Flying on a private jet is becoming more accessible due to the sharing economy. That said, it’s still a luxury to be able to do so.
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Benefits of flying on a private jet
Owning a private jet may be something only ultra-high net worth (UHNW) individuals can have. However, you don’t have to be a multi-millionaire or billionaire to fly on one.
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Although flying private isn’t cheap, spending the extra money can be worth it. The following are several benefits that make it worth the money:
1. Save time. If you believe that time is valuable, flying private may be worth it. Flying commercial can be a time-waster because of the process. From getting to the airport and going through security, to boarding and getting your luggage.
Instead, many private flight companies only require you to show up 15 minutes early, and flights take off within 10 to 20 minutes of boarding.
2. Security and safety. They’re held to high standards and are often rated by a third-party organization that specializes in evaluating aircraft for safety. The smaller size also increases the number of airports that you’ll be able to land in, which is important for emergencies.
3. Fly in comfort. Most private planes have comfortable leather recliners, internet connection, food, and drinks. You’ll have plenty of legroom, and it’ll be easy to work or relax from the sky.
4. A faster trip. As long as your private jet has enough fuel, you can go directly to your destination without any stops. They generally fly higher and faster than commercial airplanes, which also means they can get above bad weather quicker.
According to NovaJet, the average private jet cruises at 604 miles per hour, while the average commercial plane cruises at 500 miles per hour.
5. Networking opportunities. Other people that fly private are most likely very successful. If you’re going to be on a small jet with other successful people, you’ll have a great opportunity to connect with others and build relationships.
Private jet cost and options
There are several options when it comes to private air travel. You can purchase a jet to have outright ownership or fractional ownership. You can also get a jet card, on-demand charter, or use seat-sharing.
The following is an explanation of each type:
- Outright or fractional ownership: You either own the entire jet or own a share of it, which gives you a specific amount of flying time.
- Jet card: If you fly several times a year and don’t want to own a private jet, a jet card may be beneficial. It allows you to use different aircraft and pay agreed-upon fixed hourly rates. They also require a commitment up-front, which can be a contract or membership.
- Charter or on-demand flights: This is the most popular method of flying private. you’ll book a plane for a journey, and get a quote for the flight. This method doesn’t charge per passenger, it charges for the flight.
- Seat-sharing: This method allows you to buy an individual seat, which is much cheaper than paying for an entire jet.
The cost to fly a private jet can differ depending on the method you choose to fly. However, the following are potential hourly costs based on the size of the plane (Source: Stratos Jets):
- Turboprop Charter Flight: $2,000 to $2,950 per hour.
- 6 seats.
- 461 miles per hour.
- A range of 3,775 miles.
- Very Light Jet Charter Flights: $2,750 to $3,400 per hour.
- 4 seats.
- 391 miles per hour.
- A range of 1,323 miles.
- Light Private Jet Charters: $3,750 to $4,600 per hour.
- 7 seats.
- 480 miles per hour.
- A range of 2,186 miles.
- Mid-Sized Private Jet Charters: $4,400 to $5,900 per hour.
- 7 seats.
- 515 miles per hour.
- A range of 2,640 miles.
- Super-midsize Private Jet Charters: $5,500 to $7,000 per hour.
- 8 seats.
- 521 miles per hour.
- A range of 3,097.
- Heavy Private Jet Charters: $7,600 to $11,250 per hour.
- 14 seats.
- 536 miles per hour.
- A range of 4,718 miles.
Remember, these are potential costs based on one company. The price may vary depending on the company.
Frequently asked questions
A small aircraft can typically fly 1,500 miles, while larger ones can have ranges of 4,000 miles because they have greater fuel capacity.
Most private jets require two pilots to ensure safety. However, it’s possible to fly with only one pilot if it’s certified for single-pilot operation.
Private jets can cost hundreds of thousands of dollars to millions. Therefore, you need to be able to afford the jet plus fuel and other costs. Generally, ultra-high net worth individuals are the ones that can afford it. Their net worth is $30 million or more.
For a luxury experience that saves you time, fly on a private jet. Depending on your budget, you may be able to purchase a jet, or fly by using a jet card.
Featured image courtesy of Pexels.
About David Em
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.