Jet card rates drop 8.5% year-on-year
Jet card rates have dropped 8.5% year-on-year.
Published jet card prices continued to drop in the final quarter of 2023 and fell 8.5% year-on-year, according to consumer buyer’s guide Private Jet Card Comparisons.
The company also said the percentage of its subscribers who negotiated free flight hours increased by 39% and those who gained extra flight credits jumped by 67%.
“Not only have hourly rates come down, daily minimums, which impact shorter flights, have returned to pre-Covid levels, and subscribers are telling us they are having much more success negotiating additional free hours and flight credits, further reducing costs,” says Doug Gollan, president and editor-in-chief of Private Jet Card Comparisons.
However, Gollan says that members need to be “more flexible” to take advantage of lower pricing.
“The number of peak days, which often carry surcharges, longer lead time for booking and cancelling, and the ability for the provider to change the departure time are down, but still more than double the pre-Covid levels of 2019,” he adds.
“Average non-peak callout, the lead time a member needs to book at contracted rates, has gone from an average of just under 24 hours to nearly three days.”
The insights are based on North American jet card and membership programmes offering guaranteed availability and fixed/capped hourly rates.
Jet card hourly rates at the end of 2023:
– Overall, were $10,754 per hour, down 2.7% from Q3 2023, down 8.5% from Q4 2022, but 27.9% higher than Q4 2020 when the CARES Act waived the 7.5% Federal Excise Tax, and 21.4% higher than Q4 2019 pre-Covid levels.
– Light jet hourly rates stood at $7,918 at the end of 2024, down 6.4% from Q4 2022 but 41.4% higher than Q4 2020 and 31.5% more than Q4 2019
– Midsize jet hourly rates stood at $9,168 at the end of 2024, down 6.5% from Q4 2022 but 31.7% higher than Q4 2020 and 21.7% more than Q4 2019
– Super midsize jet hourly rates stood at $11,793 at the end of 2024, down 7.0% from Q4 2022 but 28.3% higher than Q4 2020 and 17.4% more than Q4 2019
– Large jet hourly rates stood at $15,339 at the end of 2024, down 4.8% from Q4 2022 but 26.7% higher than Q4 2020 and 17.7% more than Q4 2019
Source: Private Jet Card Comparisons
