We usually cover the cost of ownership of today’s most insane exotics like the Bugatti Veyron or the Ferrari Enzo, but this month, we are going to take luxury lifestyle to the next level by showing you the cost of ownership of a G5 Jet. Regardless if you want to be cool like entrepreneurs like Sir Richard Branson or simply impress your friends, we did some research for you about the true cost of ownership of private jets and can tell you it is far from cheap.
The G5 Jet: Most people know that very few people fly private and even fewer own the actual jet they fly in. Partly because the expense is astronomical. Based on numerous phone calls to used plane brokers, we have found that most G4 used jets start at about $3.7 million and while you can customize them in just about every way, the actual cost of a fairly decent new G650 can be as high as $72 million in their stock form. If you like customizing cars, wait until you actually see the millions of different options private planes offer you and the extremely expensive cost of each.
The Hanger: Hangers on the other hand are highly dependent on where you live as most cities don’t have private airports and, therefore, costs can go up significantly if you must leave your plane at a national airport. A typical hangar in a private airport in Boca Raton, Florida will run you an average of $6,000 per month and while it doesn’t seem that bad, this fee doesn’t include any up-keeps to the plane. We were quoted upwards of $13,000 a month for LAX.
The Pilot & Crew: G5 pilots are not amateurs and far from cheap. Most actually require their own hand selected crew to cater to you, and with that I can tell you that it ups the ticket by an additional $120,000 a year minimum. Most pilots we spoke to only flew G4’s and charged $15,000 per flight minimum, if not hired on contract, no matter the distance. The crew below is extra. :)
The Flight Itself: Between the cost of fuel and everything else associated with operating a plane, we have averaged the cost of flying to be roughly between $5,000 -$6,000 an hour if you don’t shell out the extra $4-7 million for the plane and about $2,000 if you own the plane and fly at least 15 hours a month.
So now you might have a better idea as to why so many people don’t own their own G5 and very few go out of their way to fly private. There are many charter jet clubs that allow you to buy fly time with $100,000 down and per hour charges which is ultimately convenient if you must fly private enough to make it count. If not, then we recommend sticking to first class.
