Private aviation provides several comforts and amenities that are just unavailable on commercial flights. And while it’s possible to hire a private jet charter to take advantage of these and other benefits, it’s not the same as having your own.
Even so, the costs of maintenance and upkeep for private jets is enough to scare off some would-be buyers, making chartering private jets the financially friendlier option.
The costs of private jet maintenance can be substantial, and they range from buying the plane itself and all its extras, to lesser thought-about things like maintenance, hanger and storage fees, repairs, and fuel.
In this guide, we’ve broken down some of the most important maintenance costs and considerations for a prospective jet owner’s budget.
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Cost of Maintaining a Private Jet: Overview
Jet owners incur enormous recurring costs, starting with basic maintenance and on-the-ground downtime, regardless of where or how often they want to fly.
And then there are the unexpected maintenance costs. The price to repair a flat tire may range from $2,000 to $3,000.
Hangarage (aircraft parking) is another cost, as are crew wages and insurance. You are responsible for meeting all costs as the owner.
It is estimated that operational expenditures will range from $500,000 to $1,000,000 per year. There are several helpful airplane price calculators available online. The costs of several makes and types of private jets may be found on one website.
Should you want to buy, you may find several reputable purchasing consultants and aircraft management firms to assist you in making the necessary arrangements and taking care of your new investment.
How Much Does Private Jet Maintenance Cost
According to estimates on the cost of private jet maintenance, most jet owners end up shelling out between $500,000 up to $1,000,000 each year on ongoing expenses related to maintenance, storage, repairs, insurance, fuel and more.
Insuring a Private Jet
When considering a property as valuable as a private aircraft, we must never overlook the need of insurance. However, similar to auto insurance, private aircraft owners have a few coverage alternatives to choose from.
Reduce your risk with a limited liability policy and pay less each month. However, although this may help keep your fixed expenses down, it may not be enough to offset the high cost of replacing jet components or repairing the damage. We mean under $70,000 when we say “pretty low.” Owners hauling precious products may think about purchasing a hull coverage that also includes cargo insurance.
Operations and Maintenance Costs for Private Jets
These are among the most expensive costs that aircraft owners face. Considerations here would include how often the jet is flown, what kind of hangar it is kept in, and what kind of weather is outside. In most cases, though, annual upkeep costs will run between $500,000 and $1,000,000.
Pilots will need to be recruited for the plane to fly. Pilot pay vary widely based on factors such as aircraft specialty, seniority, and market demand. Keep in mind that captains demand a larger income than co-pilots.
One of the most important aspects of private jet maintenance is the need for regular inspections. The Federal Aviation Administration (FAA) requires that all jets undergo an annual inspection, which must be conducted by a certified mechanic. The cost of this inspection can vary depending on the size of the jet and the mechanic conducting the service, but it is typically several thousand dollars. In addition to the annual inspection, private jets also require a 100-hour inspection after every 1,000 hours of operation. The cost of this inspection is also typically several thousand dollars.
Another monthly cost associated with private jet ownership is hangar fees. These fees cover the cost of storing the jet in a secure facility when it is not in use. The cost of hangar fees can vary depending on the location and amenities of the facility, but can be several thousand dollars per month.
Management businesses for private planes often have their own hangars where you may keep your plane. Prices typically include all applicable fees. Most aircraft management businesses subtract the cost of storage from the aircraft’s gross income. Your bill will only be more if they handle the plane when it’s generating no money.
The size of your aircraft is the primary consideration when estimating your hangar fee. Costs for larger planes average up to $96,000 per year, or $8,000 per month. Meanwhile, smaller planes may be rented for around $3,000 per month, or $36,000 per year.
How much does engine replacement cost for a private jet?
Private jets are expensive. So are the engines that power them. The jet engines used in these planes also come with a hefty price tag.
The cost of a jet engine may range from a few hundred thousand dollars for smaller aircraft to well over twenty million dollars for the Rolls Royce Trent 1000 used in Boeing 787 jetliners.
Private Jet Maintenance Cost – closing thoughts
Budgeting is a key consideration when deciding whether or not to buy a private jet. You don’t want to have second thoughts about buying one later on because you weren’t prepared for the fees and responsibilities involved, such as regular maintenance and mandatory inspections. And yet, worry not! If you put in the time and effort, you may have your own private aircraft.
Those who aren’t quite ready to invest in their own private aircraft may want to try out chartering one instead. You’ve found the ideal spot if you need a private jet charter service immediately. At Velox Air Charter, we’re committed to going above and above for each of our customers. We’ll whisk them away to the most enticing places on earth. Our passengers can count on a swift flight that is also convenient, pleasant, and sophisticated. Stop by our site right now to learn more about what we can do for you!