Some significant issues, including long lines, huge crowds, undiscipline, and many other factors make commercial airlines an unpleasant choice. That's why people who can easily afford private aviation costs want to own or charter a private jet. 

If you are also willing to own a private aircraft, well, but you should be clear in your decisions. It's because buying or chartering a private jet can be more expensive and still climb into tens of millions of dollars.   

Chartering a private plane can be cost-effective to only those customers and passengers who would not often fly by a private jet. If you want to hire a private aircraft, you need to schedule, pay, and go. 

While buying a private plane is the most cost-effective option. Its costs depend on the age, capacity, and capability of the jet you purchase. However, here's what it does it really cost to own or charter a private jet. 

How much does it cost to buy a private jet?

If you are looking for a new brand, you need to manage $3 million to $90 million to purchase a well-featured private aircraft. Of course, you can get second-hand jets at cheap rates, but they still cost millions of dollars. 

A new brand G450 cost ranges between $38 million and $43 million. On the other hand, pre-owned G450 charges start around $14 million to $35 million. However, their costs can also vary depending on the following factors. 

Maintenance Costs

Maintenance costs depends on fuel, engine reserves, landing fees, crew salaries, APU allowance, navigation charter service, computing maintenance, and aircraft size. In short, the total maintenance costs for Gulfstream G450 is $4 million per year.

Insurance and hanger fees

 The total costs of insurance are around $47000. However, it can increase depending on the average flight hours, age of aircraft, and more. Even you will have to pay hangar fees of around $81000 per year. 

Aside from maintenance and insurance, its costs vary depending on the distance and the number of passengers it can hold. However, fuel is the highest cost for plane owners that range between $400,000 to $900,000 per year. Now you can calculate all the costs and determine how much it costs to buy a private jet. 

How much does it cost to charter a private jet?

 Chartering a private jet is more expensive than traveling on commercial flights. But it's much cheaper than owning a private aircraft. In most cases, private jet costs depend on the hourly rate. However, they can vary depending on the size of aircraft, type of aircraft, aircraft age, distance, and more. 

Usually, their costs range between $1000 to $10000per hour to charter a private jet. If you want to rent a plane for the whole week, then it will cost almost $100,000 or more. Moreover, by chartering a private jet, you can avoid maintenance and many other costs that you will have to pay for purchasing an aircraft. 

In short, renting is a better option than buying a new or pre-owned private jet. It's because you can avoid additional fees such as hanger fees, crew fees, insurance, and more that an average person can never afford.