The Cost of Buying a Private Jet 

In this article, we’ll provide details about the typical costs associated with buying a private jet. While we’re focused exclusively on cost, tap into our guide to buying a jet for everything you need to know about the process. 

Private Jet Cost Summary 

Several factors contribute to the total cost of buying a jet. This table provides you with a quick overview, but keep reading for even more detail.

cost category	estimated cost	details
Purchase Price	$2 to $100M+	Very light jets start around $2M; long-range and VIP-configured jets can exceed $100M.
Fuel Costs	$500 to $2,500 per hour	Costs vary by fuel burn rate and trip profile. Larger jets burn more fuel.
Maintenance	$200,000 to $1M per year	Includes routine inspections, part replacements, and unexpected repairs.
Crew Salaries	$200,000 to $500,000 per year	Includes pilot and crew salaries, training, and benefits.
Hangar & Storage	$50,000 to $500,000 per year	Based on airport location and type of storage (shared vs. private hangar).
Insurance	$30,000 to $500,000 per year	Covers liability, hull damage, and crew.
Landing & Airport Fees	$500 to  $10,000 per landing	Charges depend on airport, jet size, and services required.
Depreciation	7% to 15% per year	New jets depreciate faster in the first 5 years; resale value varies.
Unexpected Costs	Varies	Can include avionics upgrades, compliance with new regulations, or major part replacements.

Purchase Price 

Your largest budget item is the plane’s purchase itself. In general, smaller planes with fewer amenities cost less than larger, deluxe versions. Newer planes tend to cost more than older models too. 

In some cases, you can negotiate about the final purchase price. If you find a partner willing to make a deal, you could save money on the overall purchase price. 

However, expect your price tag to be in the millions for most private jets.

This table can help you understand typical fees:

jet type	passenger capacity	range (miles)	typical price range	example jet models
Very Light Jet (VLJ)	4 to 6	1,200 to 1,500	$3M to $6M	HondaJet Elite II, Cirrus Vision Jet
Light Jet	6 to 8	1,500 to 2,300	$6M to $12M	Cessna Citation CJ4 Gen2, Pilatus PC-24
Midsize Jet	7 to 9	2,000 to 3,200	$13M to $20M	Cessna Citation Latitude, Citation XLS Gen2
Super Midsize Jet	8 to 12	3,400 to 4,500	$20M to $35M	Bombardier Challenger 3500, Gulfstream G280
Large Cabin Jet	10 to 16	4,500 to 7,500	$35M to $75M	Gulfstream G500, Dassault Falcon 8X
Ultra-Long-Range Jet	12 to 19	7,500+	$65M to $100M+	Gulfstream G700, Bombardier Global 7500
VIP Airliner (Bizliner)	20+	5,000 to 10,000+	$75M to $500M+	Boeing Business Jet (BBJ), Airbus ACJ320neo

Fuel Costs 

Jet fuel is an important but often overlooked expense involved with owning a private jet. Unfortunately, budgeting for this item isn’t easy. 

On average, jet fuel costs between $5 and $7 per gallon. In the 1990s, fuel prices were relatively stable. However, everything changed in the 2000s. 

By 2010, fuel prices were six times those seen in the 1990s. And volatility in the fuel market could mean almost anything could happen with cost in the future. 

Your jet fuel costs can also vary by aircraft type and size.

These are typical consumption rates listed in gallons per hour:

• VLJ: 30 to 130 
• Light jet: 150 to 250 
• Midsize jet: 200 to 300 
• Super midsize jet: 280 to 400
• Large cabin jet: 400 to 500 
• Ultra-long-range jet: 450 to 600
• VIP airliner: 600 to 1,500+

While your aircraft type can impact your cost, so can the length of your trip. Taking shorter trips is one way to ensure you don’t spend too much on this budget item. 

Maintenance 

Your jet needs regular care to operate safely. You’re also required, per the Federal Aviation Administration, to perform routine inspections and make repairs. 

Costs for inspections and repairs can vary, but a range of $200,000 to more than $1 million annually is typical. Larger and older aircraft are more expensive to repair, and they may need more repairs than newer versions will. 

A skilled professional must perform your inspections. This isn’t something you can do alone. However, you can make the process quicker and easier by keeping accurate records of your flights and maintenance steps. 

If your inspection flags a problem, it’s smart to make the repair immediately. Delaying a fix could make your next flight more hazardous, and your consequent repair could be even more expensive. 

Crew Salaries 

While smaller planes are designed for an owner-operator setup, larger planes require a crew that can include pilots, servers, and more. The larger your crew, the more you can expect to pay. 

For example, pilots make an average of about $171,000 yearly. Some pilots charge less, and others ask for more. Your staff may also need training, and you could offer benefits like insurance that add to your overall costs. 

You can save money by using an agency for occasional staff members, but this could limit your flexibility and ability to schedule last-minute flights. A private crew may also know your plane intricately, so these staff members could help you understand your maintenance and repair needs. 

Hangar & Storage 

Your aircraft must be stored safely when not in the air. Hangers are large storage facilities for jets, and these facilities can include refueling spaces, maintenance, and more. 

Yearly hangar rentals can range from about $50,000 in smaller airports to more than $500,000 in major hubs. 

You could save money by opting for outdoor tie-downs, but that can expose your jet to weather damage and vandalism. Personal hangars are much safer, but they are also more expensive. 

Insurance

Jet insurance coverage can protect you from financial ruin after an accident or incident. A typical policy has two parts: liability (for bodily injury) and hull (for the aircraft). 

Experts say the price of insurance can vary significantly, and it’s not always easy to understand how to lower your costs.

Insurance companies can examine the following factors when calculating your premiums: 

• Aircraft model 
• Pilot experience
• Insurance history 
• Where the aircraft is stored 
• How often you fly

In general, yearly insurance costs between $30,000 to $500,000. Ask your potential partner for a detailed bid that includes costs, potential exclusions, and more.

Airport Fees

As a private jet owner, you’re responsible for landing fees charged by airports. Those fees help to keep the airport stable and open for other pilots. 

In addition to landing fees, airports can charge for other items, such as these:

• Fuel 
• Maintenance inspections 
• Parking 
• De-icing 
• Wait time
• Repositioning

Fees typically range from $500 to $10,000 per landing. Private terminals (FBOs) may charge extra for premium services. Your jet’s size, weight, and location play a role in the final cost. 

Depreciation 

While depreciation isn’t a fee you’ll have to pay out of your pocket, it’s a cost you’ll pay as a private jet owner. 

Similar to a car, a private jet loses value over time. The first 10 years are especially costly, but the issue never resolves completely. On average, you’ll lose between 7% and 15% yearly. 

Purchasing a high-demand model can be smart, as they retain value better than others. Paying attention to regular maintenance, and making key upgrades on schedule, can also be a smart idea. 

Unexpected Costs 

Private jets are delicate, and they can break with regular use. It’s smart to budget for unexpected problems, so you’ll have funds in reserve when something goes wrong. 

Unexpected costs can include the following:

• Mechanical failures 
• Regulatory changes 
• Higher fuel costs 
• Airspace restrictions leading to detours 
• Tax issues

Cost of Buying a Private Jet vs. Chartering a Jet 

One of the easiest ways to lower your financial obligation is to charter a jet. This option allows you to use the aircraft only when you need it while avoiding some of the ongoing fees owners might face. 

While chartering a jet could be less expensive, it comes with some drawbacks. For example, charters can be less flexible than ownership. If you’re sharing a jet with many other people, you’ll need to ensure no one else needs the aircraft when you do. 

Ownership is also an investment. You can sell the aircraft to raise capital as needed, or you can rent it to others who want to use it. The same isn’t always true of charter systems. When you pay as you go, you don’t gain capital. 

Looking for a Partner to Help You Purchase a Private Jet?

Private jet ownership could be your ticket to a future of stress-free flying. At Element Aviation, we’ve taken the stress out of buying the jet of your dreams. We can help you understand your options and buy the right aircraft for your budget. 

Whether this is your first jet purchase or your hundredth, we can help you make a smart choice for your future. Element Aviation was started by professionals who understand the industry intimately. Our knowledge ensures you won’t pay too much or make the wrong purchase decision for your family.