Renting vs. buying a private jet are typically two options debated time and time again. Both of these options have pros and cons, but it all depends on what you’re looking for. Some people only need to fly in a private jet once or twice in their lifetime. This may mean that renting a private jet is the right option for them. Other people will be flying regularly, which means owning a private jet would be more beneficial to them financially. Except for a few on-demand aircraft, private jets are not available for immediate use. That means that you either need to lease or buy one, and you can only use it when the provider allows you to.
Whether you own your private jet or you are interested in renting a private jet for business or pleasure, it’s important to know your options and make an informed decision about which is best for you: buying or renting a private jet. Private Jets are a luxury. They are available for rent and sale. The cost of purchasing the most basic Jet is 1.5 million dollars. The charter cost a private Jet is about $4,000 per hour. The average cost of buying a new small jet ranges from $8 million to $15 million while purchasing a larger jet ranges from $25 million to $50 million. The average yearly maintenance, fuel, insurance, and other expenses are approximately $1-2 million per year
Private jet cost calculator
The costs associated with purchasing and maintaining a private jet aren’t cheap. According to Business Jet Traveler magazine, the average business jet owner spends $1.1 million each year on maintenance, fuel, crew salaries, and other expenses related to owning a plane. The costs of purchasing and maintaining a plane can be prohibitive for small businesses and individuals who don’t want to spend that much money on something they’ll only use occasionally.
Private jet hire vs. Buying
If you are considering renting or leasing a plane instead of buying one, there are financial incentives as well as drawbacks that should be considered before making your decision. Leasing is often better if you plan to travel regularly because it involves less up-front capital and more flexibility concerning scheduling trips. You can reduce some of those costs by having your fuel supplier and hangar at your destination airport, but that adds several thousand dollars a year to the cost of ownership. It also reduces flexibility since now you have to fly from airports where you are guaranteed fuel availability and hangar space or incur additional costs.
Renting a jet plane is usually cheaper than buying one. There are several reasons for this:
1) Although the monthly rental payment may be more expensive, there are no significant expenses for maintenance, storage, and insurance that you have to pay when you buy a plane.
2) You can change your mind and give up flying anytime. If you buy a plane, you are committed to paying the bills each month until it is paid off.
3) When you own a plane, even if it is just sitting on the ground somewhere, you are responsible for all of the hard costs of owning an aircraft: hangar space or tie-down fees, crew salaries or pilot salaries, fuel, insurance, etc. These costs can be quite high – much more than the monthly payments on a lease.
4) Jet charter services are in the business of selling private flights; it is their primary focus. They are very good at ensuring that private flight pricing is as low as possible for their clients. Whereas if you buy your own jet plane, there is no one whose primary job is to make sure that you are getting the best deal available on your plane purchase or charter prices.
There are many reasons that people continue to buy private jets, even though renting an aircraft is much cheaper. Perhaps the biggest concern for those who choose to purchase their own planes is safety. Some people don’t feel comfortable putting their lives in the hands of another company, no matter how professional that company may be. They would rather pay for the added security of owning their plane and crew, especially if this will give them peace of mind and make them feel safer on longer flights.
Another reason that people often choose to buy their aircraft instead of renting one is that they like having complete control over every aspect of the plane’s maintenance and upkeep. Many owners love having an opportunity to customize their planes in any way they want while also knowing that they’re responsible for keeping everything up to date with regular maintenance services, which can be costly sometimes.