The purchase price is only the start. Once you own a jet, you pay to crew it, insure it, hangar it, maintain it and manage it, whether it flies or not. Those ongoing costs often add up to more over the years than the aircraft itself. Here's how they break down, and what to ask before you buy.

Acquiring the aircraft

Prices vary enormously by class, age and condition, from turboprops and light jets at the lower end to ultra-long-range jets at the top. Many first-time owners buy pre-owned. Before buying, have an independent specialist review:

• Total airframe and engine hours, and cycles
• Complete, continuous maintenance records
• Upcoming major inspections, which can be very costly and may be only months away
• Whether the engines are enrolled in an hourly maintenance program
• Avionics, connectivity and cabin condition, and any updates required to fly where you plan to

A pre-purchase inspection at a qualified facility is standard practice. So is advice from an aviation attorney and a tax adviser on how the aircraft is owned and registered.

Fixed costs: paid whether you fly or not

• Crew: most jets are flown by two pilots, whose salaries, benefits and recurrent training are a major annual cost. Many owners also budget for relief crew.
• Hangar: storage costs depend on the airport and the size of the aircraft, and are highest at busy airports in major cities. This is an ongoing cost, not part of the purchase price.
• Insurance: policies typically combine liability coverage, which protects against claims from passengers and third parties, with hull coverage, which pays for physical damage to the aircraft. Premiums depend on the aircraft's value, the crew's experience and how the aircraft is used.
• Management: many owners pay a management company to run the aircraft day to day, covering crew, maintenance tracking, compliance and scheduling.
• Scheduled maintenance and subscriptions: inspections that come due by calendar date, plus navigation databases, flight-planning tools and connectivity plans.
• Depreciation and cost of capital: most aircraft lose value over time, and money tied up in an aircraft could be earning a return elsewhere.

Variable costs: driven by how much you fly

• Fuel: the largest per-hour cost.
• Engine and maintenance reserves: money set aside per flight hour for engine overhauls and hour-based inspections. Hourly programs turn this into a predictable rate.
• Landing, handling and parking fees at each airport.
• Crew travel: hotels, meals and transport on trips away from base.
• Catering, and on international trips, overflight, navigation and customs fees.

Planning for the unexpected

Even well-maintained aircraft have unscheduled repairs, and an aircraft on the ground still carries its fixed costs. Owners who budget well keep a reserve for surprises. They also plan how they'll travel while the aircraft is down, often by chartering a similar aircraft.

Offsetting the cost of ownership

Some owners place their aircraft on a certified operator's charter certificate. When the owner isn't flying, the aircraft flies paying charter clients, and that revenue helps offset the fixed costs. Ownership is never free, and charter use brings extra wear and scheduling trade-offs. For many owners, though, it changes the numbers. Own & Offset explains how we structure it.

Is ownership right for you?

Ownership tends to make sense for people who fly a lot, want the same aircraft every time and value total control over it. If you fly less, charter or a membership may cover your needs with no capital tied up. See private jet charter vs. fractional ownership and Velox Reserve to compare, or contact our team to talk through your flying.