you buy a private jet
The number of private flights made each year has jumped by 34 per cent since 2019 and there were nearly four million private flights across the globe last year, according to aviation data firm WingX.
Why is this?
James Moon, founder of Moon Jet Group, an international aircraft trading and advisory firm, said: ‘Ownership is increasing, and the average buyer age is falling. The average first-time owner used to be in their 40s-50s; now it’s increasingly buyers in their 30s.
‘That’s due to a mix of factors: earlier self-made wealth, generational wealth transfer, and a broader shift in how high-net-worth individuals value their time and privacy.
‘For many, it’s also become the ultimate symbol of success – the marker that you’ve truly arrived, in a way a watch or a car cannot match.’
Reports suggest buying a plane can cost anywhere from £370,000 to the millions – but other aspects of owning one, from pilot fees to add-ons, can see your bill soar.
So, we spoke to experts to find out: how much does it really cost to own a private jet?
THE FIRST HURDLE – THE JET ITSELF
Tyler Holt, CEO of AvSky Corporation, explains the range of costs involved in the initial purchase
The cost differs depending on the type of jet.
For instance, a light jet can cost £3.5–£5 million, while a mid-size model ranges from £6–£9 million and a large jet between £30–£50 million, according to multiflight.com.
Expert Tyler Holt, CEO of AvSky Corporation, one of the world’s leading jet brokerages, weighed in on the matter.
Tyler told the Daily Mail: ‘When people make a lot of money, they want to find ways to spend it.
‘Travelling in a more convenient way is very high on the list of priorities.
‘If you’re looking for a jet to fly intercontinentally, you could be looking at paying $10 million to $80 million (£7 to £59 million).
‘For light jets, for example those just flying shorter distances across Europe or the US, that could be around $1.5 million.’
Unfortunately, the costs don’t end there.
Tyler says: ‘Buying the plane really is just the start. You need to buy the entire infrastructure.’
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PRIORITY NUMBER ONE – MAINTENANCE
It is essential to factor in maintenance costs when buying a plane
The maintenance of an aircraft can cost astronomical amounts – dwarfing other types of vehicle maintenance by comparison.
James added: ‘Maintenance is the cost most often overlooked by a potential buyer.
‘As a rule of thumb, budget 5-10 per cent of the aircraft’s value annually.
‘It covers scheduled inspections, engine reserves, component replacement and unscheduled repairs.
‘It doesn’t stop just because the aircraft is sitting in the hangar – much of the maintenance is driven by calendar time and cycles, not just flight hours.’
Plus, private jet mortgages range from $20,000 to $800,000 a month, depending on the size of the jet – ‘a big expense’, Tyler explains.
The biggest expense is the reserves stashed to cover maintenance – an engine overhaul, for instance, can cost $5 million, Tyler reveals.
James Moon says most buyers overlook the maintenance costs
FOOLISH TO FORGET FUEL
Fuel is essential, too – between $500,000 and $2 million a year, depending on your jet size and how often you fly.
Eric Weisskopf, managing director of HansJet, runs the private aviation company, which specialises in memberships and fractional ownerships.
This means instead of purchasing an entire jet, you can part-buy one – and also sign up for a membership program, meaning you can get guaranteed availability of usage for a fee.
Eric Weisskopf shared the average fuel costs for a range of jets
Eric told the Daily Mail that private jet costs are divided into finance costs and operating costs – and the latter has both fixed and variable prices.
Fuel is one such variable – and can cost huge amounts, as well as vary greatly.
For example, a small Turboprop jet could have monthly fuel costs of €9,450 (£8,194), while larger ones could go up to as much as €57,750 (£50,076).
Aircraft fuel cost comparison Class of Aircraft Aircraft & Configuration “Typical Fuel Burn (Litres / Hour) ³” “Monthly Fuel Volume (Litres @ 25 fh) ⁴””Monthly Fuel Cost (EUR @ 1.40 / L) ⁵” Turboprop Pilatus PC-12 NGX (9 Pax) 270 L/hr 6,750 L EUR 9,450 Light Jet Embraer Phenom 300E (6 Pax) 380 L/hr 9,500 L EUR 13,300 Midsize Jet Embraer Praetor 500 (8 Pax) 800 L/hr 20,000 L EUR 28,000 Ultra Long Range Bombardier Global 6000 (13 Pax) 1,650 L/hr 41,250 L EUR 57,750 Source: HansJet.com
INSURANCE IS NEXT
Insurance premiums are high, between £50,000 and £200,000 annually, and of course fuel is expensive too.
Tyler echoes this, saying he estimated insurance to come in around $40,000 to $100,000 a year.
James notes this is typically 1-3 per cent of aircraft value per year.
DE-ICING DRAMA
De-icing can go for $5,000 to $10,000 (£7,490) a pop, Tyler estimates, but the range is huge.
James notes it costs ‘a few hundred to a few thousand dollars per application depending on aircraft type and fluid used.’
He says it is ‘a minor line item individually’ but it ‘adds up over a winter season of regular ops – why some owners opt to hangar their aircraft if they live in an area of frequent snowfall.’
… AND DON’T FORGET STORAGE
Storage at a hangar can start from tens of thousands for a small jet – and go into the hundreds of thousands.
James notes: ‘Hangar fees are the big cost that is often overlooked – $30,000 (£22,679) to $200,000 (£151,205) a year depending on location, and prime city-adjacent space commands a premium.’
ADMIN ANTICS
Beyond that, James warns of other costs: ‘Landing and navigation fees (some countries charge simply to overfly), depreciation (aircraft typically lose 10-15 per cent of value in year one, then 5-10 per cent annually), and admin costs – legal, insurance management, tax and regulatory compliance – can run to tens of thousands a year on their own.
‘New owners almost always underestimate the cumulative weight of these “small” recurring costs versus the headline maintenance and fuel numbers.’
DON’T FORGET, YOU’LL NEED A PILOT
Pilot salaries vary based on experience and rank, Lunajets explains, ranging from a median of $86,000 (£64,168) to more than $300,000 (£223,843) per year – and some will even have two pilots for longer distances or safety.
You may need a cabin crew member, too, with salaries ranging from $50,000–$75,000 (£37,308-£55,963) per year – and up to $80,000 Tyler says.
Don’t forget accommodation and living expenses for any crew you will need to put up at your destination, in order to ensure they can be around to fly you home.
You will have to hire at least one pilot – and for bigger jets, you might need flight attendants
WHAT ABOUT THE DECOR?
Decor adds to the cost, too. A private jet interior designer revealed the price of a jet makeover earlier this year.
Saboir, 35, told the Daily Mail: ‘For off-market jets in the mid-size range, refurbishment can be somewhere between €1 million to €2.5 million (£862,500-£2.1 million).
‘For brand new planes, the interiors usually account for around 30 per cent of the purchasing price.
‘So if a new jet costs €80 million (£69 million), then we are really around €15 million to €20 million (£13-£17 million) for customisation, because these are ultra-customised planes.’
The bigger the plane, the higher the costs too. Outfitting Boeing Business Jets, for example, typically used by clients in the Middle East can cost ‘anywhere from €40 million to €50–€60 million (£35 – £52 million), depending on how extra it needs to be in the end.’
James adds: ‘Cabin entertainment systems – displays, audio, satellite TV – typically cost anywhere from $50,000 (£37,804) for a modest retrofit to several hundred thousand for a full large-cabin installation, plus ongoing content and software licensing.
‘It’s a smaller line item than people expect relative to fuel or maintenance, but it’s part of what buyers underestimate when budgeting for the ideal cabin experience they actually want.’
AND WHAT IF YOU FANCY A NIBBLE?
Food is not always included – and prices can soar if you’re getting catering on board
Whether your in-flight snack is a bag of peanuts or a plate of fresh sushi, it’s certain many of those owning private jets will want food on board.
James says: ‘Catering is part of standard operation – it’s billed per flight rather than as a flat annual cost.
‘It ranges from a few hundred dollars for simple snacks and beverages on a short domestic hop, to several thousand dollars for a full chef-prepared menu on a long-haul international flight, scaled to cabin size and the level of service the client expects.
‘Not all private jets have a galley for food storage and preparation, depending on the aircraft it can vary from a sandwich wrapped in clingfilm or a five-star dining experience.’
So, while owning a private jet might sound like a great idea, make sure you know what you’re signing up for – it’s not as easy as it might seem.
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