November 3, 2024
Jet card sellers remained reticent to cut published prices Q1 2024, indicating more negotiations as the market softens.
According to an analysis of U.S. programs by Private Jet Card Comparisons, jet card hourly rates, callouts, and peak days during the first 90 days remained the same.
The analysis includes programs with guaranteed availability and fixed or capped hourly rates.
Overall, the average hourly rate for jet cards at the end of Q1 2024 was $10,862.
That compares to $10,754 per hour at the end of 2023.
Still, it’s lower than December 2022, when the average rate was $11,748.
That’s above the $8,405 per hour low in December 2020 when the CARES Act eliminated the 7.5% Federal Excise Tax.
READ: The 5 Biggest Mistakes Jet Card Buyers Make
The average rates for light jet and midsize flyers stayed constant, ending at $7,918 and $9,169 per hour, respectively.
Average super-midsize rates increase during the quarter from $11,793 to $11,878 per hour.
Rates include both FET and fuel surcharges.
| HOURLY RATES | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Mar-24 |
| Turboprop | $4,762 | $4,454 | $5,982 | $7,348 | $6,269 | $6,263 |
| Very Light | $5,653 | $5,102 | $6,724 | $8,379 | $7,298 | $7,454 |
| Light | $6,023 | $5,600 | $6,978 | $8,462 | $7,918 | $7,918 |
| Midsize | $7,531 | $6,961 | $7,985 | $9,806 | $9,168 | $9,169 |
| Super Midsize | $10,042 | $9,190 | $10,570 | $12,675 | $11,793 | $11,878 |
| Large | $13,033 | $12,109 | $13,229 | $16,108 | $15,339 | $15,250 |
| Ultra-Long-Haul | $16,834 | $15,316 | $17,339 | $20,646 | $18,753 | $18,815 |
| Overall | $8,860 | $8,405 | $9,706 | $11,748 | $10,754 | $10,862 |
| W/O Turboprops | $9,193 | $8,631 | $9,850 | $11,955 | $11,030 | $11,143 |
Source: Private Jet Card Comparisons
Rates overall inched up by 1.0%, with only very light jets seeing a rate shift of more than a point, up 2.1%.
If there wasn’t a change over the past quarter, flyers can still take heart rates 7.5% below Q4 2022.
On the other hand, that’s 29.2% higher than Q4 2020.
Light jet flyers are still taking the biggest hit to their wallets.
Light jet hourly rates are 41.4% higher than in Q4 of 2022.
| HOURLY RATES | Change from Dec 23 | Change from Dec 22 | Change from Dec 21 | Change from Dec 20 | Change from Dec 19 |
| Turboprop | -0.1% | -14.8% | 4.7% | 40.6% | 31.5% |
| Very Light | 2.1% | -11.0% | 10.9% | 46.1% | 31.9% |
| Light | 0.0% | -6.4% | 13.5% | 41.4% | 31.5% |
| Midsize | 0.0% | -6.5% | 14.8% | 31.7% | 21.8% |
| Super Midsize | 0.7% | -6.3% | 12.4% | 29.2% | 18.3% |
| Large | -0.6% | -5.3% | 15.3% | 25.9% | 17.0% |
| Ultra-Long-Haul | 0.3% | -8.9% | 8.5% | 22.8% | 11.8% |
| Overall | 1.0% | -7.5% | 11.9% | 29.2% | 22.6% |
| Without Turboprops | 1.0% | -6.8% | 13.1% | 29.1% | 21.2% |
Source: Private Jet Card Comparisons
Compared to pre-Covid prices, prices are 22.6% higher overall.
Larger jets – Ultra-Long-Haul (+11.8%), Large Cabin (+17.0%), and Super-Midsize (+18.3%) – have seen the lowest hourly price increase since 2019.
Light Jet, Very Light Jet, and Turboprop flyers are paying slightly over 30% more than before the pandemic.
READ: 2023’s 30 Biggest Charter/Fractional Private Jet Companies Ranked
A nice data point for those of you who make short flights is that daily minimums have also stabilized.
Light and Midsize daily minimums are both below 2019 levels.
| DAILY MINIMUMS (minutes) | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Mar-24 |
| Light | 78.1 | 79.5 | 87.9 | 75.8 | 71.9 | 72.9 |
| Midsize | 83.7 | 84.1 | 95.8 | 83.0 | 79.7 | 79.0 |
| Super Midsize | 95.7 | 95.3 | 111.5 | 94.1 | 96.5 | 95.1 |
| Large | 101.4 | 98.6 | 125.6 | 110.2 | 121.4 | 121.3 |
| Overall | 86.2 | 85.4 | 103.3 | 94.7 | 89.4 | 89.7 |
Source: Private Jet Card Comparisons
While Super Midsize daily minimums are now flat with pre-Covid, large cabin flyers still see daily minimums 20% higher than they used to.
READ: Meet the more than 20 providers who launched jet cards since 2020
The less-than-good news is that peak days continue to hold steady at an average of 47.5 days per year, in line with Q4 2023, but double their level in 2020.
| PEAK DAYS (hours) | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Mar-24 |
| Overall | 22.8 | 24.4 | 39.3 | 55.7 | 47.4 | 47.5 |
Source: Private Jet Card Comparisons
Since peak days often carry longer booking and cancelation terms, the ability to shift departures by +/- 3 hours, and surcharges as much as 100%, flying on high-demand dates can be like another program.
READ: Jet Card Peak Days: Here’s you need to know
The non-peak lead time to book your guaranteed pricing stayed flat, down one-tenth of a point since December.
| CALL OUTS (hours) | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Mar-24 |
| Overall | 23.2 | 29.0 | 55.9 | 64.7 | 69.3 | 69.2 |
Source: Private Jet Card Comparisons
That puts the average callout at 69.2 hours, triple what you were used to before Covid.
Back then, there was a host of programs with callouts of 8, 10, 12, and 14 hours, which is now a rarity with jet cards.
READ: 2023 busiest private jet flights by state
Argus TraqPak data shows that while charter and fractional flight hours dipped 4.6% in 2023, they were still the second-highest in industry history after 2022’s record.
However, performance wasn’t equal.
Fractional-focused Flexjet and NetJets saw the biggest gains, and only 10 of the 30 largest operators saw increases.
What it means is more deal-making beyond the published rates.
The percentage of Private Jet Card Comparisons’ subscribers who negotiated free hours increased by 39% year-over-year.
Those who were able to gain flight credits jumped by 67%.
Moreover, providers were also more likely to grant rate lock extensions, the period those contracted rates are guaranteed.
Subscribers who say they negotiated rate locks beyond what was offered increased by more than 500%.
Based on our observations, we think it’s reasonable to negotiate 4-to-6% free hours or flight credits per 25-hour purchase.
READ: 7 things you can negotiate when buying a jet card that will save you thousands of dollars
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