Is Buying a Private Jet Worth the Hype?

Have you ever dreamed of owning your very own private plane? If you have, you’re not the only one. In fact, buying a plane is a shared dream among many. And why not? Owning a plane means having the freedom to travel wherever you want, whenever you want. What’s not to like about that? 

But, here’s the thing, owning a plane can be expensive and, for many, that might leave them questioning whether or not buying a private plane is actually worth the spend.

What are the Benefits of Owning a Plane?

The biggest benefit to owning a plane is that you’ll be able to save flight time and avoid the frustration that comes along with stepping inside an airport. When flying commercial, you not only have to arrive at the airport several hours before departure but you also have to wait in line to check your bags, make your way through security, and then wait for your flight to actually take off. Owning your very own plane and avoiding those common airport frustrations is an easy feat.

Owning a plane also gives you the freedom to go wherever you want, whenever you want. It gives you the opportunity to book last-minute trips to the travel destination of your choosing too and even makes it easier to bring family and friends along for the trip. In fact, if you decide to travel with friends and family, you really only have to worry about how much space your plane has to offer.

Fulfilling your lifelong dream of owning a plane is another benefit worth mentioning. Just imagine yourself taking the wheel of your own plane and getting that perfect view of the open sky. It sounds fantastic, right?  Yes, it does.

How Much is the Cost of Buying a Private Jet?

According to experts, the first thing you need to consider is what kind of plane you want to buy. While a new single-seat, single-engine recreational plane may cost you between $8,000 (N8 million) and $15,000 (N15 million), a single-engine plane with multiple seats will have you spending between $15,000 (N15 million) and $100,000 (N100 million). And if you’d prefer a multi-engine plane? Expect to spend between $75,000 (N75 million) and $300,000 (N300 million).

Keep in mind that you can also buy a used plane. The bad news is that the cost of a used aeroplane varies like that of used cars. In fact, according to aeroplane experts (AOPA), the resale value of a plane depends largely on the plane’s engine hours, installed equipment, safety features, damage history, and paint. The condition of the interior can impact the plane’s value too.

Plane Maintenance and Inspections is Expensive

Now, buying a plane isn’t the only cost you’ll incur as a plane owner. You should also plan for plane maintenance costs, which are always very expensive. In fact, one of the most expensive parts of owning a plane.

Is Aviation Insurance Expensive?

You know that you need car insurance to own and drive a car. The same goes for planes. If you buy a private plane, you should expect to pay for aviation insurance coverage. But don’t worry, there are many benefits to having aviation insurance. 

It will not only cover aircraft damage but will also provide liability coverage for anything that your plane damages, experts note. How much does aviation insurance cost? According to Investopedia, the cost of aviation insurance varies by policy and what level of coverage you opt for. 

Is Owning a Plane Truly Worth the Expense?

It all depends. If you are not worried about the cost of buying and owning a plane, then owning one may be the right choice for you. But if you aren’t willing to pay for maintenance or storage fees? Then you might be better off chartering or renting a private plane instead.