Steve Varsano explains why buying a 20-year-old Citation X for $5.8 million doesn't work like the math suggests. Banks won't finance jets that old, and the high-performance aircraft costs way more to operate and maintain as it ages.
So I've always wondered, how much do you need to be making to comfortably own a private jet? This 20-year-old Citation X will run you $5.8 million and carries 8 passengers.
Okay, so this is not a Citation X. That's the first— this guy doesn't know what he's talking about. It's Roman numeral X, which is called the Citation X. And of course, all Citations are Citation I, II, III, IV, V. So it's a Citation X. The airplane is the fastest jet made for many, many years. When 0.92 Mach, which is almost 92% of Mach speed. The airplane has been a very popular airplane if you need really to get speed. Unfortunately, you know, with speed you're getting operating costs which are a little bit higher than a normal airplane. But generally the airplane was a very good airplane, but now it's become a very high maintenance costing airplane.
Taxes, your total cost to own will be $6.26 million. Let's put 20% down. So that means we need a loan for—
You're not going to be able to put 20% down because no bank will finance an airplane that's 20 years old.
$5 million, and that means our monthly payment is going to be $94,000.
Steve Varsano has a webinar where he discusses the average age of private jet buyers now🛩️👀
Steve Varsano explains the differences between a private jet and a commercial airline🛩️👀
