Owning A Private Jet vs. Chartering: What’s More Cost-Effective?
Flying private comes with a lot of perks. Those who consider it their preferred way to travel often find themselves contemplating whether owning a private jet or chartering one is right for them. Both provide luxurious travel across the world, but which is more cost-effective?
Many people are drawn to flying private for its exclusivity and undeniable convenience. Irresistible perks aside, those interested in investing in private aviation often find themselves torn between owning a private jet and chartering one.
Choosing between the two can be a struggle. The dream is always to own a jet, but the upkeep that comes along with it can be grueling and costly. Chartering means spending money to fly on someone else’s jet. This article examines whether owning a private jet or chartering offers the best value.
Owning A Private Jet vs. Chartering: Cost Considerations
When weighing the appeal of private aviation, cost is one of the most important factors to evaluate. Below, we’ll explore the true costs of ownership and how they stack up against the advantages of chartering.
Owning A Private Jet: The True Cost
Not everyone can afford to buy a private jet. Perhaps this is why many associate owning one with a high level of success and prestige. What most don’t understand is that the millions spent to make the purchase is just the beginning of the costs related to private jet ownership.
The expenses associated with being a private jet owner are ongoing. It isn’t unusual for owners to spend between $500,000 and $1 million each year just to keep the jet in good shape and ready to fly. Let’s break down some of the most common expenses.
Maintenance
A jet needs to be cared for regularly, following strict maintenance schedules that require replacing parts and meeting annual inspections. Unexpected repairs can also arise at any time, requiring the attention of an aircraft maintenance technician. This can cost an owner hundreds of thousands of dollars each year.
Flight Crew
Owning a private jet will not do you much good unless you have a flight crew. Pilots, co-pilots, and flight attendants will need to be retained. To ensure that they are ready to fly when you are, you will need to pay them an annual salary.
Storage Fees and Insurance
To maintain a jet’s longevity and reduce any unwanted risks, you will want to securely store it and invest in an insurance policy. Costs associated with hangar fees and insurance are unavoidable and must be accounted for.
Fuel Costs
If you want to use your jet, then it is going to require fuel. And, there is no denying that it will be a greater expense than your last trip to the gas station in your automobile. The cost of fuel always fluctuates, but expect to pay thousands when taking any flight that goes a great distance.
Private Jet Charters: No Significant Financial Commitment
Choosing to charter your private jet means that you get to enjoy all the comfort, luxuries, and amenities it offers without the exorbitant cost. You don’t have to worry about paying for storage, maintenance, or flight crews. And you surely don’t have to cover the purchase cost of the jet.
Chartering a private jet means paying only for the flights you take without any additional financial burdens. What’s more, when you aren’t tied down to one jet, you have a lot of flexibility. For instance, you can choose from a fleet of jets based on the distance you are traveling and the number of passengers. Sometimes a very light jet may be perfect, while other times may call for a super mid or a heavy jet.
Everything is handled by a charter company, and all you have to do is show up for your flight.
Cost Per Flight Hour
As we’ve discussed, there is a difference between owning a private jet and chartering one. jet. But just how significantly does the cost vary? The best way is to break down the cost per flight hour.
Let’s say you fly about 100 to 200 hours annually. The expenses required for the jet would easily cause the cost per flight hour to be upwards of $8,000 to $12,000 for owners. On the flip side, the private jet charter cost per flight hour can range from $3,000 to $8,000, depending on the jet you select.
Owning A Private Jet vs. Chartering: Non-Cost-Related Considerations
When it comes to owning a private jet, the conversation usually centers on custom but money isn’t the only factor worth weighing the decision. Ownership comes with responsibilities that many buyers underestimate, while chartering eliminates many of these challenges. Considering both the difficulties of ownership and the benefits of chartering is key to making an informed decision.
Challenges To Owning a Private Jet
Aside from the costs, there are a few additional challenges that come with owning a private jet, many of which buyers don’t realize until it is too late. For example, you will either want to look into paying a management company, or take on the task of managing schedules, staffing, repairs, logistics, and FAA compliance all on your own. It’s a big job.
Further, it is worth mentioning that the value of an aircraft will significantly depreciate over time. If you ever do decide to sell, you could lose millions of dollars.
The Upside of Private Jet Charters
When you charter a private jet, you don’t have to worry about managing anything. It actually gives you everything you are looking for, like simplicity, luxury, flexibility, security, reliability, time savings, and so much more, without putting in the work or dealing with financial stress. After all, the only time you spend money on a private jet is when you fly.
Your charter company will allow you to choose from a fleet of aircraft to use, without the burden of depreciation or having to figure out the logistics, and you’ll be able to select from some of the most popular destinations worldwide, from recreational hotspots like Las Vegas, to business hubs like Tokyo.
If you want to experience the best of private aviation, chartering often wins.
The Early Air Way: The Smarter Way to Fly Private
So, should you own a private jet or charter one? At The Early Air Way, we believe that the popularity of private jet chartering over ownership is clear. There is a lot of responsibility, financial and beyond, when it comes to owning your own jet, which is why most people feel that chartering is the most cost-effective and convenient option.
Sure, the allure of private jet ownership cannot be overlooked, but all the challenges and expenses that come with it aren’t so exciting. Opt for the stress-free luxury that comes with private aviation without all the extra responsibilities. Stepping into the cabin of the perfect jet every time you need to travel, without worrying about storage, maintenance, flight crew, etc., feels like freedom. And that’s exactly what you will find at The Early Air Way.
If you are ready to explore private travel the smarter way, contact us today!