A private jet can cost anywhere between $200,000 for an old used plane to hundreds of millions of dollars for the newest, largest private jets.

Purchasing a private can be extremely expensive compared to chartering one, so many people prefer to charter than outright buying a private jet.

A chartered private jet costs substantially less since it only requires passengers to pay per flight hour instead of also being responsible for paying for the plane itself, as well as the pilot’s salaries and other expenses, including hefty maintenance costs.

Chartering a private jet can be even less expensive if you obtain a private jet membership. 

Cost of Buying a Private Jet

The cost of buying a new private jet is between $2 million to $100 million, depending on the plane’s size, range, and features.

Second-hand private jets are substantially cheaper than new ones, since private jets rapidly depreciate.

Once purchased, private jets also involve high maintenance costs. 

What is the Cheapest Private Jet You Can Buy?

The Cirrus Vision Jet is the cheapest private jet with a price tag $2 million.

But you could potentially purchase a used private jet for as low as $200,000.

Used Learjets can cost as little as $230,000, such as the Learjet 23.

Cost of Chartering a Private Jet

Chartering a private jet costs between $1,000 to $10,000 per flight hour depending on the type of jet.

Very Light Jets

The cost of chartering a very light small private jet ranges between $1,100 – $3,000 per flight hour depending on the aircraft’s model, price, and the chartering company’s location. 

Small Light Jets 

The average cost of chartering a small light jet ranges between $2,000 – $4,000 per flight hour depending on the aircraft’s model, fuel prices, and the chartering company’s location. 

Super Light Jets 

Super light jets have more cabin and luggage space than light jets and very light jets.

So their price per flight hour is higher and costs between $3,500 to $5,000. 

Midsize Jets 

Midsize jets have comfortable, luxurious interiors with a passenger capacity between 5-10, so they’re mostly used for business purposes.

As such, mid-sized cabin private jets cost between $4,000 to $6,500 per flight hour on average.

Super Midsize Jets 

Super mid-sized cabin jets have wider bodies with higher speeds, longer-range capabilities, and even more luxurious interiors along with being able to hold 8 – 11 passengers.

Their cost per flight hour ranges between $5,000 to $7,500 per flight hour. 

Heavy Jets 

Heavy jets provide excellent comfort for long haul flights, and they can carry between 10 and 20 passengers.

The cost of chartering a heavy jet is between $6,500 and $8,000 per flight hour.

Ultra-Long-Range Heavy Jets 

Ultra-long-range jets can comfortably cross oceans, so they’re almost entirely used by multinational corporations to make non-stop ocean-crossing flights.

Their chartering costs are also high, with the average cost being between $9,000 to $14,000.

The most expensive ultra-long-range private jets, like the Gulfstream G700, can even cost $18,000 per flight hour. 

Executive Liners/Bizliners 

Executive liners are large, typically converted commercial airline aircraft used by the world’s elite.

These planes can vary considerably in size and interior, since every plane can be heavily customized.

The cost of chartering an executive liner starts at $39,000 per flight hour. 

What is Private Jet Membership? 

A private flight club membership provides you with short-notice booking for both domestic and international flights at set rates per flight hour.

You can purchase a private jet membership from a charter company, who will then let you use their fleet.

Private jet membership subscriptions are normally sold in annual increments, with a minimum term of one year.

Some private charter flights even offer fractional jet ownership. 

So, simply put, having a private jet membership reduces the cost of flying in private jets.

Is Buying or Chartering a Private Jet Worth It?

Owning a private jet gives you complete freedom over the plane and removes the need to work with an outside company.

But, purchasing a private jet involves a very high up-front and long-term costs since the plane itself costs millions of dollars if new, and at least $200,000 for the very cheapest second-hand models.

Owning a private jet also means you’re responsible for the pilot and flight crew’s salaries and the jet’s maintenance and repair costs, including the purchase of fuel.

In contrast, chartering a private jet gives you less control over the aircraft, buy arguably gives you more flexibility.

For example, you could charter multiple flights in different locations and take off from anywhere instead of depending on a single plane.

Chartering a private jet is likely to cost less long-term, even for the most frequent of flyers, since you’re only charged an hourly fee instead of having to buy the plane itself, as well as paying for any maintenance costs.

So, chartering a private jet is more flexible and less expensive than buying one, but buying a private jet would give you more control over the aircraft.

In the end, the right choice depends on the traveler’s needs. 

What Are the Best Ways of Financing a Private Jet?

You can finance a private jet through either leasing or by obtaining a personal loan. 

Personal Loans 

You can obtain a personal loan from a bank or financial institution to buy a plane like you would buy a house.

Loans for a private jet would require millions of dollars, so you would need a very strong financial history. 

Leasing

Many private jet owners lease their planes to help generate revenue when not using their aircraft themselves. 

Plane owners offer both dry leasing, which involves leasing a plane without a pilot, crew members, or insurance, and wet leasing, which includes a pilot, crew, and insurance.

Leasing is a great way to test and experience a plane without immediately financially committing to it long-term. 

5 of the Most Popular Private Jets to Buy or Charter

  • Embraer Phenom 100 EV: The Embraer phenom 100 EV is a light, entry-level plane with 5 passenger seats.
  • Cessna Citation Mustang: The Cessna Citation Mustang is a popular private aircraft that’s known for its luxury leather interior. 
  • Gulfstream G100: The Gulfstream G100 is a long-distance aircraft with 7 passenger seats. 
  • Dassault Falcon 8X: The Dassault Falcon 8X is an impressive business jet with 12 passenger seats that comes in 30 different layouts.
  • Bombardier Learjet 35: The Bombardier Learjet 35 is a long-distance plane that has a strong fuel economy. 

In conclusion, a private jet costs anywhere between $200,000 to millions of dollars.

The cheapest private jets are old second-hand planes, and the most expensive planes are the largest, newest planes that provide an unmatched, luxurious flying experience.

Purchasing a private jet is significantly more expensive than chartering a private jet, since chartering a jet only involves paying an hourly fee.

It’s even possible to reduce the cost of chartering a plane by becoming a member of a private jet club.

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