Are you planning to buy a private jet? Do you know how much it costs to maintain it? Find out in this article.
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No doubt, private jets are expensive. Wealthy individuals in Nigeria including celebrities, government officials, and business magnates are fond of acquiring one or more private jets to show off their wealth and also to make they’re itinerary more comfortable. However, while many people know how expensive and prestigious owning a private jet is, very few are conscious of the maintenance costs that come with it.
In fact, certain people who spent their hard-earned money to acquire a private jet regret their decision and soon sell it off. The major reason for this is because of the maintenance costs.
Just like cars, private jets need maintenance and repair to make them function optimally. In most instances, buying a brand-new private jet comes with a warranty that tends to cover all the maintenance and repair costs within the warranty period. But when this expires, it becomes the owner’s responsibility to maintain the private jet.
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Factors Affecting The Cost Of Maintaining A Private Jet
There isn’t any one-size-fits-all price for private jet maintenance. The cost of maintenance often depends on factors like;
- The type of aircraft
- The size of the aircraft
- The age of aircraft
- Frequency in aircraft use
How Much Does It Cost To Maintain a Private Jet In Nigeria
Below is the cost incurred to maintain private jets in Nigeria;
INSURANCE
It is mandatory and necessary that you have insurance coverage over your private jet. The yearly premium required to be paid on private jets is often calculated in millions of naira. For instance, the annual insurance premiums for a Bombardier Global Express that is valued at around 3,900,000,000- 10,000,000,000 NGN is estimated at 11,700,000- 50,000,000,000 NGN per year.
FUEL
Private jets don’t power themselves, they need fuel to operate. How many gallons of fuel you need to buy for your jets depends on the size of the jet and the distance you need to travel. The cost of regularly buying fuel, considering the present hike in fuel prices, tends to increase the overall maintenance costs of a private jet.
HANGER SPACE
Unlike cars that are packed in a garage, private jets are packed in a hangar space. Unless you have a personal hangar space for your jet, you will need to pay for the use of one. Private jet owners pay between 3,000-8,000 NGN per hour at airport hangars.
PILOT
The cost of hiring a pilot contributes to the overall cost of maintaining your private jet. Depending on the expertise of the pilot and the type of your private jet whether small size, mid-size, or large size; pilot prices can range from about 500,000- 4,500,000 per flying hour on average.
CREW MEMBER
Crew members such as hostesses, waiters etc must be factored in when calculating the cost of maintaining your private jet. You will have to pay the expenses per night, per crew member for food, transportation and lodging. This cost can range from 58,500 and 234,000 NGN.
MAINTENANCE COSTS
There are various maintenance procedures and checks that must be done on an aircraft. The kind and cost of maintenance depend on the specifications of the manufacturer as well as their age. The older a private jet is, the more expensive it is to maintain. General checks that should be done on a private jet include ‘C’ checks, software checks, fuel level, preflight, post-flight and weekly inspections etc. On average, the maintenance cost of a private jet is about $500,000 to $1 million per year.
Popular Private Jets And Their Prices
| PRIVATE JET | PRICE |
| Cirrus Vision | $2 million |
| Cessna Citation CJ3+ | $8.3 million |
| Cessna Citation XLS+ | $13 million |
| Cessna Citation Sovereign+ | $18 million |
| Embraer Legacy 650E | $25.9 million |
| Bombardier Learjet 45XR | $13 million |
CONCLUSION
If you intend to own a private jet, then you should also be financially wealthy enough to maintain it. The cost of maintaining a private jet is more expensive than the cost of a private jet in the long run. If you can afford to buy a private jet, then you can seek other alternatives like hiring a private jet.
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