How Much Does a Private Plane Cost to Own? And When A Charter Makes More Sense

Owning a private plane can make travel more convenient, but the actual cost of ownership includes so many additional fees—maintenance, repairs, crew, storage, and fuel. Depreciation also looms, leading to a significant decrease in value. Travelers who charter can enjoy all the luxuries without any long-term commitments. This often makes it a more cost-effective and practical choice for private air travel.

Owning a private plane means no more TSA lines and no rigid schedules. You have the freedom to fly on your own terms, which is something frequent travelers are very fond of. Perhaps a significant one-time purchase could make more financial sense than continuously chartering a jet every time you want to travel.

Don’t be so quick to assume. The true cost of owning a private plane goes well beyond the purchase price. You may be dreaming of convenience, but what you’ll end up with is a very expensive commitment.

So, how much does a private plane cost to own? Would a charter make more sense? Here’s what you need to know.

How Much Does a Private Plane Cost to Own? Key factors to consider:

When people ask “How much does a private plane cost to own?”, they’re often surprised to learn the answer goes far beyond the purchase price. From ongoing operational expenses to long-term depreciation, true ownership costs reveal themselves over time, not just at the point of sale.

The Purchase Price of a Private Plane

Those who inquire about the cost to own a private plane usually want to know the sticker price. And this is a fair question since there are all types of aircraft, sizes, and upgrades available that will determine just how much you will pay.

This will give you an idea—

Turboprops or very light jets may cost $1.5 million to $4 million, while light jets often fall between $3 million and $7 million. Midsize jets often range from $8 million to $15 million, and long-range models easily exceed $30 million or more.

If you have a high net worth or a thriving business, these prices may not seem like a big deal. But, just know that the cost of owning a private plane does not stop once the purchase price is paid.

Committing to Operating Costs

Owning a private aircraft comes with fixed costs that apply whether you fly twice a year or every other day. And, on average, they can add up to somewhere between $500,000 to several million dollars annually. Exact amounts will depend on the type of aircraft and how often you use it.

Flight Crew and Maintenance

A few of the operating costs you will have to commit to include crew salaries and training. Pilots, co-pilots, and sometimes flight attendants must be paid, including any recurrent training and certifications. Routine maintenance and inspections are mandatory. And any repairs must be addressed right away by skilled airplane mechanics. 

Storage Fees

Storage fees for the aircraft are another necessity. Though the amount can vary greatly based on location, hangar fees in prime airports can be very excessive. Storing the aircraft outdoors may be a cheaper option, but constantly being exposed to the elements may result in greater wear and tear and more expensive repairs.

Airport Fees

Airport fees are required every time you travel. How much you will pay will depend on how you want your aircraft stored and the popularity of your airport. A prime airport is going to have higher fees.

Insurance Costs

Insurance is another high cost for operating your own private aircraft, influenced by its value and usage. Just as insurance agents assess drivers of automobiles, they do the same for pilots. The experience and history of your pilot are considered when issuing a policy.

Fuel Costs

And finally, there is fuel. To go anywhere in your aircraft, you need fuel. The cost varies as it fluctuates with market prices. Bigger aircraft and greater distances are going to require more fuel. And this can really add up.

All of the above aircraft management services are required to keep your aircraft operational, but they still don’t include catering costs, cleaning fees, navigation fees, international permits, and technology upgrades.

Depreciation

When calculating how much it costs to own a private plane, depreciation is often overlooked. Yet, just like luxury cars, the aircraft you own will begin to lose value over time. Researchers will tell you that up to 20-60% of the value can be lost in just the first several years. It doesn’t matter how well-maintained the aircraft is, as newer models are released with better efficiency, technology, and comfort, they will age out and become less desirable.

The bigger problem comes when you decide to sell your aircraft and upgrade it. The depreciation can lead to a substantial financial loss.

So, what does all of this mean? Does it make financial sense for you to purchase a private plane?

Ownership vs. Charter: Cost Perspective

We understand why you’d want to travel via a private aircraft. The question you have to answer is, what is the best way to do that? Due to the financial responsibility involved, it can help to gain some perspective as it relates to the cost of owning a jet and chartering one.

Check out this example.

If a midsize aircraft is the perfect size for your needs, owning one will cost you about $4-6 million annually. This is in addition to the purchase price. Chartering the same aircraft can cost you roughly $3,300 to $4,100 per flight hour. And, if you do the math, you could fly well over 100 hours per year and still save money by chartering. Taking advantage of empty leg specials will leave you with even bigger savings.

Beyond the Cost

While it would be exciting to own your own jet, there is no denying that charter jets are the more cost-effective option. They allow you to enjoy all that private travel offers without any operational burden.

You won’t have to worry about the flight crew, last-minute repairs, or finding storage. Instead, simply book your flight through our charter company and show up a few minutes before your scheduled departure. You will have peace of mind as you leave commercial travel and the heavy burden of ownership behind.

Fly Smarter With The Early Air Way

If you’re still asking, “How much does a private plane cost to own?”, the real answer depends on how often you fly and how much responsibility you’re willing to take on. For many travelers, that realization is what makes charter the more practical choice. After all, the cost goes way beyond the initial price tag. Making the purchase may be a great fit for some. But, for many individuals, families, and businesses, chartering delivers the same luxury and efficiency with less risk and commitment.  

If you’re interested in flying private, without the costs and commitment associated with owning your own jet, flying with The Early Air Way may be right for you. Get in touch with our team to book your charter flight today.