The average hourly charter cost for fixed/capped rate jet cards and memberships with guaranteed availability inched up .03% in Q3 2023.
The cost of flying privately by jet cards and memberships held steady during Q3 of 2023, according to the latest analysis by Private Jet Card Comparisons.
The average hourly rate across all aircraft categories ticked up three-tenths of a percent to $11,055 per hour compared to Q2 2023.
Excluding turboprops, the hourly rate was flat, up 0.1% to $11,339 per hour.
The analysis is based on the Private Jet Card Comparisons database of over 80 providers and over 900 programs.
Data represents one-way jet card pricing for programs with fixed/capped hourly rates and guaranteed availability.
The prices include the base hourly rate, fuel surcharges, if applicable, and the 7.5% Federal Excise Tax.
Rates are for occupied hours and inclusive of repositioning costs for flights within the PSA.
Across all types, hourly rates are down 6.3% from December 2023.
However, they are still 24.0% higher than in December 2020, when providers offered FET-free discounts.
Compared to pre-Covid pricing, current jet card and membership prices are 19.9% higher.
That’s in line with overall inflation, up 20% since 2019.
|
|
Sep-23 |
Change June 2023 |
Change Dec. 2022 |
Change Dec. 2020 |
Change Dec. 2019 |
|
Turboprop |
$ 6,428 |
0.5% |
-14.3% |
30.7% |
25.9% |
|
Very Light |
$ 7,421 |
0.0% |
-12.9% |
31.2% |
23.8% |
|
Light |
$ 8,093 |
0.5% |
-4.6% |
30.8% |
25.6% |
|
Midsize |
$ 9,351 |
-0.1% |
-4.9% |
25.6% |
19.5% |
|
Super Midsize |
$ 12,102 |
0.5% |
-4.7% |
24.1% |
17.0% |
|
Large |
$ 15,717 |
0.2% |
-2.5% |
23.0% |
17.1% |
|
Ultra-Long-Haul |
$ 19,195 |
0.2% |
-7.6% |
20.2% |
12.3% |
|
Overall |
$ 11,055 |
0.3% |
-6.3% |
24.0% |
19.9% |
|
Without Turboprops |
$ 11,339 |
0.1% |
-5.4% |
23.9% |
18.9% |
Source: Private Jet Card Comparisons
Looking across categories, Midsize Jets were the only segment to see a price decrease, while no category increased more than half a point.
The average hourly price to charter an Ultra Long Haul private jet via a jet card or membership was $19,195 at the end of Q3 2023.
Compared to the end of 2023, hourly rates were down 6.3%.
However, they were still 23.9% higher than Dec. 2022 and 18.9% above 2019, before Covid.
Large Cabin private jet rates averaged $15,717 per hour at the end of Q3 2023.
That was just 0.2% up from the previous quarter and 2.5% below Q4 2022.
Large Cabin jet card and membership rates are 23.0% higher than in Q4 2020 and 17.1% up compared to Q4 2019.
Super Midsize jet card and membership charter rates averaged $12,102 per hour at the end of the most recent quarter.
Prices increased by half a percent from Q2 2023.
They were down 4.7% from their high in Dec. 2022.
Compared to Q4 in 2020 and 2019, hourly prices were 24.1% and 17.1% higher, respectively.
Midsize Private Jets were the only category to see a decrease in price from Q2 to Q3, although it was just 0.1%, bringing the average hourly rate to $9,351.
The hourly cost is 4.9%, down from Q4 2022.
Compared to Dec. 2020, Midsize jet card rates are up 25.6%.
Compared to pre-Covid Dec. 2019 pricing, the cost is 19.5% higher.
The cost to fly in light jets was up by 0.5% since Q2 at $8,093 per hour.
Compared to Dec. 2020, Light Jet’s hourly cost dropped 4.6%
If you bought during the FET-free period, prices are currently 30.8% higher than Q4 2020.
For those of you flying pre-Covid, light jets are 25.6% more expensive on an hourly basis.
Very Light Jet hourly pricing was flat in Q3 at $7,421 per hour.
That’s 12.9% below Q4 2022 but 31.1% higher than Q4 2020.
Looking back to Q4 2019, before Covid, hourly cost for VLJs has increased by 23.8%
Turboprop hourly rates increased by half a point from Q2.
Still, they were 14.3% below the peak of Q4 2022.
Compared to Q4 of 2020, they increased 30.7%
Looking back to Q4 of 2019, Turboprop’s hourly cost increased by 25.9%.
The average number of Peak Days dropped to 50.3 in the latest period from 51.2 days in June.
That’s down from the end of last year (55.7 days) but still well above Q4 2019 when the average annual Peak Days was just 22.8 days.
Non-peak Callouts stayed essentially flat at 66.7 hours, down from 66.9 hours in Q2 2023.
Overall, Daily Minimums were flat at 90 minutes with no significant changes across categories.
While card prices remained static from Q2 to Q3 of 2023, buyers are once again making their own discounts.
According to the upcoming The Jet Card Report by Private Jet Card Comparisons 2023/24 Edition, 65.5% of jet card buyers negotiated extra discounts and perks beyond what was offered.
That’s up 30% year-over-year.
Free Hours and Flight Credits were the most frequent elements buyers could negotiate.
