Q. Why does private jet charter cost so much? A. Comparatively to jet acquisition – it doesn’t cost very much at all.
- Crew fees
- Landing fees
- Aircraft rental fees
- Technical support fees
- Ground support fees
- Fuel fees
- Consultation, broker and other pre-flight fees
Private jets aren’t cheap to buy and they’re certainly not cheap to maintain in operation. Some jet owners charter alternative aircraft for certain trips because it doesn’t make financial sense to charter their own aircraft all the time.
Gulfstream G550 Purchase Cost versus Gulfstream G550 Average Hourly Charter Cost (According To Forbes & Avinode)
Although charter costs can run into the thousands of dollars per hour, it’s no wonder why so many business and leisure travellers favour charter above fractional or full aircraft ownership. A top of the range Gulfstream G550 heavy jet costs around $63.5 million new.
|Aircraft||Total Cost New||Charter Cost per hour||charter cost / total cost as a %|
|Gulfstream G550||$63.5million||$8,640* per hour on average||0.0136%|
*Forbes published average per hour jet charter rates in February.
Private jet charterers can travel a total of 10 flight hours in a G550 and still only consume less than 1% of the total purchase cost of a new Gulfstream G550 jet. The cost of chartering compared to the cost of owning a private jet is staggering. The G550 is one of the largest long distance heavy jets in the charter market. If a private air traveller “downgrades” to a smaller aircraft model such as the Learjet 60, the charter cost per hour is just 0.005% of the total cost of a new G550.
The Number Of G550s In Operation
The split between new and pre owned G550 aircraft is 62% new : 38% pre owned according to JETNET. One year ago, there were 330 Gulfstream G550s in operation. Of the 330 – 310 G550 were wholly owned.
Published Average Jet Prices According To Forbes & Avinode
You don’t have to be a millionaire to own a G550, you have to be a multi millionaire. But, it is possible to charter a G550 to get the same thrill of flying in one of the World’s finest aircraft whilst paying just a fraction of the total price tag.