December 1, 2024
Jet card hourly rates increased 2.8% year-over-year at the end of 2024’s fourth quarter despite a 0.5% sequential dip in Q4.
Jet card hourly rates increased 2.8% year-over-year at the end of 2024’s fourth quarter despite a 0.5% sequential dip in Q4. That puts the average hourly rate for fixed/capped rate jet cards with guaranteed availability 31.8% higher than Q4 2020 and 23.8% above pre-Covid Q4 2019 pricing. 2020 prices benefitted from waiving the 7.5% Federal Excise Tax from the CARES Act.
Other factors that impact how you can use your card and what you will pay, such as daily minimums, peak days, and callouts, also saw marginal quarter-to-quarter moves.
Hourly jet card rates averaged $11,052 at the end of 2024.
That was down $50 per hour from Q3.
Light jet prices averaged $8,079 per hour, up $1 sequentially.
Midsize jets saw the average price drop $8 to $9,526 on a quarter-to-quarter basis.
Super Midsize jet prices ended the year at $12,333 per hour, down $66 sequentially.
Large jets also slightly dropped, down $69 per hour to $15,209.
Turboprop prices fell the most.
They declined $152 per hour to $6,647 per hour.
The $8,079 hourly average for light jets compares to $5,653 per hour at the end of 2019.
Midsize jets increased over the past five years from $7,531 per hour to $9,526 per hour.
Rates include the 7.5% Federal Excise Tax if charged additionally to published rates.
Fuel surcharges are included on the same basis.
Prices by category over the past five years are in the table below.
| HOURLY RATES | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Turboprop | 4,762 | 4,454 | 5,982 | 7,348 | 6,269 | 6,263 | 6,533 | 6,799 | 6,647 |
| Very Light | 5,653 | 5,102 | 6,724 | 8,379 | 7,298 | 7,454 | 7,496 | 7,742 | 7,742 |
| Light | 6,023 | 5,600 | 6,978 | 8,462 | 7,918 | 7,918 | 7,993 | 8,078 | 8,079 |
| Midsize | 7,531 | 6,961 | 7,985 | 9,806 | 9,168 | 9,169 | 9,482 | 9,534 | 9,526 |
| Super Midsize | 10,042 | 9,190 | 10,570 | 12,675 | 11,793 | 11,878 | 12,307 | 12,399 | 12,333 |
| Large | 13,033 | 12,109 | 13,229 | 16,108 | 15,339 | 15,250 | 15,252 | 15,278 | 15,209 |
| Ultra-Long-Haul | 16,834 | 15,316 | 17,339 | 20,646 | 18,753 | 18,815 | 18,895 | 19,104 | 18,951 |
| Overall | 8,860 | 8,405 | 9,706 | 11,748 | 10,754 | 10,862 | 10,954 | 11,102 | 11,052 |
| Without Turboprops | 9,193 | 8,631 | 9,850 | 11,955 | 11,030 | 11,143 | 11,230 | 11,393 | 11,377 |
Source: Private Jet Card Comparisons
Jet card hourly rates dropped 0.5% quarter to quarter.
Year-over-year jet card rates were up 2.8%.
Compared to two years ago, they were down 5.9%.
That’s 24.7% above pre-Covid Q4 of 2019.
| HOURLY RATES | Change from Q3 2024 | Change from Q2 2024 | Change from Q1 2024 | Change from Q4 2023 | Change from Q4 2022 | Change from Q4 2021 | Change from Q4 2020 | Change from Q4 2019 |
| Turboprop | -2.2% | 1.8% | 6.1% | 6.0% | -9.5% | 11.1% | 49.2% | 39.6% |
| Very Light | 0.0% | 3.3% | 3.9% | 6.1% | -7.6% | 15.1% | 51.7% | 36.9% |
| Light | 0.0% | 1.1% | 2.0% | 2.0% | -4.5% | 15.8% | 44.3% | 34.1% |
| Midsize | -0.1% | 0.5% | 3.9% | 3.9% | -2.9% | 19.3% | 36.8% | 26.5% |
| Super Midsize | -0.5% | 0.2% | 3.8% | 4.6% | -2.7% | 16.7% | 34.2% | 22.8% |
| Large | -0.5% | -0.3% | -0.3% | -0.9% | -5.6% | 15.0% | 25.6% | 16.7% |
| Ultra-Long-Haul | -0.8% | 0.3% | 0.7% | 1.1% | -8.2% | 9.3% | 23.7% | 12.6% |
| Overall | -0.5% | 0.9% | 1.7% | 2.8% | -5.9% | 13.9% | 31.5% | 24.7% |
| Without Turboprops | -0.1% | 1.3% | 2.1% | 3.1% | -4.8% | 15.5% | 31.8% | 23.8% |
Source: Private Jet Card Comparisons
Turboprops had the biggest sequential quarterly dip – down 2.2%.
However, they were 6.0% higher than the end of 2023.
Only Large cabin jets saw a year-over-year drop.
Hourly prices were down 0.9% compared to Q4 of 2023.
Light jet prices increased 2.0% year-over-year.
Midsize jets were up 3.9% on the same basis.
Super Midsize prices increased by 4.6%.
Compared to Q4 of 2019, Ultra-Long-Haul aircraft were up the least, by 12.6%.
Overall, prices have increased 24.7% in the past five years.
Turboprops are up the most, by 39.6% in the half-decade.
Daily minimums went in the wrong direction quarter to quarter.
The minimum flying time charged increased from 86.1 minutes to 86.7 minutes.
| DAILY MINIMUMS (minutes) | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Light | 78.1 | 79.5 | 87.9 | 75.8 | 71.9 | 72.9 | 66.7 | 68.4 | 68.7 |
| Midsize | 83.7 | 84.1 | 95.8 | 83 | 79.7 | 79 | 76.1 | 76.0 | 77.3 |
| Super Midsize | 95.7 | 95.3 | 111.5 | 94.1 | 96.5 | 95.1 | 91.9 | 91.6 | 92.9 |
| Large | 101.4 | 98.6 | 125.6 | 110.2 | 121.4 | 121.3 | 119.8 | 119.0 | 121.8 |
| Overall | 86.2 | 85.4 | 103.3 | 94.7 | 89.4 | 89.7 | 86.3 | 86.1 | 86.7 |
Source: Private Jet Card Comparisons
Light jet minimums increased from 68.4 minutes to 68.7 minutes quarter-to-quarter.
However, they are below the 78.1-minute average for light jet daily minimums five years ago.
Midsize daily minimums dropped from 83.7 minutes to 77.3 minutes in the five years.
Super Midsize daily minimums were down from 95.7 minutes to 92.9 minutes.
However, daily minimums for Large jets increased from 101.4 minutes to 121.8 minutes.
| DAILY MINIMUMS (minutes) | Change from Q3 2024 | Change from Q2 2024 | Change from Q1 2024 | Change from Q4 2023 | Change from Q4 2022 | Change from Q4 2021 | Change from Q4 2020 | Change from Q4 2019 |
| Light | 0.4% | 3.0% | -5.8% | -4.5% | -9.4% | -21.9% | -13.6% | -12.1% |
| Midsize | 1.8% | 1.6% | -2.1% | -3.0% | -6.8% | -19.3% | -8.0% | -7.6% |
| Super Midsize | 1.4% | 1.0% | -2.4% | -3.8% | -1.3% | -16.7% | -2.6% | -3.0% |
| Large | 2.4% | 1.7% | 0.4% | 0.4% | 10.6% | -3.0% | 23.6% | 20.1% |
| Overall | 0.7% | 0.4% | -3.4% | -3.0% | -8.5% | -16.1% | 1.5% | 0.6% |
Source: Private Jet Card Comparisons
On a percentage basis, daily minimums increased 0.7% quarter-to-quarter and were just 0.6% more than pre-Covid Q4 2019.
Large cabin daily minimums saw the most significant increase, up 2.4% from Q3 2024.
Light jet daily minimums increased by just 0.4%.
Light daily minimums are down 12.1% since before Covid.
Of course, it has been an up-and-down elevator since the Covid-demand surge.
Peak Days dropped by 1.6 days to 44.6 average peak days quarter-to-quarter.
That’s still above the 22.8 average peak days for programs in Q4 of 2019.
| PEAK DAYS (hours) | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Overall | 22.8 | 24.4 | 39.3 | 55.7 | 47.4 | 47.5 | 46.4 | 46.2 | 44.6 |
Source: Private Jet Card Comparisons
Year-over-year peak days were down from 47.5 days at the end of 2023 to 44.6 days.
| PEAK DAYS (hours) | Change from Q3 2024 | Change from Q2 2024 | Change from Q1 2024 | Change from Q4 2023 | Change from Q4 2022 | Change from Q4 2021 | Change from Q4 2020 | Change from Q4 2019 |
| Overall | -3.5% | -3.9% | -6.2% | -6.0% | -19.9% | 13.4% | 82.7% | 95.5% |
Source: Private Jet Card Comparisons
Sequentially, peak days dropped 3.5%.
Peak days have declined since the end of 2022, down 19.9% over that run.
However, they are still 95.5% higher than back in 2019.
Flight providers seem fine, keeping callouts where they are.
The average non-peak callout went up quarter-to-quarter by 1.1 hours to 66.2 hours.
| CALL OUTS (hours) | 2019 Q4 | 2020 Q4 | 2021 Q4 | 2022 Q4 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Overall | 23.2 | 29.0 | 55.9 | 64.7 | 69.3 | 69.2 | 64.5 | 65.1 | 66.2 |
Source: Private Jet Card Comparisons
Non-peak callouts have ranged between 64.7 and 59.2 hours since the end of 2022.
That’s still planets away from the 23.2-hour average before Covid at the end of 2019.
| CALL OUTS (hours) | Change from Q3 2024 | Change from Q2 2024 | Change from Q1 2024 | Change from Q4 2023 | Change from Q4 2022 | Change from Q4 2021 | Change from Q4 2020 | Change from Q4 2019 |
| Overall | 1.7% | 2.6% | -4.3% | -4.5% | 2.3% | 18.4% | 128.3% | 185.4% |
Source: Private Jet Card Comparisons
The number of peak days in guaranteed rate and availability jet card programs is 185.4% longer than in 2019.
Still, the number dropped 4.5% year-over-year.
One thing to remember is that published rates don’t include discounts offered or negotiated.
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