How Much Does A Plane Cost?

‍Flying is an interesting experience, especially on smaller planes or private jets. But exactly how much does a plane cost today?

A plane can cost as little as $20,000 or as much as $500 million. Commercial airline planes cost $81-$418 million. Private jets cost between $3-$100 million. Small single and multi-engine planes are much cheaper and cost between $20,000 to $2 million.

In this article, we're going to explore the costs associated with purchasing an aircraft, from small ultralight planes to larger commercial airliners. I’ve gathered this information from working directly with plane retailers, charter companies, and commercial airline experts. Keep reading to find out more about how much a plane costs.

‍How Much Does A Plane Cost?

A plane can be as cheap as $20,000-$30,000 or as expensive as $400-$500 million. The vast difference is determined by the plane type and the plane size. For example, single-engine planes are the cheapest.

Commercial planes are the most expensive. And private jets are in the middle in pricing but still significantly more expensive than the average small plane costs. The purchase price will vary depending on when the plane was built too.

Aircraft owners also have other costs to consider. We will explain these in more detail, including the average hangar cost and other similar maintenance costs.

Owning a small plane is surprisingly not as expensive as you’d expect. An ultralight aircraft is designed for one or two passengers for quick flight missions with low recurring and maintenance costs too.

It is important for me to keep in mind that purchasing a plane also involves other costs, like fuel efficiency, maintenance, insurance, and storage. These expenses can vary depending on the type of aircraft and its usage.

Plane Cost Comparison

Because plane costs can vary so much, we decided to show you some of the most popular plane models and their approximate costs below.

Use this comparison as a guideline to better understand the initial purchase price for a plane.

Types of Planes & How Much They Cost

There are three primary categories of planes: commercial planes, private jets, and small planes. Let me break down the cost of each type for you.

Commercial Plane

Commercial planes are the giants of the sky, carrying hundreds of passengers on global journeys. The most popular among these are the Boeing 747 and Airbus A320 families.

The cost of a commercial plane can vary greatly, depending on the model and customization.

• Boeing 747: $418.4 million
• Airbus A320: $81 million to $138 million

Private Jet

Private jets offer luxury and convenience, with the ability to accommodate small groups of passengers. Prices for these aircraft also vary depending on the size, range, and features.

• Embraer Phenom 100: $4.1 million
• Gulfstream G650: $65 million

Small Planes

Perfect for personal use or small businesses, small planes are a more affordable way to take to the skies. Costs range from as little as $20,000 to upwards of $2 million, depending on the make and model.

Multi-engine planes will cost more than single-engine planes too. So larger Cessnas can exceed $1 million while a smaller Cessna 172 is much cheaper.

• Cessna 172: $360,000
• Piper PA-28 Cherokee: $167,000

Additional Plane Costs To Keep In Mind

Besides the purchase price, there are other costs you need to keep in mind when buying, owning, and operating a plane. This includes storage, financing, insurance, fuel, and pilot or crew costs.

Plane Storage

When you own an aircraft, you will need a place to store it when it's not in use. It costs $275 to $400 per month to rent a space in a hangar. This is a cost you can factor into your plane purchase budget.

Depending on your location and the type of aircraft, you can choose from options such as hangar rental, tie-down space, or aircraft storage facilities. For larger commercial planes, this increases to a few thousand dollars, if not more.

The cost of plane storage can vary significantly, but it's important to budget for this expense. This can be a significant cost, depending on the size of the private plane.

Financing

If you require financing to purchase an aircraft, you need to consider the interest and loan repayment costs. The interest rates and terms of aircraft financing can vary.

The Aircraft Owners and Pilots Association mentions that it’s best to work with specialized aircraft lenders to get accurate information regarding financing costs.

Insurance

Aircraft insurance is a crucial aspect of aircraft ownership. The cost of insurance will depend on factors such as the type of aircraft, its value, intended use (personal or commercial), pilot experience, coverage limits, and deductibles.

It's important to obtain comprehensive insurance coverage to protect your investment and comply with legal requirements. Small aircraft insurance costs between $1,000-$10,000 per year depending on the type of coverage.

Fuel

Fuel costs are a significant part of operating an aircraft. The price of aviation fuel fluctuates based on various factors including global oil prices and taxes.

The fuel consumption of an aircraft will depend on its type, size, and the length of your flights. It's important to estimate your fuel consumption accurately and budget accordingly.

Pilot & Crew

If you don't pilot the aircraft yourself, you will need to consider the costs of hiring qualified pilots or crew members. Pilot salaries, training, and recurrent training costs should be factored into your budget.

How Much Does A Commercial Plane Cost?

Commercial planes are the most expensive. For example, Boeing airplanes range from $89.1 million to $442.2 million, while Airbus planes range from $77.4 million to $445.6 million.

The price difference mainly depends on factors like each aircraft's size, capacity, and technology. I’ve compiled a table with popular commercial planes like the Boeing 777, Boeing 747, and Airbus A321, along with their costs.

This will give you a better understanding of the price ranges for these aircraft:

How Much Does A Private Jet Cost?

Flying on a private jet is an incredible experience, and I was curious about how much it costs. After researching, I found that the cost of a private jet depends on several factors, including the aircraft's size, model, and range.

New private jets typically range in price from $3 million to $100 million. But, let's look at some popular private jets and their costs:

How Much Does a Small Plane Cost?

Small planes can vary greatly in price depending on the type and features. Some start as low as $15,000, while others can reach $400,000 or more. If you're like me and want a good deal, used planes are often more affordable than new ones.

But keep in mind that factors like loan costs, fuel efficiency, maintenance, insurance, and storage all contribute to the overall cost of ownership.

With so many types of small planes on the market, I thought it would be helpful to break down some popular options and their approximate costs:

How Much Does Plane Maintenance Cost?

Whether you have your own jet or your own plane, some maintenance costs will be involved. This can be plane repairs or based maintenance to prepare the aircraft before each flight.

Aircraft maintenance costs typically include routine inspections, scheduled maintenance, unscheduled repairs, parts replacement, and labor charges. Major maintenance events, such as engine overhauls, can be particularly expensive.

Regular maintenance is essential for the safety and airworthiness of an aircraft. To provide a general idea, here are some estimated ranges for annual maintenance costs based on aircraft type:

• Single-Engine Piston Aircraft: $3,000 to $15,000
• Light Jets: $20,000 to $100,000
• Mid-Size Jets: $50,000 to $200,000
• Large Jets: $200,000 or more

These figures are rough estimates and can vary significantly based on individual aircraft, its utilization, and specific maintenance requirements. It's important to note that these estimates don't include unforeseen or major repairs, which can significantly increase the maintenance costs.