What Used Private Jets Are Really Worth: Values by Model, and the Charter-or-Own Question

What the numbers are, and what they are not

Duncan Aviation’s Model/Market Summary lists, for each model, the years it was produced, a Vref price range and an estimated total variable cost per hour. Duncan describes the Vref range as the current marketing value according to Vref, the Aircraft Value Reference. The edition I use is marked current as of July 2026. The variable costs are prepared with Conklin & de Decker, assume fuel at $5.69 per gallon, and include routine maintenance but exclude major inspections.

Three cautions before any numbers:

• A Vref range is a marketing value, not an appraisal. A specific aircraft’s price depends on its year, total hours and cycles, maintenance status, engine programme enrolment, damage history, avionics and interior. Two aircraft of the same model can sit at opposite ends of the range, or outside it.
• The range spans the production run. A model produced for twenty years will show a wide spread between its oldest and newest examples. That spread mostly reflects age, not negotiating room.
• Variable cost is not total cost. It leaves out crew salaries, training, hangarage, insurance, management fees, major inspections and the cost of capital, which is often the largest cost of all.

Used private jet prices by model

The tables below are selected models from Duncan Aviation’s July 2026 summary (Duncan Aviation). Values are in US dollars.

Light jets

The Phenom 300 deserves a special mention. Avi-Go’s 2025 data shows it was the world’s most-flown light jet in 2025, with 262,365 departures, and the leading aircraft on London–Paris, Europe’s busiest route. Popularity matters in the used market, because it means a deep pool of buyers, maintenance providers and crews.

• Learjet 31A (1991–2002): Vref value range $0.70m–$1.07m; variable cost/hour $3,684
• Citation Mustang (2007–2017): Vref value range $1.57m–$2.87m; variable cost/hour $1,989
• Citation M2 (2013–present): Vref value range $2.57m–$5.84m; variable cost/hour $2,127
• HondaJet Elite/Elite II (2019–2024): Vref value range $2.80m–$5.77m; variable cost/hour $2,037
• Citation CJ3+ (2014–present): Vref value range $5.93m–$10.29m; variable cost/hour $2,402
• Citation CJ4 (2010–present): Vref value range $5.52m–$11.48m; variable cost/hour $2,958
• Embraer Phenom 300/E (2010–present): Vref value range $5.68m–$13.86m; variable cost/hour $3,086
• Pilatus PC-24 (2018–2024): Vref value range $8.18m–$10.70m; variable cost/hour $2,775

Midsize and super-midsize jets

• Hawker 800XP (1995–2005): Vref value range $1.40m–$2.39m; variable cost/hour $5,051
• Learjet 60XR (2007–2013): Vref value range $2.44m–$3.57m; variable cost/hour $4,351
• Citation XLS+ (2008–present): Vref value range $6.10m–$16.07m; variable cost/hour $3,815
• Challenger 300 (2004–2015): Vref value range $7.19m–$13.09m; variable cost/hour $5,537
• Gulfstream G280 (2012–present): Vref value range $12.07m–$25.00m; variable cost/hour $5,259
• Citation Latitude (2015–present): Vref value range $12.76m–$19.47m; variable cost/hour $4,681
• Challenger 350 (2014–2022): Vref value range $14.51m–$19.76m; variable cost/hour $5,421
• Embraer Praetor 600 (2019–present): Vref value range $17.89m–$22.58m; variable cost/hour $5,139
• Citation Longitude (2018–present): Vref value range $17.38m–$30.00m; variable cost/hour $5,200
• Challenger 3500 (2022–present): Vref value range $21.88m–$30.07m; variable cost/hour $5,421

Large and ultra-long-range jets

• Gulfstream G450 (2005–2017): Vref value range $7.39m–$16.09m; variable cost/hour $7,912
• Gulfstream G550 (2003–2020): Vref value range $11.09m–$30.71m; variable cost/hour $8,482
• Falcon 7X (2007–2023): Vref value range $12.93m–$43.70m; variable cost/hour $8,138
• Challenger 650 (2015–present): Vref value range $15.54m–$34.00m; variable cost/hour $5,821
• Falcon 2000LXS (2013–present): Vref value range $16.43m–$38.30m; variable cost/hour $5,826
• Global 6000 (2012–present): Vref value range $19.14m–$61.05m; variable cost/hour $9,671
• Gulfstream G650ER (2014–present): Vref value range $31.83m–$63.02m; variable cost/hour $9,316
• Global 7500 (2018–present): Vref value range $49.17m–$80.00m; variable cost/hour $8,488
• Gulfstream G700 (2021–present): Vref value range $73.38m–$82.00m; variable cost/hour $8,960

Cheap to buy is not cheap to own

The most important lesson in these tables sits in the right-hand column. A Hawker 800XP can be valued at under $2.4 million, a fraction of a new light jet, but its estimated variable cost of $5,051 per hour is well above that of a Phenom 300 ($3,086) or a Citation CJ3+ ($2,402). Older aircraft trade capital cost for operating cost, and often for maintenance uncertainty as well. For a buyer who flies a lot, the "cheap" jet can be the expensive one.

Fuel assumptions are already out of date

Duncan’s variable costs assume fuel at $5.69 per gallon. US full-service Jet A averaged $8.36 per gallon in September 2026, according to General Aviation News. As a simple illustration of my own: the summary lists the Phenom 300/E’s average fuel burn at 169 gallons per hour, so a $2.67 difference per gallon adds roughly $450 per hour. For a G650ER, at 485 gallons per hour, it adds nearly $1,300. Operators rarely pay full retail, so treat this as a direction rather than a precise adjustment. Still, any ownership budget built on 2025 fuel assumptions needs revisiting.

The wide ranges tell you about age, not bargains

The Global 6000’s range, from about $19 million to about $61 million, does not mean a good negotiator can buy a new one for $19 million. It means the oldest examples have lost much of their value relative to the newest. That spread is, in effect, the depreciation history of the type. It is worth studying before you buy, because it is the curve your own aircraft will travel along.

Production status matters

Models still in production (marked "present") compete with new aircraft, which tends to anchor their values. Out-of-production types depend on the strength of their support network. Before buying an older aircraft, I would want to know how easily parts, engine overhauls and qualified technicians can be found.

What the hourly comparison does and does not show

The simplest comparison is also the most misleading. In North America, the average published jet card rate for light jets at the end of Q3 2026 was $8,333 per hour, according to Private Jet Card Comparisons. Duncan estimates the Phenom 300/E’s variable cost at $3,086. It is tempting to conclude that ownership costs barely a third as much per hour.

It does not. The charter or jet card rate includes everything the variable cost leaves out: crew, training, insurance, hangarage, management, major maintenance, the cost of capital, depreciation, positioning flights and the provider’s margin. The owner pays all of these too, whether he flies or not. The real question is how many hours you would fly each year, and therefore over how many hours those fixed costs are spread.

The questions I would ask before buying

I do not publish a "break-even" number of hours, because I have not found a reliable, independent source for one, and it varies enormously with aircraft, country, crewing and financing. Instead, I would ask:

• How many hours a year will you genuinely fly, and how predictable are they? Ownership rewards high, steady use. Occasional or irregular flying favours charter or a card.
• Is your mission consistent? One aircraft suits one mission well. If you fly a short European hop one week and an intercontinental trip the next, charter lets you match the aircraft to the trip each time.
• How much does certainty matter? Owning guarantees an aircraft, subject to maintenance. In peak periods, which in Europe means summer, that availability has real value.
• Are you prepared to carry the residual value risk? The value tables above are, in part, a record of how much owners lost.
• Can the aircraft earn revenue? Some owners place their aircraft on a charter certificate to offset costs. That brings income, but also wear, scheduling conflicts and regulatory obligations.
• Who will manage it? Crewing, maintenance planning, compliance and insurance are a business in themselves.

Utilisation is lower than many buyers assume

It is worth knowing how intensively business jets are actually used. Avi-Go estimates that European business jets averaged about 7.6 flights per month per aircraft in January–August 2025. Even the most heavily used model globally, the Citation Latitude, averaged 466 flights per aircraft in 2025, with a 52.2% active rate. A privately owned aircraft flown a few dozen times a year spends most of its life on the ground, and its fixed costs keep running.

The middle ground

Between full ownership and on-demand charter sit fractional shares, jet cards and leasing. Honeywell’s 2025 Global Business Aviation Outlook reports that the world’s fractional fleet has grown 65% since 2019, and that light, midsize and super-midsize jets make up about 80% of it. Many flyers have evidently concluded that they want guaranteed access without the full burden of ownership.

If you do buy: the essentials

The following is general guidance, not a checklist for any particular transaction.

• Commission an independent pre-purchase inspection at a facility with experience of the type, and review the records as carefully as the aircraft.
• Check engine and APU programme enrolment. Hourly maintenance programmes significantly affect value and liquidity. Note how prominently Duncan’s own sales listings highlight them.
• Understand the tax and registration implications of where the aircraft is registered, based and operated, particularly for VAT and import in Europe. Take specialist advice.
• Plan the exit before you enter. Popular, well-supported types tend to be easier to sell.

The market backdrop

New aircraft supply shapes used values. Honeywell’s 2025 Outlook expects new business jet deliveries in 2026 to be 5% higher than in 2025, and operators’ plans to imply 8,500 new deliveries worth $283 billion between 2025 and 2034. The same survey found that 67% of operators intend to replace current aircraft, and that more than half of buyers name performance as the single most important purchase factor, with 20% citing cost. Replacement cycles feed the used market, which is good news for buyers of late-model pre-owned aircraft.

My view, briefly

Used private jets can be remarkable value as objects, and indifferent value as decisions. The Vref range tells you what an aircraft is worth. It does not tell you what it will cost you to own, or whether you will fly it enough to justify that cost. My advice to most clients is to establish, with real numbers, what a year of their flying costs in charter, and only then decide whether ownership would improve on it. Many find that it would not. Some find that it clearly would. Either way, the decision should come from your own flying pattern, not from a listing.

Frequently asked questions

How much is a used private jet? It depends on the model and its age. Duncan Aviation’s July 2026 summary of Vref values ranges from under $1 million for older light jets such as the Learjet 31A, to about $5.7m–$13.9m for a Phenom 300/E, $14.5m–$19.8m for a Challenger 350, and $49m–$80m for a Global 7500.

What is a Vref value? Vref, the Aircraft Value Reference, publishes marketing values for business aircraft. Duncan Aviation’s Model/Market Summary uses Vref ranges, which span each model’s production years. A specific aircraft’s price depends on its hours, maintenance status, engine programmes and history.

Is it cheaper to own or charter a private jet? For most occasional flyers, charter or a jet card is cheaper once fixed costs (crew, insurance, hangarage, management, major maintenance and capital) are included. Ownership becomes more attractive with high, predictable annual hours and a consistent mission. The answer depends on your own flying pattern.

Why are older private jets so cheap? Older aircraft have absorbed most of their depreciation and often carry higher operating and maintenance costs. Duncan’s data shows, for example, a Hawker 800XP valued at $1.4m–$2.4m but with estimated variable costs of $5,051 per hour, higher than many newer light jets.

What does it cost per hour to operate a used private jet? Duncan Aviation’s estimated variable costs range from under $2,000 per hour for the smallest jets to over $9,000 for some ultra-long-range jets, assuming fuel at $5.69 per gallon and excluding major inspections and all fixed costs.