Ever want to step off a PJ in your PJs?

Well, if you want to live that leisure and luxurious lifestyle, you may want to invest in owning your very own private jet.

But what goes into owning a private jet? And is it cheaper or perhaps more cost-effective to just charter a private flight instead?

Don’t worry, we can answer those questions and any other questions you may have about private jets in this handy dandy guide.

How to Own a Private Jet

As you would expect, the purchase price of a private jet is quite high. It can cost between $3 million on the very low end and could end up costing more than $75 million to buy a private jet.

Plus, that’s not even counting the fees!

Maintenance fees alone can cost between $500,000 and $1 million annually. On top of that, you will have to pay for pilots, cabin crew as well as airport or hangar fees. And let’s not forget about the insurance, fuel costs and any other miscellaneous expenses like catering, navigation, and landing fees.

So at the low end that’s an estimated cost of at the very least $3.5 million to $4 million or so. 

If price is no object and you are undeterred by the annual fees, let’s move on to the different types of private jets you could own.

Private Jets Breakdown

Private jets can broadly be categorized into the following categories: light, midsize, super-midsize, large, and ultra-long-range jets.

Let’s break each one down.

Light Jets

Perfect for short flights, light jets usually have a seating capacity of 4-8 passengers. The Cessna Citation CJ3+ and the Embraer Phenom 300 are two examples of light jets. They both could cost anywhere between $3 million to $10 million.

Midsize Jets

Suitable for mid-range travel (think upwards of five hours), midsize jets can usually accommodate anywhere between 7-9 passengers. They typically cost between $10 million to more than $20 million. Popular midsize jets are the Gulfstream G150 or the Bombardier Learjet 60XR.

Super-Midsize Jets

If you want to go on a little longer trip and fit more people, the super-midsize jet may be more to your liking. They typically can go 6,200 kilometers and have a flight time of about five to six hours. Super mid-size jets can fit up to 10 passengers and range in cost from about $20 million to more than $30 million. Popular super mid-size jets are the Bombardier Challenger 350 or the Gulfstream G280.

Large Jets

Do you want to go intercontinental? Then look into large jets. Living up to their name, these jets can fit 10-18 passengers, cost between $30 million and $50 million and go on an intercontinental flight without having to refuel. The Dassault Falcon 8X and the Bombardier Global 5000 are common private large jets.

Ultra-Long-Range Jets

Offering the most luxurious perks, ultra-long range jets can have separate living areas and full-size beds. 17-19 passengers can comfortably fit on an ultra-long-range jet, which can be purchased for a range of $50 million to well over $75 million. The Gulfstream G650ER and the Bombardier Global 7500 are more well known ultra-long-range jets.

Can I charter a private jet?

Now that you know how much a private jet costs, you may be wondering if chartering a private jet is the better option.

Of course, it all depends on your wants and needs. But to rent a whole jet, you have to do it by the hour and the cost will vary depending on a number of factors. 

Overall, a private jet charter will usually cost between $2000 and $11,000 per hour. That may be the way to go if you decide that buying a private jet is not cost effective for you.

No matter if you buy or rent a private jet, one thing is clear, no matter your choice, you’ll be flying high in luxury.