The Cost of a Private Jet
It’s the ultimate luxurious status symbol. A private jet not only says you have reached a certain income level, but also provides you with a flexible method of transport to get you around. Private jets vary hugely in price depending on size, fixtures and whether they are brand new or second hand, and some may not be quite as expensive as you may think.
At the bottom end of the private jet market are the small planes designed to carry up to six passengers, and with a range of around 2,500 miles. The top selling private jets in this market include the Learjet 45, Cessna Citation or a Gulfstream 100. Aircraft like the Cessna have been in production for over 40 years, so there are many used jets on the market. However, if you wish to buy this sort of jet brand new, the price tag is around $11.5 million.
If the small Cessna or Gulfstream is not big enough, the next market segment up includes jets such as the Learjet 60 and the Hawker 850. As well as carrying more passengers, these jets have the added benefit of a longer range, which at over 3,000 miles is enough to cross the Atlantic. With a bigger plane comes a heftier price tag though, and a brand new Learjet 60 jet comes in at a shade over $13 million. It is therefore no great surprise that a huge majority of sales in this market is to private jet charter companies.
At the top end of the market are some of the largest private jets in the skies, which are models like the Challenger 604, Falcon 2000 or Gulfstream 550. The Gulfstream 550 can carry up to 19 passengers depending on how the cabin is configured, making it a popular choice with corporate clients who need to fly executives around the globe for meetings. The range on these sort of aircraft is also as much as 5,000 miles. The increased range and capacity also increases the price tag, and a new Gulfstream 550 will cost upwards of $42 million. It’s therefore not hugely surprising that the main customers for large jets are governments.