Despite the economic hardship in Nigeria, it’s amazing how many people are owning private jets. The long lines of the queue at the airport, delayed flights, cancelled flights, check-in issues etc have contributed to making people opt for private jet ownership.
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It makes one wonder how much does a private jet really cost? I
s it cheap or expensive? These are the same questions I had when researching this article.
If you are curious like me, I have the answers in this article –How much does it cost to buy a private jet in Nigeria?
Cost Of A Buying A Private Jet
Just like cars, when buying private jets, one can decide to buy a brand new jet or a used one. As expected, brand-new private jets are way more expensive than used ones.
Brand new jets have costs ranging from as low as $2 million to $500 million (approx. 1.14 billion – 2.85 trillion NGN). The price of private jets is determined by various factors including size, maker, the distance it can travel, the number of passengers it can carry, customization and what the jet offers, like the engines and avionics. For example, a small seven-passenger Cirrus Vision costs about $2 million (1.14 billion NGN) compared to a customized Airbus A380 which can cost up to $500 million (2.85 trillion NGN?.
Used private jets are cheaper, but they are not as cheap as you might be thinking. They are still worth millions/ billions of naira depending on customization and specs. For example, as of November 2021, a pre-owned 2018 Gulfstream G650ER costs $52.5 million on the Gulfstreamwebsite.
Running Costs Of Owning A Private Jet
In case you are thinking all it takes to have a private jet is the one-off price of purchasing it, then you are wrong. The purchase price is only a small per cent compared to the other costs incurred long term.
Other costs incurred from owning a private jet include maintenance costs, fuel costs, salaries of the cabin crew etc. Planes with larger fuel tanks for long-distance flights require more money spent on fuel compared to smaller ones. For instance, the Bombardier Global 7500 has a fuel capacity of over 51,000 pounds which requires millions of naira to fill up. Similarly, maintenance and repair costs can typically range from ₦200 Million to ₦1.6 Billion per year
How To Buy A Private Jet By Leasing
Just like cars, you can also own a private jet by leasing. You can sign a lease for a private jet ranging from several months to years depending on your agreement. Aircraft companies provide two major options to buy a private jet by lease:
- Wet lease: Here, you are allowed to buy the private jet and at least one crew member.
- Dry lease: In this case, you only have to pay for the aircraft itself. This is much cheaper as you don’t need to worry about the cost of one/more crew members. However, it’s up to you to get a pilot and other crew members.
Things To Consider Before Buying A Private Jet
Now that you know the cost of a private jet, it’s important you keep in mind a few things if you are considering buying one:
- Number Of Passengers
As I noted earlier, the price of a private jet is affected by the number of passengers it can onboard. So, when making a choice for a private jet to own, ask yourself- is this jet for just me alone? Or to fly me and my family? Or to fly me and business associates? Asking these questions will let you know the estimated number of passengers, this way you won’t waste money buying a private jet with a larger passenger capacity than you need.
- How Often Do You Need It
Private jets are often designed to meet every need. If you need to fly every weekend, daily, every six months or annually, it’s important you do research on the best type and make of aircraft that fits your needs. This way, you get to reduce your running costs.
- Distance Travel
Will your private jet be used for short trips only or lengthy trips? If you only need a jet for short local trips, then it’s wise to buy a private jet with a small fuel tank and vice versa.
- New Or Used Private Jet
New private jets are usually more expensive compared to used ones/older jets. Depending on your budget and taste, do a thorough calculation on the type of private jet you need.
- Crew Cost
When purchasing a private jet, you also need to factor in the cost of hiring the cabin crew such as one or more pilots, flight attendants etc. This makes you know your overall expenses and budget.
Popular Private Jets And Their Prices
|Cirrus Vision||$2 million (approx. 1.14 billion NGN)|
|Cessna Citation CJ3+||$8.3 million (approx. 4.73 billion NGN)|
|Cessna Citation XLS+||$13 million (approx. 7.41 billion NGN)|
|Cessna Citation Sovereign+||$18 million (approx. 10.26 billion NGN)|
|Embraer Legacy 650E||$25.9 million (approx. 14.8 billion NGN)|
|Bombardier Learjet 45XR||$13 million (approx. 7.41 billion NGN)|
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It’s really very useful to me. Thanks for sharing with us.
Thanks for sharing this! All the best!
Nice article. However, your currency conversion rate is grossly inaccurate, grossly, especially converting USD 500 million to NGN 2.78 trillion. The correct conversion should be in billions not trillions
And I wonder how u got ur calculation to the effect that $500m is #2.8trillion. I don’t know ur own exchange rate
Thank you so much
Now i know the cost of buying and owning a private jet