Considerations for Buying an Aircraft
November 14, 2022
Costs Associated with Flying in a Private Jet Plane That You Might Not Have Thought Of
Private Jets Cost More Than Just the Purchase Price; Keep Reading to Learn More About Hidden Fees
Owning a private jet is a costly endeavor. If you’re a first-time
buyer, you may be unaware of the hidden fees associated with ownership.
The best way to determine how much you’ll pay to own and maintain your used private jet is to work with an industry professional who can provide you with a cost estimate based on the make and model you’re considering.
In the estimate, you’ll see a variety of fee categories that you’ll need to be aware of - even if you intend to hire a jet operations manager or a management company to handle all the details for you.
Purchase Price of Pre-Owned Jets for Sale
First-time buyers are more likely to purchase a used private jet, rather than ordering a brand-new aircraft directly from the manufacturer. This choice alone can save you millions of dollars, depending on the new private jet cost.
Used private jets come in a range of prices, depending on the size category they fall into, as well as how many cycles are on the airframe; whether the jet has been upgraded; the age of the jet; and more. Bear in mind that if you purchase an all-original used private jet, you may need to set aside funds to upgrade avionics or engines, depending on their age, condition, and technology.
Maintenance Costs of Private Jet Planes
Just as the purchase price of a private jet depends on a number of factors, so, too, do the costs of maintenance and operation. In general, the larger the jet, the more costly it is to maintain and operate.
This increase is due in part to the amount of fuel large private jets use, but they also require larger crews - and you not only pay your crew’s salary, but also to train them, if you are hiring your own.
Your maintenance plan comes with associated fees, and you’ll want to be vigilant about paying them to keep your jet in good condition. A maintenance plan also creates evidence that your aircraft was well-kept, which means it is more likely to have a higher resale value than those aircraft with untracked maintenance.
To simply operate your private jet in the airspace, you’ll need APU allowance, a subscription to a navigation service, and maintenance to the avionics system aboard your aircraft. These are more costly as your hourly usage increases, so if you’re flying often, expect to pay more.
Used Private Jet Equipment Upgrades
If you own an older private jet, it may be time to upgrade your avionics, satellite navigation system, and cabin management system. Costs for these upgrades will depend on the project and the year, but you can expect to pay hundreds of thousands of dollars.
Insurance Adds to the Cost of Private Jet Ownership
Private jet owners are required to hold policies for a variety of insurances, including single limit liability and hull insurance. Just as your car insurance depends on the make, model, age, and features of your vehicle, so do your aircraft-related policies.
Expect your insurance premiums to cost you tens of thousands of dollars each year, but an aviation insurance carrier should work with you to identify only the policies you are legally required to hold. Consider contacting insurance providers recommended by the International Aircraft Dealers Association.
Costs Money to Simply Take Off and Land at an Airport
Unless you’re landing in a completely private airfield, as the owner-operator of a private jet, you’ll have to pay airport fees each time you take off and land - and for fixed-base operations, or FBOs.
FBOs provide care for your jet upon arrival. They also offer amenities for your crew and for your passengers, such as meeting spaces and business centers. Prices for these services vary.
If you opt to refuel at the airport, some will waive the landing fee. However, you’re likely to pay a premium for fuel.
Cost of Parking Your Used Private Jet
When your private jet plane isn’t airborne, you’ll need a place to put it. This can be either at an airport or inside a hangar.
Hangar storage protects your aircraft from weather damage while it’s parked. You can opt to share a larger hangar with other jet owners, or you can pay a premium for a private one.
Don’t forget ramp fees - the costs associated with
parking your private jet at the airport, even for a few hours. Like most private jet costs, these vary by size.
Shop for Pre-Owned Jets for Sale and Get Help from Industry Professionals
The cost of owning a private jet is not inexpensive, but for frequent travelers, it’s worthwhile. Once you’ve determined the size and type of aircraft and amenities you need, you can begin shopping for a used private jet on a reputable website like AircraftExchange.com, the online listing site for the International Aircraft Dealer’s Association.
Contact an IADA Accredited Aircraft Dealer to learn more about the purchase process and begin your search.