The cost to fly privately via jet cards and memberships is down 6.3% from the peak of Q4 2022 but still 20% higher than pre-COVID levels
MIAMI, FLORIDA, UNITED STATES, October 11, 2023 /EINPresswire.com/ — 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.
“While demand is off its peak of 2021/22, and more providers have jumped back into the market after stopping their jet card and membership programs, published prices are holding steady,” said Doug Gollan, Founder and Editor-in-Chief of Private Jet Card Comparisons.
He noted, “After prices dropped 5.2% in Q1 of 2023, rates fell 1.3% in Q2, and in Q3, they ticked up 0.3%.”
Across all aircraft categories, hourly rates were down 6.3% from December 2023.
However, they are still 24.0% higher than in December 2020, when providers offered FET-free discounts as part of the CARES Act.
Compared to pre-Covid pricing in Q4 2019, current jet card and membership prices are 19.9% higher.
That’s in line with overall inflation, up 20% since 2019.
Rates are for occupied hours and inclusive of repositioning costs for flights within the primary service area.
Data represents one-way jet card and membership 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.
While card and membership prices remained static from Q2 to Q3 of 2023, buyers are 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.
Looking at jet card pricing by category:
– Ultra-Long-Haul Jet Card Pricing
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 Jet Card Pricing
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 Pricing
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 Jet Card Pricing
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.
– Light Jet Card Pricing
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 price 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 Card Pricing
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 Jet Card Price
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%.
– Peak Days, Callouts, Minimums
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.
On Peak Days, customers usually have to book farther in advance, have stricter cancellation terms, are subject to surcharges, and have their departure time moved at the provider’s discretion.
Non-Peak Callouts, the deadline to book at contracted rates, stayed essentially flat at 66.7 hours, down from 66.9 hours in Q2 2023.
Overall, Daily Minimums, the minimum amount charged even if the flight is shorter, is flat at 90 minutes with no significant changes across categories.
About Private Jet Card Comparisons
Private Jet Card Comparisons is a consumer buyer’s guide subscription service to private aviation programs, from on-demand charter and jet sharing to jet cards, memberships, and fractional ownership. Its database includes over 900 program options from more than 80 providers and more than 40,000 data points updated regularly – 118 times so far in 2023.
Subscribers compare programs by over 65 variables in minutes, saving weeks and hours of research. A subscription is $250 annually, and paid subscribers can request a custom analysis to identify the solutions and programs that best fit their flying needs.