Jet Cost

Jet Cost

Despite the rising costs of operating private jets, including higher jet fuel costs, the world's private jet market is growing, thanks to more billionaires around the world, bigger private jets, the "hassle" costs of flying commercial post 9/11, more airports and longer runways. John Travolta even has a private runway that ends at his house (right).

How much does a private jet cost these days?

The purchase end of a private jet's costs depend of course on the jet. A small Lear or Sabre that can fly 4 people around 2,000 miles costs about $3 million.

Slightly larger jets that seat 8 people and has a range of around 3,000 miles run $10-20 million. Larger Lear jets, small Gulfstreams, Falcons and Astra are in this category.

Mid-sized jets that can fly up to 20 people around 6,000 miles run $30-50 million. Larger Gulfstreams, small Boeings, as well as Embraer and Bombardier, which owns Lear, are in this category.

Above that is where things get interesting. Built by Boeing and Airbus, jets in this category start at $50 million and are basically full-sized commercial airplanes whose interiors have been custom-built as presidential hotel suites. Those already in the air cost up to $100 million, while one currently in production tops $300 million. So, should you buy a private jet or charter it?

That depends. If you fly more than 400 hours per year, truly need the privacy, and your time is really that expensive, it may be worth the investment to buy, as well as the expenses to operate (at least $100,000 per year) your own jet.

If you fly less than 400 hours per year, it's better to charter. Not considered, of course, is the over-rated prestige and hype of owning your own flying presidential hotel suite, especially in an era when conspicuous flaunting of wealth is becoming passé, as well as a security risk.