Owning a private jet is a big responsibility. You should expect to spend at least two million dollars on your jet. If you want to be luxurious, you can spend over 100 million dollars.
But this is just the first expense associated with a private jet. The private jet maintenance cost is independent of the buying cost. Before you make your purchase, you should know what it entails.
What do you need to do for private jet maintenance? How can you reduce your flight crew expenses? What should you do for cheap storage and upgrades?
Answer these questions and you can make the right decision for how you travel privately. Here is your quick guide.
There are many different operating costs for a private jet. Fuel can be substantial if you use your jet often, but you can minimize the cost by flying to locations where it is cheap.
The more you use your aircraft, the more cleaning it will need. Even vacuuming the interior will cost money. Your jet will need exterior cleaning, especially on the wings and around the engines.
Engines will need their own maintenance sooner rather than later. If you must prioritize one cost of private jet maintenance, you should focus on your engines. Faulty ones will cause accidents if they go uncared for.
At a minimum, you will need a pilot. This can cost you thousands of dollars, even for a short flight. For maximum safety, you will need a co-pilot, which will double your expenses.
You will cover the hours they spend working, but you will cover their accommodation costs. They may be spending time in a city that they cannot find work in. This can add thousands of dollars more to your overall expenses.
Most private flights do not require flight attendants, but you can pay for one. This is important if you are entertaining guests or clients. The cost of an attendant varies, but it can be substantial.
You will need to find a hangar space to store your jet. Renting keeps your expenses down, though it limits how much space you have.
A basic hangar with a roof and dirty floor can cost 50 dollars per month to rent. If you want something with amenities, your cost will rise rapidly. In general, renting space for corporate jets costs upwards of 3,000 dollars per month.
You can add any number of upgrades to your aircraft. This includes wifi, entertainment systems, and synthetic vision for your pilots.
These upgrades are new, and their prices tend to run high. If they break, you may have trouble finding repairs or replacements.
What Your Private Jet Maintenance Cost May Look Like
A private jet maintenance cost can get high quickly. Operating costs are your biggest expense. You will pay for fuel after every trip.
You will need to pay for pilots after you land. The farther you are from home, the more you will have to pay.
You can find cheap hangar spaces, but more expensive ones give you more amenities. Upgrades will impress your clients, but each one has its own expense.
You can expect costs of hundreds of thousands of dollars per year at a minimum. But don't panic. You can find finance guides by following our coverage.