Everything You Need to Know About Buying a Jet 

The global business jet market size is anticipated to reach $66.97 billion in 2032. While some people are content to rent jets when they need them, others are exploring the freedom that comes with ownership.

Should you buy a jet? This guide will tell you everything you need to know, including potential costs and how the process works.

Assessing Your Needs: Top Factors to Consider 

About 11,600 companies participate in the global aircraft manufacturing industry. Which one (and which model) should you choose? Start by considering your current and future needs. 

Business vs. Personal Use 

Will your aircraft take you on solo business trips? Or will you use the aircraft primarily for pleasure? Your answers can have different implications for your taxes, your flight frequency, and your capacity. 

Consider the past 10 to 15 trips you’ve taken, and look ahead to future flights. You may have a mixture of itineraries, and that’s fine. But try to identify which type of use will be most common for you. 

Flight Range

Aircraft can travel varying distances before refueling. If you’re planning very long flights, constant stops could become frustrating and hard to manage. However, if you’re only planning shorter trips, a smaller fuel capacity could be a better choice. 

Smaller jets tend to be less expensive and more fuel-efficient. However, they’re also less comfortable for long-distance flights. While you could put them to use on a long journey, it’s not always smart to do so. 

Capacity 

Jets can carry as few as two passengers and as many as 20+. If you know you’ll take most of your trips alone or with one trusted companion, a smaller aircraft could be a smart pick. However, if you’re often flying with staff, security, pets, or family, you’ll need more space. 

Cabin Features 

As the National Business Aviation Association explains, jet interiors can vary widely. Some have a very small cabin, while others are large enough to accommodate an office meeting. Some jets are configured like small offices, while others have sleeping areas and couches. 

Just as you might select a car based on the interior amenities, do the same with your jet. Consider the layout, seat number, availability of tables, the presence of a bar, and so forth. 

Types of Private Jets 

Several types of jets are available, and they’re all a little different. This chart summarizes them. Keep reading for more details.

jet type	passenger capacity	range (miles)	speed (MPH)	typical price range	example models
Very Light Jets (VLJs)	2 to 5	~1,000 –1,500 miles	345–450 mph	$2M – $6M	Cirrus Vision SF50, HondaJet Elite II
Light Jets	6 to 8	~1,500 –2,200 miles	460–515 mph	$5M – $13M	Cessna Citation CJ4 Gen2, Embraer Phenom 300E
Midsize Jets	7 to 9	~2,000–3,200 miles	495–540 mph	$9M – $20M	Bombardier Learjet 75, Cessna Citation Latitude
Super Midsize Jets	8 to 12	~3,200–4,200 miles	530–610 mph	$17M – $30M	Gulfstream G280, Bombardier Challenger 3500
Heavy Jets	10 to 16	~4,000–6,500 miles	555–610 mph	$25M – $60M	Dassault Falcon 900LX, Gulfstream G500
Ultra-Long-Range & Bizliners	10 to 20+	~6,500–8,500+ miles	575-645 mph	$50M – $100M+	Gulfstream G700, Bombardier Global 7500, Boeing BBJ

Very Light Jets (VLJ) 

Very light jets are ideal for regional trips involving few passengers. They’re a cost-effective option for entry-level aircraft owners. However, they come with a shorter range and limited cabin space. 

Key facts:

• Distance: About 1,000 to 1,500 miles 
• Capacity: 2 to 5 passengers 
• Cost: $2 million to $6 million 
• Comfort: Designed for short trips 

Light Jets 

Light jets provide a longer range than VLJs, and they have a bigger cabin space. More passengers and luggage can come on the trip. This type of aircraft is more expensive than a VLJ, but it offers improved comfort. 

Key facts:

• Distance: About 1,500 to 2,200 miles 
• Capacity: 6 to 8 passengers 
• Cost: $5 million to $13 million 
• Comfort: More comfortable than very light jets 

Midsize Jets 

This type of aircraft balances range, capacity, and comfort. People who need to book transcontinental flights with a few passengers might appreciate the stand-up cabins and enclosed lavatories that are often available. These jets are more expensive to purchase and operate than their smaller counterparts. 

Key facts:

• Distance: About 2,000 to 3,200 miles 
• Capacity: 7 to 9 passengers 
• Cost: $9 million to $20 million 
• Comfort: Designed for groups on longer trips 

Super Midsize Jets 

A greater range and cabin space characterize this type of aircraft. People who need to make transcontinental trips with a group might enjoy the full galleys and spacious seating often available. The travel experience is very comfortable, and in some cases, it’s luxurious. 

Key facts:

• Distance: About 3,200 to 4,200 miles 
• Capacity: 8 to 12 passengers 
• Cost: $17 million to $30 million 
• Comfort: Several people can fly in comfort on these jets 

Heavy Jets 

This type of aircraft is made for long-haul trips. Spacious cabins, plenty of luggage room, and sleeping berths make transcontinental flights very comfortable. Substantial operating costs are involved, but they’re a smart choice for people who need to travel long distances in style. 

Key facts:

• Distance: About 4,000 to 6,500 miles 
• Capacity: 10 to 16 passengers 
• Cost: $25 to $60 million 
• Comfort: Spacious cabin for many people 

Ultra-Long-Range Jets 

This type of aircraft has extensive range, so it is an optimal choice for people who need to travel very long distances. Cabins are designed with comfort and connectivity in mind, so they often contain suites and conference areas. A higher price reflects the luxury available. 

Key facts:

• Distance: About 6,500 to 8,500 miles 
• Capacity: 12 to more than 20 passengers 
• Cost: $50 million to more than $100 million 
• Comfort: Extremely comfortable 

Buying New vs. Pre-Owned 

Researchers say unit sales in the pre-owned market are up to four times as robust as those in the new market. While there are plenty of benefits associated with buying a used aircraft, others think a new plane is just right. This chart compares your options:

New vs. Used Private Jets: Key Considerations

factor	buying new	buying pre-owned
Purchase Price	$5M – $100M+	30-50% cheaper
Depreciation	7% – 20% in the first year	Previous owner absorbs initial depreciation
Technology & Features	Latest avionics, safety tech, and fuel efficiency	Some models may already have upgraded systems, but others may require modifications
Maintenance & Repairs	Typically covered under repairs	Older jets may require major repairs or overhauls
Customization	Fully, choose interior, layout, and features	Retrofitting is possible, but costly
Financing & Insurance	Higher financing costs unless manufacturer incentives are available	More flexible financing and reduced insurance premiums
Resale Value	Loses value quickly in early years	More stable resale value relative to purchase price
Availability	May take months to be delivered	Ready to fly much sooner
Regulatory Compliance	FAA, EASA, and environmental compliance	Could require modifications for current regulations

Why You May Consider a New Jet

A new aircraft comes straight from the manufacturer to your hangar. That means it comes with the latest in technology and upgrades, and it’s fully customizable to your specifications. If something breaks, repairs are typically covered by a warranty. 

New aircraft are also more expensive than used versions, and you’ll experience intense depreciation after the purchase. You may also face higher insurance rates.

Why You May Consider a Used Jet

A used model is often less expensive than a new version. You’ll pay less upon purchase, and your premiums may be more affordable. You also won’t take on as much depreciation, and you can sell it at a relatively stable price. 

Used models may contain outdated features and technology. In addition, the original owner may have tailored the aircraft in a manner you don’t like, and fixing the issues isn’t always easy. 

Private Jet Buying Process

The typical jet buying process is a little more complicated than purchasing a car off a dealership lot. Several steps are involved, and they’re all a bit detailed. We provide insight into those steps here.

As a quick summary, these are the steps involved in purchasing an aircraft:

• Assess your needs. 
• Conduct research and pre-qualify.
• Find a retailer. 
• Contact the retailer and discuss your requirements. 
• Search for an aircraft that fits your needs. 
• Craft a prepurchase agreement. 
• Sign a purchase agreement. 
• Review an aircraft inspection. 
• Negotiate discrepancies.
• Prepare key paperwork. 
• Exchange funds. 
• Accept the aircraft.

Understanding Private Jet Costs 

Several factors contribute to your final aircraft purchase price. We’ve outlined them in detail here. However, this summary table can give you a good idea of general prices. 

category	estimated cost	details
Purchase Price	$2M – $100M+	Varies based on jet size and model.
Fuel Costs	$300 – $3,500 per hour	Dependent on jet size and fuel efficiency.
Maintenance	$200,000 – $2M per year	Includes routine inspections, part replacements, and unexpected repairs.
Crew Salaries	$150,000 – $600,000+ per year	Covers pilots, co-pilots, flight attendants, training, and benefits.
Hangar & Storage	$50,000 – $1M per year	Costs depend on airport location and type of storage (shared vs. private hangar).
Insurance	$5,000 – $700,000 per year	Covers liability, hull damage, and crew.
Landing & Airport Fees	$100 – $15,000 per landing	Charges depend on airport, jet size, and services required (handling, customs, fueling).
Depreciation	10%-25% per year, with steeper drops for older models	New jets depreciate fastest in the first 5 years. Older models can lose 25%+ annually if outdated.
Unexpected Costs	Varies	Can include major part replacements, avionics upgrades ($500k+), or regulatory compliance costs.

Tax Considerations When Buying a Private Jet 

Your aircraft purchase could come with either a tax bill or a tax credit. The Internal Revenue Service (IRS) explains that tax breaks only apply when the aircraft is used for business purposes. Using the craft for pleasure is different. 

The IRS audits trips to ensure that business owners play by the rules, so documentation is important. While Element Aviation is not an accountancy expert, we encourage everyone to know the rules and follow them. 

If you are using an aircraft exclusively for business, it could be a deductible business expense. You could also deduct the costs associated with staffing and fueling the aircraft. 

If you’re using the aircraft for pleasure, including vacation trips, it’s not a deductible expense. And filing your taxes could get more complicated, as you’d need to prorate the cost of the plane and its maintenance depending on how often you use it in this manner. 

Regulation Requirements 

As the owner of an aircraft, you’re responsible for keeping it safe and in compliance with regulations imposed by the Federal Aviation Administration (FAA). The rules are complex and spread across a large government document. It pays to read it carefully. 

In general, you’re required to keep the aircraft in good operating condition and use certified pilots. You’re also required to keep records about your maintenance and flights. 

In addition, you may be responsible for registering your aircraft and paying appropriate taxes and duties. You may need professionals to help with these steps. 

Jet Management Considerations 

After you’ve purchased your jet, your fees don’t go away. To keep your aircraft safe and in use, you’re responsible for a few extra steps. 

Your aircraft should be insured for the type of use involved. That means you may need a different policy for international flights than you do for domestic versions. That coverage should protect you from accidents and injuries. 

You’ll also need a crew to help you keep the aircraft working. A licensed pilot is critical, but you may also need mechanics, stewards, and more. If you fly often, you may need full-time workers, and they may expect benefits like insurance. 

Alternatives to Buying a Private Jet 

Purchasing an aircraft isn’t right for everyone. If you’re interested in the private jet experience without ongoing liability and costs, several options are available. They include the following: 

Private Jet Charter 

A private jet charter allows you to rent a plane when you need it. You won’t be locked into one size or type of aircraft, and the ongoing fees are not your responsibility. 

You can choose one type of aircraft for one trip and another for your next. The flexibility is hard to beat, and it’s a good option for people who don’t fly often. 

Private Jet Membership 

A jet membership card allows you to fly more frequently than an individual charter at a lower cost. Your plan may allow you more flexibility in scheduling trips, and you’re still not responsible for ongoing maintenance. 

Fractional Ownership

In a fractional ownership program, you share the ongoing costs of an aircraft with other people. You’ll have even more flexibility in scheduling your trips, and it could be a cost-effective choice for people who fly often. However, you’re required to use the same aircraft on each trip. 

Top Advice From Industry Professionals

We’ve asked Kevin White, Managing Partner at Element Aviation, to tell us his best tips about purchasing an aircraft. Here’s what they said: 

“Don’t rush the process. You may fall in love with the look of an aircraft and feel pressured to sign right away, but reviewing the records and scheduling an inspection are crucial. You’ll save yourself from costly surprises.”

“Understanding your needs is essential. Don’t just think about today, but focus on what might happen next week or next year. A jet that seems right at the moment could be wrong for you in the future. Planning is critical.”

“Partner with experts and consultants to ensure that your sale moves smoothly. A well-structured acquisition minimizes legal and financial risks, allowing you to focus on the joy of flight.” 

Looking for a Trusted Partner to Help You Buy a Private Jet?

At Element Aviation, we help people find and purchase the perfect aircraft.

Our decades of experience mean we know what questions to ask, what inspections are required, and what price seems appropriate. 

Contact us to find out more about our private jet buying and selling services.