Many see owning a private jet as the ultimate status symbol, providing freedom and efficiency to those wanting to streamline their travel plans. However, this is a serious investment that comes with many responsibilities, including where to store and manage the aircraft. For private plane owners, the decision to invest in a custom hanger is a significant one, but it is also essential to keeping their planes safe.
That being said, chartering private jets often offers a more flexible, lower-maintenance alternative. We’ll explore the complexities of owning a private plane and the costs of maintaining a custom-built hangar and then compare this to chartering private jets when the need arises.
The basics of owning a private aircraft
Owning a private aircraft is much more than just the purchasing process, unlike hiring a luxury jet charter. Owning a plane comes with numerous operational and storage costs. One of the most important factors you’ll need to consider is how and where your plane will be stored when not in use.
This is why many see the construction of a custom hangar as a necessity. While the initial purchase cost can be significant, the costs continue further down the road. It involves long-term considerations of maintenance, safety, and the ability to keep your plane in top flying condition.
The appeal of private ownership
Owning a plane provides a sense of freedom that’s unlike anything you’re likely to have experienced before. Unlike commercial travel, you’ll have complete control over flight schedules, destinations, and amenities.
Regardless of whether you plan to use it for personal use or business, a private jet offers the flexibility to travel when and where you want, without the hassle of busy airports or delayed commercial flights. For those to plan to travel often, this can result in huge time savings and convenience.
The cost of building and maintaining a custom Hangar
For smaller aircraft, a simple steel structure might cost between $30,000 to $50,000. However, a larger, more luxurious custom hangar, with features like climate control, advanced security systems, and maintenance bays, can easily cost millions.
Factors influencing the costs include:
Ongoing costs of Hangar maintenance
Even once you’ve made the initial investment in buying or building the hangar, the ongoing costs of maintaining a hangar can quickly accumulate. Utilities, insurance, and regular maintenance checks all need to be considered, while you’ll also need to keep features like security and climate control in working condition. These costs can range from a few thousand to tens of thousands of dollars each year.
Is renting a cost-effective alternative
Renting a hangar space often means paying a monthly fee that will vary depending on your location, the size of your aircraft, and the quality of the hangar you’ve chosen. For smaller aircraft, fees can range from $500 to over $2,000 per month, while this can increase to upwards of $6,000 per month for larger aircraft. In major cities, the cost of rental hangar space can skyrocket.
Maintenance and operational costs of private jet ownership
In addition to needing expensive hangars, private jet owners also need to consider the ongoing costs of running an aircraft. These aircraft typically require routine inspections, maintenance, and repairs, all of which must be done by professionals. The costs of maintenance differ from one aircraft model to another, but this typically ranges from $200,000 to $500,000 (or more), depending on the model you choose and how often you’re in the air.
Chartering private jets is a flexible, lower-maintenance alternative
Given that owning an aircraft can be incredibly expensive and requires constant capital in order to keep running, chartering a jet might be a better solution for regular travelers who don’t need constant access to a private plane and pilot. Chartering still provides the flexibility that you would expect but with a reduced final commitment and fewer responsibilities.
The main advantages of chartering a private jet include:
Chartering vs. Owning a private jet
For frequent travelers, owning a private jet may seem more convenient. However, if you fly fewer than 200 hours a year, the cost of ownership will typically outweigh the benefits. Chartering private jets allows individuals to enjoy the perks of private flying without the burdens of ownership.
The article Private plane owners and their investments in custom Hangars first appeared in TravelDailyNews International.
