How much does it cost to run a private jet?

Hey Steve, I'm thinking about buying my first jet, but I'm worried about operation costs. Could you tell me a little more about that?

Because the operating costs are obviously the main thing you have to worry about after you own an airplane. It depends on the size of the airplane. It's a small airplane, midsize airplane, or a large airplane. Generally, you're talking about between three thousand and eight thousand dollars an hour. That's about what a customer on a jet pays.

What about just holding at the airport?

No, there's no cost for just sitting at the airport except the parking fees. But there are other things that you pay whether you fly or you don't fly. You're paying your pilot salaries, you're paying your insurance, you're paying the hanger fees. These kinds of things that you pay are called fixed costs.

That's an annual amount that you have to apply to your budget. Then, every hour you fly, there's an operating cost, which is called the variable or direct operating cost. Those costs are around about two thousand to five thousand an hour.

So, does the size of my jet impact my operating costs?

Like everything in life, size matters.