Owning a private jet, while often seen as a luxurious statement, incurs significant expenses. The expenses include initial capital costs and ongoing operating costs, which vary significantly depending on the size and type of the jet. Smaller jets, such as light jets, are more economical to manage compared to midsize or large jets, which come with higher costs associated with storage, maintenance, and operations.
Liberty Jet highlights that the annual operating cost for light jets like the Honda Jet can range between $579,000 and $928,000 based on usage. In comparison, midsize jets might require between $940,000 and $1.5 million annually, while very large jets such as the Bombardier Global 7500 can reach operating costs of up to $3.2 million per year.
There are several ownership options available to potential private jet owners, such as complete ownership, fractional ownership, and leasing. This article delves into the capital and operational costs across various jet categories to identify those with lower operating costs.
The Honda Jet, a light private jet with a typical seating capacity of 4-6 passengers, costs between $3 million and $12 million dependent on specifications. The operating costs mainly consist of fixed costs—comprising storage, hangar fees, insurance, and crew fees—estimated by Liberty Jet to be around $230,000 annually. Fixed costs are complemented by direct operating costs including fuel, maintenance, and airport fees, which can go up to $350,000 for 200 hours of flying each year.
According to Honda Aircraft Company, “Honda Aircraft Company builds aircraft with the latest innovations in aviation to change the way we travel.” The company aims to make private aviation more accessible by offering aircraft that are fast, comfortable, and fuel-efficient. Over a decade, an investment in a Honda Jet, factoring all associated costs, can total $12-15 million.
Midsize jets like the Cessna Citation XLS can seat up to nine passengers and cost around $15 million. They provide a balance of capacity and range, with operational expenses reflecting their larger size and increased range. The President and CEO of Textron Aviation, Rop Draper, adds, “Adding the Garmin Emergency Autoland system to our entire Citation light jet family lineup represents a monumental leap in aviation technology.”
The annual fixed cost for a Citation XLS is around $388,000, with direct operational costs at $552,000 for 200 hours annually. A ten-year ownership with moderate annual flight hours would sum up to roughly $25 million.
NetJets describes the Citation XLS as offering, “midsize jet comforts with light-jet flexibility, making it one of the bestselling private jets of all time.”
In the category of large business jets, options such as the Bombardier Global 7500 serve between 14 and 19 passengers and are priced around $78 million. With luxurious features suited for long hauls, the associated costs are higher, with expected operational expenses totaling $105 million to $120 million for a decade of ownership including inflation.
As defined by NetJets and other industry experts, the choice between light, midsize, and large private jets often comes down to a trade-off between operating costs and capacity or range requirements.
