Many airlines do not really own the aircraft they fly. Like a lot of people do for cars, they lease them, from aircraft leasing firms. Four out of 10 commercial aircraft worldwide are on lease. The mechanism is not too different from that at play in the car leasing market, just on a much larger scale.

Airlines rarely pay "sticker price" in cash; instead, they use complex financing models like leasing or sale-leasebacks. In 2026, roughly 50% of the world's fleet is leased. In a "Dry Lease," the airline rents just the aircraft and provides its own crew and maintenance. In a "Wet Lease" (ACMI), they rent the plane, crew, maintenance, and insurance—often used for seasonal spikes. When buying directly from manufacturers like Boeing or Airbus, airlines negotiate massive bulk discounts (often 40-50% off list price) and secure "options" to buy more planes at a fixed price in the future. They typically pay a deposit to secure a "delivery slot" and then use "Asset-Backed Securities" or bank loans to fund the final delivery. This allows airlines to keep their balance sheets "light" and avoid the massive capital expenditure of owning a $100+ million asset outright.