If you want to fly in style with your spouse or you need to take last-minute business trips, chartering a personal jet can be beneficial.
However, only some people can afford this luxury due to the high costs. Who can realistically consider personal jet charters? Here’s a breakdown of costs and benefits.
Many factors influence the price of chartering a private jet. Some of these factors include:
•Aircraft Type: The larger the plane, the more expensive the flight. A small jet can cost you roughly $5,000 – $6,000 an hour, while a luxurious heavy jet will set you back roughly $15,000 – $18,000 an hour.
•Flight Time: As private jets charge by the hour, the longer the distance, the higher the cost.
•Season and Demand: Like commercial airlines, peak travel seasons will affect the price of your flight.
•Airport Fees: Airports charge a fee to land, and larger airports are more expensive. You can reduce your costs by flying to and from small airports.
•Additional Services: Any kind of in-flight catering or additional amenities will raise the final price of your flight.
While flying first class is considered a luxurious way to travel, it’s still a more affordable option than chartering a personal jet. This difference becomes more apparent with international or longer flights.
However, the differences decrease if you’re flying from cities that are relatively close to each other. Take a look at an example.
If you take a private jet to Vegas from Los Angeles, there are four different price brackets to consider.
- Small Jet: Estimated price – $9,385-$10,373
- Medium Jet: Estimated price – $13,409-$14,821
- Super Mid-Jet: Estimated price – $15,421-$17,044
- Heavy Jet: Estimated price – $23,108-$25,541
If you fly first class from Los Angeles to Las Vegas, you will pay roughly $800 – $1,000.
From the above breakdown, you’ll pay ten times more if you charter a private jet from Los Angeles to Las Vegas than if you fly first class. This cost requires a substantial income.
However, if you choose to do it for a special occasion, then it’s a cost you can reasonably save up for. On the other hand, flying a private jet once or twice a year will cost $10,000 to $20,000 a year.
Many people follow the 50-30-20 rule, meaning you would put 50% of your income toward your bills and needs, 30% towards wants, and 20% towards savings.
It isn’t realistic to put the entire 30% towards a personal jet. Putting 10% of your income toward leisurely travel is more realistic.
If flying with a small private jet twice a year costs $20,000, and that’s 10% of your income, you should make $200,000 before taxes.
Chartering a personal jet more regularly will require a high six-figure or seven-figure income. Some business travelers put the cost of flying on their business taxes, which can help shoulder the cost.
Although personal jets are a luxury expense, it doesn’t have to be something you do regularly. For example, flying on a private jet to Las Vegas can be a 10-year anniversary gift.
Chartering a private jet is considerably more expensive than flying a commercial. So, why pay the difference?
•Saves Time: Since private jets typically fly in and out of smaller airports, less time is spent checking in and boarding. This reduces the overall travel time significantly compared to commercial flights.
•You Have Flexibility: Commercial airlines have set schedules that you must abide by. However, you can decide on your departure times with private jets. This allows you to create a personalized itinerary.
•You Can Get to Remote Destinations: Some destinations are only reachable via smaller airports. This is helpful if you need to land at a remote location six to eight hours from the nearest commercial airport.
•More Privacy: A personal jet makes sense if you value your privacy. You can make discreet deals on the plane without strangers listening in.
•More Luxurious: With private jets, you can travel in style and comfort.
•Pet-Friendly Travel: Need to bring your pet? Private jets usually let pets come along with their owners.
Chartering a personal jet from city to city is a costly undertaking. However, if you have plenty of disposable income, you easily make a high six to seven-figure salary and enjoy the benefits of a private plane. Chartering a private jet can be worthwhile.
Article by Ben Allen.
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