Is it cheaper to rent private jet or buy private jet?

Cost savings: Chartering a private jet is significantly more economical than buying your own plane. When you charter, you'll pay only for the flights you use, rather than for the entire purchase price of an aircraft that may spend much of its time sitting in the hangar.



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The answer to whether you could cover the costs of your own private aviation travel or even make money off of chartering a jet you own is a succinct “maybe.” Making money from this endeavor requires so many factors to go perfectly, and one slip could put you into the red.

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If you're consistently renting the most expensive options, purchasing a plane might be worth the cost, since there isn't much cost difference. However, if you plan on renting smaller or less expensive models, renting is much cheaper than owning a plane.

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Perception of safety. Managing risk is a common skill for the wealthy and often a high-end traveller will consider private travel to be safer than a commercial offering. The report claimed that the two dominant factors are the age of the plane and the visual condition of both its exterior and cabin.

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On average, business jets up to 25 years old may only have about 12,000 hours on them, and when they're well-maintained aircraft can easily last for 25,000 hours.

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Private jet charter – sometimes referred to as private jet rental, jet hire or on-demand charter – generally refers to buying your private flights on a one-by-one basis.

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Hourly rates range from about $2,000 to $4,000 for a turboprop or smaller private jet up to $20,000 or more for a midsize or larger private jet that can fly longer-haul journeys.

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The private jet maintenance service or operational costs ranges between $500,000 to 1 million annually. However, pilots will be required for the jet's functioning.

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First Class Tickets are Cheaper. Depending on where you're flying and who are you're flying with, a first class ticket will almost always cost less than chartering a plane. But where there is a requirement for a small group to travel first class, chartering a jet can prove to be more cost-effective.

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The most economical private jets - Turboprops, Very Light Jets or Executive Light Jets - cost around $2,600 to $3,500 per flight hour. Midsize or Super Midsize Jets cost between $3,200 and $6,000 per hour.

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