Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Executive Jets and other Private Aircraft Charter topics.
A private jet could have a cost of around $2 million. Depending on amenities and extras, it could cost around $200,000 annually to operate with a crew, fuel and maintenance. These costs don't even factor in repairs. Also, there are mandatory testing and inspections, which start around $500. Then there's the costs to operate the jet which can run about $500 an hour. To offset some of these ownership costs, some lease their aircraft out to air charters, but this defeats the point of ownership. The availability of the aircraft is jeopardized and if it is available, it may not be located near you. There are also different stipulations about sole private ownership and air charter service aircraft, which means additional inspections and more money.
If you're not a pilot, the person needed to fly your aircraft will have to be trained. Depending on the aircraft and schooling, such as flight safety, this could run between $5,000 to $10,000. There are also the FAA fees for check rides to get certified and some insurance companies demand a pilot have a certain number of flying hours before they can fly the aircraft.
Going into aircraft ownership requires the expert advice to help guide you through the process and even this can be expensive. But buying the wrong airplane at the wrong price could become something you can't recover from.