When it comes to private jets, there really are two options. You can buy outright or you can charter a private jet. Each has its advantages and disadvantages, but here we look at the costs involved.

Owning a jet

Buying a private jet can cost anywhere from $3 million to $75 million upwards, so it is an expensive toy to play with. Added to that, maintenance fees can cost between $500,000 and $1 million yearly. Then there are airport and hangar fees as well as the wages for pilots and cabin crew. The price of a new aircraft can vary immensely depending on its features, the size, and the range of the aircraft.

Also, customization of the interior, the avionics, and the engines used. A used Gulfstream can be bought for around $32 million, whereas a new Bombardier Global 7500 would cost around $73 million. If the aircraft is being used for less than 150 hours per year, private jet rental can seem a more economical option as you cut back on those extra fees.

Photo: Qatar Executive

Chartering a private jet

This is achieved by renting the whole jet by the hour. The price will vary considerably depending on the size of the aircraft, how many passengers there are, and the length of the flight. A typical private jet charter can cost anywhere between $2000 and $11,000 per hour. In simple terms, hiring a six-seater jet could cost around $5000 per hour.

So a flight of three hours would cost $15,000, making each seat worth $2500. Compared to some first or business-class seats, it doesn't sound like a huge leap but would not be available to the everyday economy traveler. Private jet programs can also be an option, where 'owners' share an aircraft or buy so many hours of travel on the jet.

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Very light jets

Very light jets such as the Embraer Phenom 100, Cessna Citation Mustang, and Eclipse 500 hold between four and seven passengers and can manage a flight of up to three hours. Used, they will cost between $1 million and $2.98 million. A new jet of this class averages $4.5 million. They have lower operating costs as they can use shorter runways and cost $2-3 per mile to operate.

Light Jets

Light jets generally have a private bathroom and room for eight passengers. Examples would be The Embraer Phenom 300E, Learjet 35, and Hawker 400XP. These would set you back $1.89 million used and new $5.75 million.

Midsize jets

These jets seat around seven passengers and can travel up to five hours. The Gulfstream G200 and the Cessna Citation XLS are good examples. They can cost anywhere between $9.9 million to $29 million depending on whether new or used.

Super midsize jets

Options in this class include the Cessna Citation X, Bombardier Challenger 300 and Embraer Legacy 500. These have a range of around 6,200 kilometers and a flight time of five to six hours. These have seven to nine seats and a bathroom, and a small galley.

Inside view Cockpit G550 with blue sky and clouds

Heavy jets

Heavy jets such as Bombardier's Challenger 604 and Challenger 850 and the Gulfstream G550 seat between 12 and 14 passengers. They have a designated galley, up to two bathrooms and a stand-up cabin and separate room areas. These aircraft can cost anywhere between $15 and $30 million dollars, used and can travel intercontinental routes without having to refuel.

Ultra long-range heavy jets

The ultra-long-range heavy jets tend to seat 17–19 passengers and can have separate living areas and full-size beds. Their range is between 8,500 and 14,630 kilometers, examples being the Dassault Falcon 7X, Bombardier Global 7500 and Gulfstream G650ER. These can be bought new for around $72 million.

Airliners

Airliners can be classed as the Airbus Corporate Jet and Boeing Business Jets which sell for up to $440 million (depending on size) and have an average range of 10 hours.