Private jet companies compete primarily on two levels, how luxurious they can craft their aircraft and how fast they can fly you from you’re home in the Hamptons, to the sands of Dubai. In the news recently a new jet company has emerged and said that say by 2018 you’ll be able to fly from London to New York in 3 hours in their new hypersonic jet. We’ll dive into this later but first let’s look at the fastest jets available on the market today.
There are two standout companies that are in the competition at the top and these are Gulfstream and Bombardier. While Gulfstream has a slightly smaller product list it’s stolen media attention recently with the launch of it’s top of the line G650 which has just set a round the world speed record in the private jet industry. It’s currently backordered until 2017, a real indication of how the worlds most affluent have weathered the global economy storms. Bombardier has unveiled the Global 7000 and 8000 which are due to launch in the next 3 years but will still not compete with the speed of the G650. That makes the G650 the fastest private jet you can buy today, but what about tomorrow?
A recently formed company called Spike Aerospace has developed a aircraft that looks like something out of science fiction and has the model name S-512.
They claim that it can get to London in a mere 3 hours from New York, flying at a speed of mach 1.6 (over 1000mph). The G650 has shown that speed is a brilliant selling factor and the founders who’ve had experience at Gulfsteam, Airbus and Eclipse haven’t forgotten that when designing their plane.
Time is money
The jet makes booking a business meeting in London or New York on the day a viable option and with multinational firms having one of these on either side of the Atlantic they can work and play much harder. There has been a preliminary price of set a $60-80million but costs could rise depending on manufacturing challenges faced once they come to building them. It’s worth keeping an eye on to see how the company progresses.
Cost of a Private Jet
The first cost is of course the price of purchase of the jet, which varies from a couple of million for a small Cessna aircraft all the way to $65million for the Gulfstream G650. Here are some costs you may not have thought of;
- Pilots Licence – If you want to pilot your own plane then you will have to become a commercially qualified pilot which will cost you $200’000 for the qualifications.
- Pilots – If you don’t fly your own jet then you’ll need to hire pilots which will have a base salary of $100’000 if not more for the best of the best.
- Running Costs – If you’re a multi billionaire you’re going to want to look after yourself, so constant maintenance of the jet is needed, with pre and post flight checks. Engine servicing and structural maintenance will be scheduled in every year and will need to be done by a manufacturer approved mechanic. Lest not forget simple things like fuel in order to get from A to B which for the G650 comes in a $2’200 per hour.
- Landing Taxes – You have to be approved at every airport you land because you’re wearing away their runway and using their air traffic controllers all of which costs money.
- Insurance – You’re going to want to have insurance should anything happen to your aircraft.
The Estimated Annual Operating Budget for a G650 depending on hours used is as follows
100 Hours – $770,982
300 Hours – $1,423,683
500 Hours – $2,076,385
1000 Hours – $3,708,140
There are 3 ways to fly privately, that is via charter, shared ownership or outright ownership. Depending on how many hours per year your intend on flying will determine which option is best for you.
Most Luxurious Private Jet
In August of this year Emirates launched an exclusive private jet service that features a converted Airbus 319 capable of serving 19 people in style. With a distinctive work and rest zones, flat screen TV’s, shower spas and a underfloor heating system everything you didn’t think was capable of being put on a plane has been. If you want to find out more on the best of the best in luxury check out our best of transport section.