When it comes to how much money do I need to make a month to afford a private jet, there isn’t a simple answer. It depends on the jet and where you live and where you are going to store it and who is going to fly it. However, there some basic figures to give you an answer to your question.
What Kind of Salary do You Need to Own a Private Jet?
This is going to depend on the type of jet you buy and how much you plan to fly in it.
Even so, let’s say you buy a private jet for $5 million dollars. You then can expect your yearly costs to use it and maintain it to be another $500 thousand to $1 million dollars per year.
That means you will need an annual income of at least $10 million dollars per year to buy and operate the plane.
So, to answer the question of how much do you need to make per month to afford a private jet you’re looking at around $833,000 dollars per month.
Is a Private Jet Worth It?
You need to fly a lot to make a private jet worth it. For it to make sense to buy a jet you need to fly at least 240 hours per year.
To put that into perspective, if the average speed of a private jet is 450 miles per hour, you would need to travel 108,000 miles per year to justify the cost.
What Does It Take to Afford a Private Jet?
Owning your very own private jet is the ultimate dream, but that dream doesn’t come cheaply.
First, you have to buy the actual jet and then you have to have the money to run it, maintain it, and store it.
1. Buying the Jet
Depending on whether or not you are purchasing a brand new jet or a used one, there is a large range in pricing.
You can expect to pay anywhere from $2 million dollars on the low end to $100 million dollars on the high end.
It all depends on the size of the jet, how many people it can seat, and how fast and how far it can fly.
For example, a Gulfstream G200 costs between $3 million and $6 million dollars depending on options.
While a pre-owned Gulfstream G650ER goes for a whopping $33 million to $49 million and it doesn’t even come with that nice new jet smell.
If you plan on doing any customization or add on a lot of extras you could be looking at $100 million or more for the same plane.
2. Paying for Fuel
Fule will be your largest ongoing expense. Of course, the more you fly, the more money you will spend on fuel.
For example, the Bombardier Global 8000 has a fuel capacity of almost 50,000 pounds.
You can expect to spend as much as $400 thousand to $900 thousand on fuel per year for this jet.
In general, however, you’re looking at around $265,000 thousand dollars for fuel flying 200 miles per year and $530,000 thousand dollars for fuel flying 400 miles per year.
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4. The Flight Crew
Chances are you don’t have a commercial flying license, so you will need a flight crew. That could include a pilot, a co-pilot, and a flight attendant or more than one.
You’re looking at about $235,000 dollars for the flight crew.
You will also be looking at an additional $40,000 thousand for 200 hours of flight time or $80,000 for 400 hours of flight time for ground crew and handling per year.
5. The Hanger
When you’re not jet setting around the world, you will need to store your private jet.
Hanger fees will depend on where you are storing the plane but usually run around $32,000 per year.
It’s a fact of life, this plane is going to cost you money when you use it and even when you don’t use it.
6. Routine Maintenance
Just like your car, your jet will need routine maintenance.
Unlike your car, you can’t take your private jet to a dealership down the road and you certainly don’t want a shade tree mechanic working on it.
You also don’t want to be in the middle of a flight and have an emergency just because you haven’t taken care of your jet.
You can expect yearly maintenance to come in anywhere from $185,000 to $360,000.
Keep in mind, just a blown tire can set you back $3,000 dollars.
You will want to have good insurance coverage for your private jet.
Surprisingly, this is one of the less expensive aspects of owning your own private jet, but you should expect to spend $5,000 to $10,000 thousand dollars per year.
If you’re thinking there is no way you will ever be able to afford these dollar amounts, maybe renting a private jet is a better option for you.
How Much Does a Private Jet Cost to Rent?
While it still isn’t cheap to rent a private jet, it is a lot less expensive than owning one.
When you rent a private jet, you are charged by the hour and that first hour starts the moment you step on the plane.
What you will be charged depends on the size of the plane, how many people are traveling with you, and how far you will be flying.
Costs are all over the place, but you can expect to pay anywhere from $1,000 per hour to $10,000 per hour.
For example, if you plan to charter a plane and travel from New York City to Florida, you’re looking at about $3,000 per hour.
For a round trip, you should expect to pony up about $20K.
To Sum it All Up:
To buy and maintain a private jet you need to be making at least $10,000,000 per year. That’s over $800,000 per month. That’s out of range for most people except the ultra-rich, the good news is you can charter a private jet for a lot less money, but you will still be spending between $1,000 and $10,000 per hour for the privilege.