The cost of chartering a private jet is calculated by multiplying the flight time by the hourly rate, plus expenses.
The flight time is calculated using one of several flight-planning programs designed to calculate estimated flight times. The flight times are calculated taking into account aircraft speed, typical winds and anticipated routing by air traffic control and are estimated to the nearest 1/10th of an hour. The hourly rate is dependant on the aircraft class.
The estimated flight time from New York to Nassau is 2 hours and 54 minutes, or 2.9 hours, and the return flight is estimated at 2 hours and 48 minutes or 2.8 hours. The total round-trip flight time is 5.7 hours. This is the number of hours the rate will be multiplied by to get our cost.
Aircraft hourly rates are dependant on aircraft size. There are three common size classes, based on cabin dimensions: light or small jets, mid-size or medium jets, and heavy or full-size jets. Light jets typically cost around $2,500 per flight hour, mid-size jets cost around $3,200 per flight hour and heavy jets cost on average $4,500 per hour and up.
If we multiply our flight to the Bahamas estimate of 5.7 hours by the hourly rate of a mid-size jet of $3,200 per hour, our base flight charges come to $18,240.
The Cost to Buy a Private Jet will be anywhere from $500,000 into the Millions of Dollars.
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