Jet card pricing falls from 2020 rates for first time
Hourly prices for jet cards have fallen for the first time since 2020, according to analysis by Private Jet Card Comparisons.
In the first quarter (Q1) of this year, hourly rates have fallen 5.2% compared with Q4 2022 to an average of $11,165 per hour.
This was led by a 12.7% decline in turboprop pricing, which was driven by Wheels Up’s new King Air programme which capped hourly rates 15-17%, according to the analysis.
Peak days also continued to decline in number, falling by 3.6% from Q4 2022 to 53.7, while daily minimums dropped from December by 6% to an average of 89 minutes.
“As demand for private flights dropped, new providers have entered the market, more that stopped programmes have restarted, and existing providers have launched additional programmes mostly with price points lower than ongoing programmes,” said Doug Gollan, founder, Private Jet Card Comparisons. “Providers are also bringing the terms and policies back closer to where they were before Covid. However, prices are still almost 25% higher than the end of 2020.”
The analysis looked at more than 250 jet cards and membership programmes offering fixed or capped hourly rates with guaranteed availability.
Private jet charter pricing March 2023 – at a glance
- Turboprops down 12.7% from Q4 2022 to $6,518
- Very light jets down 8.8% to $7,702
- Light jets down 5.2% to $8,047
- Midsize jets down 4.1% to $9,419
- Super midsize jets down 3.3% to $12,266
- Large cabin jets down 1.3% to $15,900
- Ultra-long-haul jets down 8.5% to $19,021