Is it better to buy or rent a private plane?
Last update : 14/09/2022 - by Vincent Kermarec
Buying a private plane: is it profitable?
To simplify their travel, travel easily from point to point, avoid connections, traffic jams, delays and gain flexibility, many people and companies have considered buying a private plane. But is it really a good idea?
Buying a private jet is a major expense, often running into millions of euros. Below are some examples of the prices of private jets (basic version):
Private plane buying:
- Diamond DA42 : €480 000
- Diamond DA62 : $840 000 to €1.1 M
- Piper Mirage M350 (piston aircraft) : €1.050 M
- Piper Meridian M500 (Mono-Turboprop aircraft) : €2.1 M
- Piper Meridian M600 (Mono-Turboprop aircraft) : €2.6 M
- Pilatus PC12 (Mono-Turboprop aircraft) : €4.4 M
- Beechcraft C90 GTX (Bi-Turboprop aircraft) : €3.5 M
- Socata TBM 940 (Mono-Turboprop aircraft) : €3.8 M
Private Jet buying:
- Cessna Mustang (twin-engine aircraft) : approximately €3.5 M (only available second hand)
- Falcon 100 (twin-engine aircraft) : approximately €4.4 M (only available second hand)
High fixed costs for private aircraft
Even higher costs for private jets
In 2020 in France, there are more than 1500 private aircraft owners. On average, these aircraft fly less than 50 hours a year, when, for the investment to be viable, they should fly between 300 and 350 hours.
Indeed, many fixed costs are involved when owning a private jet: operating costs, maintenance costs, charter costs, garage costs, etc. The bill quickly becomes significant and can only be amortised by flying with the aircraft.
Moreover, like cars, these aircraft depreciate rapidly and maintenance costs quickly become too high to maintain the value of the jet: replacing the avionics in particular represents an extremely high cost.
Details of annual fixed costs for an aircraft :
- Crew training
These costs can range from several thousand to several million euros, depending on the model of aircraft, the airport where it is based, etc.
After these annual fixed costs, you have the costs per flight hour!
These private aircraft therefore fly 6 to 7 times less than necessary and for the most part represent a loss. This is the reason why OpenFly was created: by allowing private aircraft owners to rent their aircraft for a fee, OpenFly enables them to reach the quota of hours essential to their profitability.
Buying a private jet or a private aircraft for personal use therefore requires a preliminary study: will you fly enough with your aircraft to make this investment economically profitable? Owning a private aircraft involves very high fixed costs, which can only be recouped through regular use. If you only have occasional needs, such as a few flights a year, this is not a good idea for your wallet. Does this mean you should not use business aviation for your travels? No. Instead of buying your own aircraft, rent one!
Renting a private plane: a more economical solution... and increasingly accessible!
If you want to enjoy the benefits of business aviation at a lower cost, renting a private jet is an attractive option. Not only do you avoid the high fixed costs of owning a private aircraft, but you also use the most suitable aircraft for your needs.
Unless you always make the same trip, with the same number of passengers on board, your needs are not always identical.
Sometimes you will travel alone and sometimes with colleagues. Sometimes you will make "short" journeys, such as Nantes-Clermont Ferrand and sometimes longer journeys, such as Caen-Geneva. The most suitable aircraft for these trips is not always the same. Thanks to OpenFly, you can easily rent the private plane that best suits your travel needs. The jet is not always the best solution! On intermediate distance trips, turboprop aircraft such as the Piper Meridian are more economical solutions that provide the same level of comfort and speed as a private jet.
Renting a private plane rather than buying a private jet is therefore an option to strongly consider if you wish to use business aviation for your travels. If you want to charter a plane easily, in a few clicks, use OpenFly! More than 200 aircraft are available for charter on our platform and 500 professional pilots are registered, making OpenFly the leading European platform for business aviation.
By connecting you directly with private aircraft owners and professional pilots, we can also guarantee you affordable rates, generally 50 to 80% lower than the market price. Thanks to OpenFly, private aviation becomes accessible to the greatest number
87% of our members had never used business aviation before.
Why not you?