At one point or another, we’ve all daydreamed about owning our own private jet. Yet for most people, it is just that: a dream. For a few wealthy people or corporations, however, the notion of being able to buy a private jet is very real.
In many cases, a private jet is an essential tool for business executives or world leaders,
1. Fit The “Requirements”
Though there isn’t any criteria you have to meet to be able to buy a private jet, a private jet is a tool at the end of the day – and you don’t want that very expensive tool to just sit around and do nothing for most of the year or just be a vanity project.
As such, whilst recommendations do vary from jet brokerage to jet brokerage and executive charter company to executive charter company, it’s recommended that you:
- Have a net worth of at least $30 million
- Have a yearly income of at least $5 million
- Are comfortable spending a minimum of $500,000 per year on travel
- Already fly 100+ hours per year (to “break even” so to speak)
A quick Google search will show you that these are simply the lowest estimates for the cheapest jets. If you wanted to get something a bit larger (and more expensive), be sure to have a lot more than this.
For something like the latest Gulfstream or Bombardier, you might want to have a net worth of as much as $1 billion and a yearly income of at least $100 million!
Don’t worry if you don’t fit these “requirements”: you can still enjoy the benefits of a private jet without the cost of buying it.
Your first option would be using one of the numerous charter companies for on-demand charter flights. This option is generally best for those flyers who meet the first two criteria, but not necessarily the last two (especially the last one).
If you don’t feel like chartering a jet, the other option would be fractional ownership – buying a 1/4, 1/6 or 1/8th share in an aircraft which entitles you to a certain number of flying hours per year.
2. Know Your Needs
So you fit the “requirements”. Well done. But just because you meet the requirements doesn’t mean that you can just go an buy a private jet, you need to know what type of private jet to buy.
Just as with cars, boats, motorcycles and pretty much any other method of personal transportation, there are different classes of private jet which are tailored to specific needs:
Very Light Jet (VLJ)
The smallest private jets currently on the market, VLJs are designed primarily for short-haul domestic flights in Europe/Asia or interstate/short-haul intrastate routes in the US.
Typically, VLJs are certified for one pilot (with an optional co-pilot seat), are designed to transport six to seven passengers and have an average range of 2,500 km (1,550 mi; 1,350 nmi), costing roughly $5 million new.
Jets in this class include:
- Embraer Phenom 100
- Cirrus SF50
- HondaJet
- Cessna Citation Mustang
- Eclipse 500/550
Light Jet
The next smallest jets on the market, Light Jets are designed for slight longer routes, such as long-haul domestic or international flights to neighboring countries in Europe/Asia or longer-haul intrastate routes in the US.
Light Jets are designed to accommodate six to eight passengers over a 3,600 km (2,250 mi; 1,950 nmi) average range and cost roughly $9.75 million.
Jets classed as “Light Jets” include:
- Cessna Citation CJ4
- Embraer Phenom 300
- SyberJet SJ30
- Pilatus PC-24
- Learjet 70
Mid-Sized Jet
Designed and marketed primarily to corporate operators, Mid-Sized Jets are designed for transcontinental routes such as New York to LA or London to Athens, typically accommodating nine passengers, though some carry as many as 12.
The average range of a Mid-Sized Jet is 4,800 km (3,000 mi; 2,600 nmi) and will set you back around $16.25 million.
Jets in this class include:
- Cessna Citation XLS
- Learjet 75
- Hawker 800/1000
- Embraer Praetor 500
Super Mid-Sized Jet
The first class of private jets to feature wide bodies, Super Mid-Sized Jets are designed specifically for transatlantic routes, typically accommodating 10 to 11 passengers over a 6,300 km (3,900 mi; 3,200 nmi) average range.
The average price for a brand new Super Mid-Sized Jet currently sits at about $24 million.
Some of the most popular Super Mid-Sized Jets currently on the market include:
- Cessna Citation Sovereign
- Embraer Praetor 600
- Gulfstream G280
- Bombardier Challenger 350
Large Jet
Able to carry 13-14 passengers over an average range of 7,400 km (4,600 mi; 4,000 nmi), Large Jets are marketed as the cost-effective, yet necessary tools for a modern corporation, given its ability to travel on both transatlantic and transpacific routes.
Popular jets in this class include:
- Dassault Falcon 2000
- Bombardier Challenger 650
- Embraer Legacy 600
- Cessna Citation Longitude
Long Range Jet
The largest class of 100% purpose-built private jets, long range jets are supposedly the best private jets on the market, able to fly 12-19 passengers pretty much anywhere in the world.
With an average range of 12,000 km (7,500 mi; 6,500 nmi) and an average price tag of $63.5 million that only seems to be growing, a long range jet is certainly not for the faint of heart!
Jets classed as “Long Range Jets” include:
- Bombardier Global Express
- Gulfstream G650
- Dassault Falcon 7X
VIP Airliner
The largest, and most expensive class of private jet, VIP airliners (also known as “Bizliners”) are just as their name would imply: commercial airliners you know and love, with private jet interiors instead of commercial airline ones.
Varying in size from VIP variants of regional jets like the Embraer E-190 or Airbus A220, to mid-sized jets like the Airbus A320 or Boeing 737, to jumbo jets like the Boeing 747 or Airbus A380, VIP airliners typically carry 13-35 passengers over a 11,375 km (7,075 mi; 6,150 nmi) average range.
The terms “VIP airliner” and “Bizliner” can also be applied to any commercial jet that’s been converted for VIP transportation.
Jets in this class include:
- Boeing Business Jets
- Airbus Corporate Jets
- Embraer Lineage 1000E