Owning a plane is a common dream for pilots and those who want to enjoy the benefits of private aviation. But do you actually understand how much does an airplane cost?
In short, a modern pre-owned or new airplane can cost you anywhere from $10,000 to $27,000,000. You should conduct research if you have a general idea of the type of plane you want to buy.
Let’s examine the costs associated with owning, operating, and maintaining a private plane, a commercial airliner, and a military jet. We’ll also consider whether it’s better to buy a plane brand-new or used, or even whether renting a plane is preferable to buying one altogether.
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How Much Does a Plane Cost in Real Numbers?
In a nutshell, the costs accumulate and may include the purchase price and down payment, as well as maintenance, parking fees, insurance, and fuel costs.
The real cost of an airplane depends on the size and type you want, and can range from a few thousand dollars for lightweight aircraft to several hundred million dollars for luxury jets. The high operating and maintenance costs of an aircraft can quickly add up.
Commercial airliners cost tens of millions to hundreds of millions of dollars. Costs for the most well-known Boeing 737 commercial aircraft ranged from $89.1 million to $112.6 million. Between $89.6 million and $114.9 million is the price range for the Airbus A320 family’s most popular commercial aircraft.
Maybe you’ve always dreamed of taking to the skies in a plane that you own personally. With a little planning and knowledge, owning a small aircraft might be a reality. We will discuss private airplane prices, things to think about, and the information that follows in this article.
What Are the Types of Airplanes I Can Own?
There are numerous sizes and types of airplanes, each one specifically designed to meet the needs of the market for which it is intended. You must be conscious of your intended use if you plan to buy an airplane. The following are some of the most popular aircraft types; you can select one that meets your requirements.
Ultra Light
These planes are used primarily for recreation and are frequently seen in sporting events. One to two people can usually fit in these. Ultralight aircraft in the United States are significantly smaller and lighter than ultralight aircraft in other countries. In the United States, ultralights are referred to as “ultralight vehicles” rather than “aircraft.”
They do not need to be registered, licensed, or subject to regulations. Only the hours between dawn and dusk are suitable for ultralight flight. Only ungoverned airspace is suitable for their flight. The prices for various new and used ultralight aircraft range between $10,000 and $25,000.
Small Plane (Single Engine Piston)
Some people think that piston-powered single-engine aircraft are the most affordable to own. Low-cost piston propulsion systems power these aircraft, and their popularity is largely due to their affordable acquisition and operation costs.
They frequently have two to four seats open. In comparison to turbine engines, piston engines are significantly more cost-effective in terms of fuel use, storage, maintenance, and service. According to reports, over 45,000 Cessna 172 planes have been manufactured, making them the most prevalent civil aircraft in history.
Generation after generation of pilots has honed their skills on them because its primary function is as a training aircraft. Between $370,000 and $425,000 is required to purchase a brand-new Cessna 172 Skyhawk aircraft. However, the year, model, and store where the item is purchased can all have an impact on the price.
Twin Engine: Piston
The 1970s and 1980s saw a huge increase in the use of piston aircraft with multiple engines. A gallon of avgas back then cost $1.50. In the late 1970s, Piper, Cessna, and Beechcraft jointly produced thirteen twin-engine types.
Piper now produces two, Beech produces one, and Cessna no longer manufactures twin-engine piston aircraft. Simple economics is the main justification for the cuts, but there are other factors as well. When avgas is $6 per gallon and maintenance at a reputable shop is $100 per hour, twins are no longer financially viable.
The multi-engine apex is represented by Teledyne Beechcraft’s Beech G58 Baron. This piston twin is not only the most expensive production model available, but it also has the best performance and, possibly, the most maneuverability. The initial investment for this aircraft is $1,394,000. You can look for additional models in this category.
Twin Engine: Turboprop
There may be options for both turboprops and jets if you’re looking to purchase a private aircraft. Even though most people associate private charters with jets, there are several obvious advantages to choosing a turboprop over a private jet.
A jet engine drives a propeller, which is the main difference between a turboprop and a jet. Turboprops were formed as reliable and consistent alternative solutions to fill the gap between high-speed, high-altitude jets and low-flying small planes.
Both turboprops and jets are propelled by the same, inherently safe, and reliable turbine engines. The primary distinction between the two is the presence of a propeller on the exterior of a turboprop engine as opposed to fan blades inside the engine cowling of a jet engine.
On shorter runways, turboprops may be allowed. The aircraft can stop much more quickly than a jet because of the drag produced by the propellers. This is critical if you plan to fly aircraft on shorter runways so that they can stop if something goes wrong before takeoff
The distinction between turboprop and jet performance might surprise you if you’re worried about fuel efficiency as an airline passenger or an aircraft owner. Turboprops are more efficient at lower speeds while jets are more efficient at higher speeds. The flight’s quality is impacted by altitude, so it is crucial.
Depending on the brand, configuration, and other extras, the cost of a turboprop may range from $2,000,000 to $5,000,000. Of course, there is always the option to purchase a used turboprop, in which case the costs can be considerably lower, starting at $1,000,000 and rising to about $3,500,000. However, you must keep in mind that aircraft at such prices are typically 5 to 10 years old.
Jet
Business jets are opulent and sophisticated aircraft. Business aircraft typically have two jet engines, and the interior has been carefully planned to fit all of the necessary equipment.
Some of the most expensive planes are designed to travel faster and at higher altitudes than commercial airliners. This allows private jet owners to travel in some of the busiest airspaces in comfort and at a reasonable cost. If you let the manufacturer know what you need, they can customize your business jet.
Textron Aviation and Cessna are the two largest business aircraft manufacturers in the You can pick from a wide range of business jet configurations in the United States.
Depending on the configuration, a Cessna Citation might cost between $13,000,000 and $27,000,000. However, if you are on a budget, you could also look into the Honda HA-420 Honda Jet, a light business aircraft.
This jet seats 5 to 6 people and can be flown by a single pilot. It gives you more freedom when planning a business trip or a family vacation. Up to $5.3 million could be spent on a Honda Jet.
Are There Additional Costs for Owning a Plane?
If not managed carefully, owning an aircraft can cost you a fortune. Airplanes need routine maintenance and servicing, which can only be performed by licensed mechanics. As a result, you would have to pay a significant sum for parts, storage, and maintenance costs.
Regular maintenance is mandatory to guarantee your and your passengers’ safety and it is virtually unavoidable. Depending on the aircraft you own, maintenance costs can amount to $5,000-$1,000,000 annually. Your plane’s storage costs could also cost up to several hundred dollars per month or more.
Your personal jet will still need to be kept at the airport you use for landing and taking off, either in a hangar or in outdoor storage. Moreover, you would need to comply with all regulations defined by the FAA and DOT.
It can be time-consuming as well as costly to communicate with regulators and perform in-house maintenance. These are a few options, then, to make ownership simpler, turn a liability into an asset, or save money.
Aircraft Management Company
To turn your private jet into a money-making machine, you can charter your own aircraft from a reputable aircraft management company or charter operator.
You can ask your management company to prepare the jet whenever you need it for personal travel, assign a suitable crew, and arrange for all necessary authorizations and paperwork.
Leasing
If you are adept at analyzing market dynamics, leasing a jet might be an additional choice. Although leasing a small aircraft or a private jet could be a risky business, if comprehended completely, it can help you make a fortune.
Partial Aircraft Owners
One of the safest ways to own an airplane, if you can find a suitable partner for it, is through partial ownership. Private jet fractional ownership refers to a situation where a number of aircraft owners divide the use and, typically, the cost of buying and maintaining an aircraft.
Several management companies provide fractional ownership programs for private jets, including NetJets, Flexjet, PlaneSense, and AirSprint.
Is It Better to Rent Or Buy a Plane?
Advantages of Buying a Plane
You are free to select the model you want when you purchase a plane. Along with being able to customize and alter your plane, you would also have constant access to it. If you want to travel frequently and, of course, have the money, buying is a wise decision.
Advantages of Renting a Plane
Since there are no maintenance costs involved, renting a plane is significantly less expensive than purchasing one. If you’re planning on taking a few flights a year rather than many, renting is a better option.
Where Can You Buy a Plane?
Online marketplaces and authorized brokers are two places to purchase airplanes. Purchasing a plane typically involves complying with a number of legal requirements, depending on where you live.
Typically, brokers help their clients with the paperwork. Once you have a proof of sales receipt, you can claim ownership of the plane.
Buying New Vs. Used
Without a doubt, used aircraft are less expensive than new ones. Used aircraft naturally lose value due to deterioration, wear, and tear.
- Model
Older plane models are less expensive to buy outright, but they are typically more challenging to maintain because their parts are harder to come by.
- Year
The average cost of an aircraft decreases with age, but the cost of maintenance is almost universally higher for older aircraft.
- Condition
The more intact an aircraft’s airframe, accessories, and engine are, the more expensive it will be overall.
- Total flying time
More time spent flying means more wear, which raises maintenance costs, so longer-range aircraft cost much more than shorter-range aircraft.
- History
Aircraft with no incident histories cost more since they’re in better condition.
- Maintenance status
A plane’s price increases with how well it is maintained. A less-maintained aircraft might end up being less expensive to buy in the long run.
- Equipment
The cost of an aircraft increases with how advanced its equipment is.
Wrapping us up, buying an airplane is expensive, but the biggest cost is likely the ongoing maintenance of the aircraft.
How Much Does a Plane Cost?
Despite the fact that the price of planes varies depending on their type, size, use, and purpose, they aren’t the least expensive item you’ll buy. Before you buy a plane, get your finances in order, search through many different options and make sure you can actually become a pilot.
