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While flying by private jet used to be a privilege reserved only for the ultrarich, more people are taking private jets now because they're becoming more accessible. But make no mistake: Buying or chartering a plane can still climb into the tens of millions of dollars.
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Key takeaways
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How much does it cost to buy a private jet?
The price for a brand-new private jet ranges from $3 million to $90 million. Though secondhand jets are cheaper, they still cost millions of dollars. For perspective, a pre-owned Gulfstream G450 costs around $14.75 million on the Gulfstream website. With extras and customization, the price can soar to hundreds of millions of dollars.
Given the costs, it's easy to see why so few opt for private ownership. The purchase price of a private jet represents only a fraction of the cost of owning one. Maintenance and repair costs depend on the size of the aircraft but typically range from $500,000 to $4 million per year.
The price of a private jet depends on its size, the number of passengers it can hold and the distance it can fly. Because of that, fuel is one of the highest costs for jet owners. Planes with larger fuel tanks for long-range flights require more fuel. For example, the Bombardier Global 8000 has a fuel capacity of nearly 50,000 pounds. Depending on how much the plane is flown, fuel costs can reach $400,000 to $900,000 per year.
How much does it cost to charter a private jet?
While renting a private jet is considerably more expensive than flying on a commercial flight, it is still much cheaper than buying your own jet. Flights on private jets are charged by the hour. Prices vary depending on the size of the jet, length of the flight and the number of people on board. The typical cost is between $1,000 and $10,000 per hour to charter a private jet. Renting a jet for an entire weekend can run $100,000 or more.
However, unless you spend at least 150 hours a year flying, renting is probably a better option than buying - that way, you avoid many of the yearly maintenance costs.
'With on-demand charter, you don’t incur costs such as hangar fees, maintenance fees, crew salaries, insurance, depreciation, interest, not to mention the cost of tying up capital in a multi-million dollar asset,'says Justin Crabbe, CEO of private jet charter company Jettly. 'Less than 100 flight hours per year the math is quite clear that chartering is much more cost-effective than owning an aircraft outright.'
How much does it cost to book a seat on a private jet?
According to Crabbe, private jets usually sit about six seats for a 'light' flight. To find out the cost of a seat, you need to find the hourly rate of the aircraft, the total flight time and how many seats are on board.
For instance, a six-seat jet that's $5,000 an hour - or $15,000 for a three-hour flight - would cost each seat about $2,500.
While this cost could be much higher or much lower depending on the company, it shows you the difference between flying on a private jet versus a commercial flight. For bookers who prefer first or business class, it might not seem like much of a difference to go on a private jet. But for commercial flyers in economy, this price might seem very high. It depends on the type of flyer you are.
What is a private jet card membership?
Private jet card memberships are services that allow you to access and benefit from your provider’s aircraft. Different companies offer different levels and tiers of membership. For Jettly, the Jet Card membership will cost you almost $1,000 a month.
'The jet card membership opens a secure designated trust account in the member’s name with funds deposited by the member that can be used to charter aircraft anywhere in the world,' Crabbe says.
For near-constant flyers, this might seem like a great perk. But for travelers who fly only a few times a year, this might not be worth the investment.
How do private jet apps work?
A private jet app is similar to a regular flight booking app, where you put in where you're leaving from, where you're going and your travel dates and get matched with private jet booking options. You might need to create a login, but this lets you sign up for notifications and deals. Membership isn't always required, but for some companies, it might get you an additional discount.
You can browse by the type of jet you'd like, how many seats you’d like on the plane and when you plan to depart. When you find your selection, you add your credit card and check out through the app.
What are empty leg deals and how do they work?
Empty leg flights are planes that are leaving a destination without any passengers. These flights are open to everyone, since the jet is set to fly with or without passengers in it. And booking these jets can save you some cash - sometimes up to 75 percent on the cost of a conventional private jet charter, Crabbe says.
Many private jet companies and apps let you search for empty leg flights and sign up for notifications on when one is at an airport near you.
This lets you book a private jet at a fraction of its original cost. But you need to be extremely flexible. For instance, you might get notice of an empty leg flight only 24 to 48 hours before it's set to leave (although some flights are available a few days from when you search). And you'll need to find your own way back. Empty leg flights are just that: one leg of the journey.
Can you afford a private jet?
Before you buy or charter a private jet, it's important to evaluate the factors that influence the full price tag of a jet. Think ahead to the types of trips you want to take and the frequency at which you'll take them; long trips with many people will likely require a more expensive plane than shorter, infrequent trips. When determining the overall cost of a jet, also make sure to factor in things like fuel, insurance, storage and maintenance.
When considering whether you can afford a private jet, think through these factors:
How to finance a private jet
If you do decide to purchase a private jet, you'll need to determine how you want to pay for it. Very few people can afford the cost of a jet in full, so it’s possible that you’ll have to borrow money.
Personal loan
With a personal loan, you can borrow money from a bank or credit union to pay for the jet upfront, then repay the loan over time. However, getting a personal loan for a private jet is much more difficult than getting one for a new car. Even the cheapest private jets can cost millions of dollars, and only select lenders will approve a loan for that much money.
If you approach a bank for a private jet loan, make sure that you have a great credit score and a solid financial history. You can also look into getting a secured personal loan, which would require you to put down a valuable asset, such as your home. If you can't repay your loan, the lender would be able to legally seize your asset.
Some lenders cater specifically to loans for private jet financing, including JetLoan Capital, JetLease Capital and Global Jet Capital. The Aircraft Owners and Pilots Association also offers an online loan financing calculator to help estimate your monthly payments.
Get pre-qualified
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Leasing
If you're not quite ready to purchase a private jet, consider leasing, which has many of the same benefits of owning a private jet. Leasing a private jet is similar to leasing a new car, with the option to sign a lease from several months to several years. Most aircraft companies allow you to choose between a few different types of leases:
Leasing a private jet is also a great way to test out different aircraft before making the full investment in purchasing one. And because lessors don't legally own the aircraft, they don't have to deal with depreciation or reselling the plane if they decide to purchase a new one.
Private jet memberships
Another way to fly on a private jet without having to own one is to invest in a charter flight membership. With these clubs, people pay for a single seat on a plane rather than the entire jet, but it's still a very pricey option. For example, Wheels Up, a popular jet charter company, charges members between $3,000 and $30,000 to join and $2,500 to $15,000 per year after that to get access to shared flights. Memberships in these clubs come with some advantages, though, including guest passes and discounted deals for an entire family.
Where to buy a private jet
If you've decided on owning a plane over chartering one and have figured out the type of plane you want, there are a few places you can browse through selections:
While many websites let you browse for planes near you, you can also do a broad search of private jets in your area. Some sellers don't list their planes on all websites, and you may find more luck reaching out to individual owners through businesses or marketplaces. If you have a specific model in mind, some companies like Gulfstream also advertise pre-owned aircraft on their websites.
The bottom line
Purchasing a private jet is an enormous expense that shouldn't be taken lightly. Even if you travel frequently for business or pleasure, it will be decades until the cost of a private jet is less expensive than that of flying commercially. Before making the investment, it's important to make sure that you can afford not only the upfront costs, but also the long-term expenses associated with gas, crewmembers, insurance and repairs.
If you are going to purchase a private jet, think about getting a personal loan from a reputable bank or explore your options with aircraft-specific lenders. As you would with any loan, shop around and get quotes from multiple providers to ensure that you're getting the best deal possible.
Learn more:© Provided by Health.com Invisalign clear braces
Thinking about getting invisible braces? You have more options than ever before to improve your teeth. Invisalign treatment costs between $3,000 and $7,000, although most people spend $5,000 or less, according to The Consumer Guide to Dentistry.
That's in line with the cost of traditional metal braces, which ranges between $3,000 and $10,000. The cost of invisible braces at home, however, is typically between $1,200 and $2,400.
If you're ready to upgrade your smile, here's what you need to know about the cost of Invisalign as compared with at-home clear braces, how to pay for treatment, and whether it's the right choice for you.
Invisalign Pros:
Invisalign Cons:
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Factors That Affect Invisalign Cost
Although most people spend between $3,000 and $5,000 on Invisalign braces, your costs could be higher or lower depending on your treatment plan.
In general, four main factors determine how much Invisalign costs:
Complexity of Treatment
Most invisible braces are designed for mild cosmetic misalignment issues of the teeth. Invisalign can treat more severe teeth and jaw misalignments, but it requires more dentist visits and aligner trays.
Because you work closely with your dentist, your treatment can be tweaked and refined if you're not getting the results you expect. These refinements and custom aligners may be included in your original treatment cost, but some dentists charge extra for those services.
Dentist Experience
Invisalign awards points to dentists who perform Invisalign treatment. As they complete more treatments, the dentists advance into higher provider tiers.
Dentists in the highest provider tiers get significant discounts (as much as 40% or more) on Invisalign lab fees. Some dentists pass these savings on to their patients.
On the other hand, these highly experienced providers can also charge more for their services than dentists who haven't completed very many treatments.
It's worth checking your dentist's provider tier and comparing costs if there are several providers in your area that offer Invisalign.
Where You Live
Invisalign costs vary based on where you live. In general, you'll pay more for Invisalign in urban and suburban areas than you will in rural areas.
Not surprisingly, California and New York have some of the highest Invisalign treatment costs. The lowest Invisalign costs are in rural midwestern and southern states.
Retainers and Aftercare
Most dentists recommend that you wear a retainer after your Invisalign treatment to keep your teeth from shifting. Retainers aren't included in Invisalign costs. The price will vary by dentist, but you can expect to pay between $400 and $1,000 for a full set.
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How Much Does Microsoft Cost Per YearDoes Insurance Cover Invisalign Treatment?
Most insurance plans cover Invisalign the same way they cover traditional braces. If your insurance pays for orthodontia, it should pay for treatment with Invisalign.
Keep in mind most plans don't pay the full cost of braces. It's common for plans to pay a percentage of the bill or a fixed amount toward orthodontic treatment. You'll most likely have a balance even after your insurance company pays.
Some states require insurers to cover orthodontic care for children, but that requirement doesn't apply to adults. If your plan pays for adult orthodontic care, it may only do so to correct a medical or functional issue with your teeth or jaw.
It's rare for insurance plans to pay for braces for cosmetic reasons. You'll probably have to pay the full cost of treatment if you only want braces to improve your appearance.
If you're not sure about your insurance benefits, you can download the Invisalign app and check your coverage. The Invisalign app has coverage information for most major insurance plans so you can see exactly what your plan will pay.
Other Ways to Pay for Invisalign
If you have a flexible savings account (FSA) through your employer, you can use those funds to pay for Invisalign treatment. Since FSA contributions are made with pretax dollars, it's like getting a discount on your braces. Many employers issue an FSA debit card so you can pay with FSA funds at the time of service.
You can also use money in your health savings account (HSA) to pay for Invisalign. HSA funds are also tax-advantaged. Unlike flex spending accounts, however, you usually have to pay your health costs upfront with an HSA and request reimbursement from your plan.
Invisalign Monthly Payment Plans
Most Invisalign providers offer monthly payment plans, but they aren't standardized by the Invisalign company. Some dentists work with health care financing companies like Denefit and Care Credit. The finance company pays the cost of your Invisalign treatment, and you make monthly payments to the finance company.
Other providers finance Invisalign treatment themselves. You usually make a down payment before treatment begins and pay the balance in installments over the course of your treatment.
Because Invisalign providers choose which type of payment plans to offer, it's important to ask what's available before you agree to treatment. Be sure to check interest rates and other applicable fees so you get the best deal.
Some people use credit cards to pay for Invisalign. You can avoid finance charges if you open an account with a 0% introductory rate and pay off the balance during the introductory period.
How Invisalign Treatment Works
Unlike SmileDirectClub and other at-home aligner services, Invisalign is an in-person treatment. It starts with a visit to an Invisalign provider for a 3D scan of your teeth and a custom treatment plan.
You'll have follow-up visits with your dentist every six to eight weeks to chart your progress, make any adjustments to your treatment plan, and pick up your next set of aligners.
This in-person element means that Invisalign can help people with more complicated dental needs. It also adds to the cost of Invisalign treatment.
Alternatives to Invisalign TreatmentAt-home aligners
If you have mild teeth misalignment, you may be able to use invisible braces at home with brands such as Byte or SmileDirectClub. These clear aligner trays are typically much less expensive than Invisalign. You can complete the treatment entirely at home without an in-person dentist visit. See our in-depth review of the best at-home aligners to help you decide whether this is a good option for your dental needs.
While most companies that offer at-home aligners offer payment plans, your insurance plan may not cover the treatment in the same manner as Invisalign is covered. Check with your plan for details. At-home aligner companies frequently offer monthly payment plans, and you may be able to use your FSA or HSA.
Lingual braces
Lingual braces are metal braces placed on the tongue side of your teeth. Because they are on the back of your teeth, they are nearly invisible. They require regular visits with a dental provider and typically cost more than Invisalign and traditional braces. However, they may be covered by dental insurance.
The major drawback to lingual braces is that they cause a lisp when you speak. Because of the way they are placed, the braces interfere with normal speech patterns. The lisp usually gets better over time, however.
Traditional metal braces
Traditional metal braces can treat a wide range of orthodontic issues. If you aren't a candidate for Invisalign or lingual braces, traditional braces may be your only option.
Is Invisalign Worth It? The Bottom Line
Invisalign treatment costs more than other clear aligners, but it can correct most types of teeth and jaw issues. If you're not a candidate for other aligner trays, Invisalign may be your best choice for invisible braces.
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If you can't decide between Invisalign and lingual braces, Invisalign has several advantages. The first is the cost of treatment: Invisalign typically costs less than lingual braces. Invisalign also doesn't interfere with your speech the way lingual braces do. That's especially important for people who have to speak a lot at work or school. In addition, there are fewer dentist visits with Invisalign compared to lingual braces.
If you have minor alignment issues, you can save hundreds or even thousands of dollars with at-home invisible braces. But if your smile needs more than a little work, Invisalign is a reasonably priced alternative to traditional or lingual braces.
Sheila Olson has over two decades of experience writing about Medicare, health, and personal finance. Her work has been featured on sites such as Investopedia, The Motley Fool, and Boomer Benefits. Sheila holds a MPH (Master of Public Health) from Northern Arizona University.
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