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The Cost of Owning a Private Jet: Learjet 60

Owning a private jet like the Learjet 60 symbolizes luxury and convenience but has significant financial commitments. Understanding the costs of whole aircraft ownership compared to fractional ownership is crucial for those considering private jet travel. As a private jet charter company offering fractional ownership, we aim to clarify these options to help you make the best decision for your travel needs.

The Cost of Whole Aircraft Ownership

The Learjet 60, renowned for its performance and comfort, carries substantial costs when owned outright. Here’s a comprehensive breakdown:

• Purchase Price: A new Learjet 60 can range from $13 million to $15 million. Pre-owned models are less expensive but require a considerable investment, typically between $4 million and $8 million.
• Financing Costs: If financed, the interest on a loan can significantly increase the overall cost.
• Depreciation: Pre-owned Jets generally depreciate by about 5-15% annually. While this can reduce the resale value, it provides potential tax benefits through depreciation deductions.
• Insurance: Annual premiums can range from $40,000 to $80,000.
• Maintenance: Scheduled and unscheduled maintenance can cost between $300,000 and $500,000 annually, depending on the aircraft’s age and usage.
• Hangar Fees: Depending on the location, storing your jet can cost between $50,000 and $100,000 per year.
• Pilot and Crew Salaries: Employing a pilot and crew can add $200,000 to $300,000 annually to your expenses.
• Fuel Costs: Expect to pay around $1,200 per hour of flight time for fuel, varying with usage.

The Financial Burden of Whole Ownership

Whole ownership of a Learjet 60 is ideal for those who fly extensively and require the flexibility and convenience of having their own aircraft. However, the financial burden can be considerable, making it a less viable option for those with more moderate travel needs.

Fractional Ownership: A Cost-Effective Alternative

Fractional ownership offers a compelling alternative for individuals and businesses flying more than 25 hours a year, but more is needed to justify full ownership. Here’s why fractional ownership might be a better fit:

• Lower Upfront Costs: Instead of the hefty price tag of full ownership, you purchase a share of the jet. For example, a 1/16th share of a Jetvia Learjet 60 costs around $500,000.
• Depreciation Benefits: Fractional ownership allows you to benefit from depreciation for tax purposes, similar to whole ownership, providing potential tax savings.
• Predictable Costs: Fractional owners pay a monthly management fee and an hourly operating fee, covering maintenance, crew, insurance, and other operational costs. This structure provides cost predictability and reduces financial uncertainty.
• Guaranteed Availability: Fractional ownership agreements ensure an aircraft is available when needed, offering greater scheduling flexibility than chartering.
• No Maintenance Hassles: The management company handles all maintenance, storage, and staffing, freeing you from the operational responsibilities of aircraft ownership.

The Verdict: Why Fractional Ownership Might Be Right for You

While whole aircraft ownership offers unmatched flexibility and convenience, the high costs and operational responsibilities make it suitable only for those who fly extensively and have the resources to manage the associated expenses. Chartering remains the most cost-effective and flexible option for those flying up to 25 hours per year. However, if your annual flight hours exceed 25, a Jet Card or fractional ownership provides a balanced approach, offering the benefits of private jet travel without the entire financial burden.

At Jetvia, we provide charter and fractional ownership solutions tailored to your travel needs. Whether you choose the convenience of chartering or the cost-efficiency of fractional ownership, we are here to help you navigate your options and find the perfect solution for your private jet travel.

Don’t hesitate to get in touch with us today to discuss your needs and discover how we can provide you with the luxury and convenience of private jet travel.