Private Jet Costs

Private Jet Costs

Despite the rising cost of operating private jets, including rebounding jet fuel costs, the world's private jet market is booming, thanks to more billionaires, bigger private jets, the hassles of flying commercial, more airports and longer runways. John Travolta even has a private runway that ends at his house (right).

How much does a private jet cost these days?

A small Lear or Sabre that can fly 4 people around 2,000 miles costs about $3 million. Slightly larger jets that seat 8 and have a range of around 3,000 miles run $10-20 million. Larger Lear jets, small Gulfstreams, Falcons and Astra are in this group.

Mid-sized jets that can fly up to 20 people around 6,000 miles run $30-50 million. Larger Gulfstreams, small Boeings, as well as Embraer and Bombardier, which owns Lear, are in this category.

Above that is where things get interesting. Built by Boeing and Airbus, jets in this category start at $50 million and are basically full-sized commercial airplanes whose interiors have been custom-built as presidential hotel suites. Those already delivered cost up to $100 million, while one currently in production tops $300 million.

So, should you buy a private jet or charter it?

That depends. If you fly more than 400 hours per year, truly need the privacy and your time is really that expensive, it may be worth the investment to buy, as well as to operate (at least $100,000 per year), your own jet. If you fly less than 400 hours per year, it's more economical to charter.

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