THIS IS HOW MUCH IT COST TO OWN A JET...

TL;DR

Ricky discusses the costs of owning an old jet, including insurance, hangar fees, and fuel expenses.

Transcript

so this is how much it costs to own an old jet what's going on guys it's Ricky here with techbook Solutions and just like we talked about in my previous video I recently just purchased a citation 501 a super old jet it's literally like a Honda Civic a 1987 Honda Civic for planes um it's very old but again it's my first Jet and I wanted to share it ... Read More

Key Insights

• 🙃 Owning an old jet outright can eliminate the need for monthly payments.
• 🛝 Insuring a jet can cost over $5,000 per year for ground insurance.
• 🈷️ Hangar fees for storing a jet can range from over $1,500 per month to under $500 per month if parked outside.
• 🪽 Flying a jet can cost around $1,027 per hour in fuel expenses.
• 🙃 Owning a jet with partners can help distribute the costs and responsibilities.
• ⛽ Jet fuel costs are surprisingly cheaper than expected.
• 🙃 Owning a jet allows for flexibility in travel plans.

Questions & Answers

Q: How much does it cost to insure an old jet?

Insuring an old jet costs Ricky over $5,000 per year for ground insurance.

Q: What are the monthly fees for keeping the jet in a hangar?

Ricky pays a little over $1,500 per month to keep the jet in a hangar, but it could be cheaper if parked outside, at under $500 per month.

Q: What is the cost of hiring a pilot to fly the jet?

Ricky owns the jet with two other partners, one of whom is a pilot. As part of their partnership, there are no additional expenses for flying the jet.

Q: How much does jet fuel cost?

Jet fuel costs around $4.30 to $4.50 per gallon. The burn rate for Ricky's jet is 166 gallons per hour, amounting to around $1,027 per hour of flight.

Summary & Key Takeaways

• Ricky recently purchased an old jet and shares the costs associated with owning it.

• He bought the jet outright, avoiding monthly payments.

• Insurance costs over $5,000 per year, hangar fees are over $1,500 per month, and flying expenses include fuel costs.