Summary
- Demand for private jet travel has surged since the pandemic, making new jets like the Gulfstream G700 highly sought-after.
- Gulfstream’s G700 provides luxurious amenities, circadian lighting, non-recycled air, and a speed of up to 531 knots.
- Operating costs post-purchase for the G700 can range from $2.2 to $3.5 million annually, depending on flying hours.
Since the pandemic, there is no doubt that the demand for private jet travel has increased. Those who traveled in business class or first class travel regularly took to the skies and simply never went back to flying commercially. The convenience and flexibility of private jet travel were rediscovered and no longer reserved for just ultra-high-net-worth individuals.
With this, the demand for new private jets with more comfort and longer range has grown, and the Gulfstream G700 is one of those in great demand. It was certified by the Federal Aviation Administration (FAA) in March 2024, and according to Corporate Jet Investor, Gulfstream is targeting 50 G700 deliveries in 2024. So, how much does it cost to operate the G700?
The initial investment
Brand new private jets, straight off the assembly line, are certainly not cheap. Starting costs for a light jet like the Embraer Phenom 300 can come in at around $11.5 million.
Photo: Gulfstream Aerospace
For a new Gulfstream G700 or the comparable Bombardier Global 7500, you would be looking at an investment of around $75 million. Boeing Business Jets and Airbus Corporate Jets, straight out of the factory, can be upwards of $100 million.
What do you get for your money?
The G700 is a large, heavy business jet that can seat up to 19 passengers or sleep 10 in a sleep configuration. It has four living areas that can be used for dining, business meetings, or entertainment purposes. There is a lounge area, a private main suite with a bathroom and shower, a large galley, and a crew rest area. The aircraft has circadian lighting to beat jet lag and a fresh, non-recycled air system.
The aircraft has two Rolls-Royce Pearl 700 engines that provide 18,250 pounds of thrust. Its maximum speed is Mach 0.925 or 531 knots or 983 kilometers per hour. The G700 has a range of 7,500 nautical miles or 13,900 kilometers.
Photo: Georgi Bidenko | Shutterstock
The G700 is an upgrade from the very popular G650 in terms of size and range. The G700 has been stretched three meters longer and had its range increased by almost 1,000 kilometers. The aircraft first flew on February 14th, 2020, and has since undergone vigorous testing and showed exceptional performance.
Specifications
Performance:
Maximum Range: 17,750 NM
Long-Range Cruise: Mach 0.85
High-Speed Cruise Range: 6,650 NM
High-Speed Cruise: Mach 0.90
Maximum Operating Mach: Mach 0.935
Takeoff Distance (SL, ISA, MTOW): 5,995 ft
Initial Cruise Altitude: 41,000 ft
Maximum Cruise Altitude: 51,000 ft
Weights
Maximum Takeoff: 107,600 lb
Maximum Landing: 83,500 lb
Maximum Zero Fuel: 62,750 lb
Basic Operating (including four crew): 56,765 lb
Maximum Payload: 5,985 lb
Maximum Payload/Full Fuel: 1,835 lb
Maximum Fuel: 49,400 lb
Systems
Avionics: Gulfstream Symmetry Flight Deck
Engines: Two Rolls-Royce Pearl 700
Rated Takeoff Thrust (each): 18,250 lb
Measurements
Finished Cabin Height: 6 ft 3 in
Finished Cabin Width: 8 ft 2 in
Cabin Length (excluding baggage): 56 ft 11 in
Total Interior Length: 63 ft 8 in
Cabin Volume: 2,603 cu ft
Baggage Compartment Volume: 195 cu ft
Exterior Height: 25 ft 5 in
Exterior Length: 109 ft 10 in
Overall Wingspan: 103 ft
Record-breaking aircraft
Two outfitted G700 aircraft took part in a world tour of more than 20 countries over six continents to showcase the aircraft. The G700 never failed to impress and has set over 50 new speed records. These include:
- Savannah to Doha: 13 hours 6 minutes 6,711 NM 12,428km Mach 0.88
- Doha to Paris: 6 hours 15 minutes 2.953 NM 5,469km Mach 0.90
- Tokyo to Savannah: 10 hours 53 minutes 6,365 NM 11,788km Mach 0.91
- Nice to Singapore: 11 hours 30 minutes 5,754 NM 10,656km Mach 0.90
Photo: Gulfstream
Gulfstream’s most recently announced model, the G800, is expected to have a range of 8,000 NM. The longest-range private jet at the time of writing is Bombardier’s Global 7500, which has a range of 7,700 NM or 14,260 kilometers. So we can expect that G800 to exceed this.
Operating costs of the G700
Adding to the initial investment of $75 million, we must consider the aircraft’s annual operating costs. According to Libertyjet.com, the average cost is between $2.1 and $3.5 million, depending on how often the aircraft is used.
|
Cost |
Flying 200 hours/year |
Flying 400 hours/year |
|---|---|---|
|
Direct Operating Costs (DOC): |
||
|
Fuel Cost @ $7.23/gal Updated to Nat’l Avg Each Week |
$552,372 |
$1,104,744 |
|
Maintenance |
$27,200 |
$54,400 |
|
Engine Overhaul |
$496,000 |
$992,000 |
|
Misc Crew/Landing/Handling |
$80,000 |
$160,000 |
|
Miscellaneous Variable |
$30,000 |
$60,000 |
|
Total Direct Operating Costs (DOC) |
$1,185,572 |
$2,371,144 |
|
Fixed Costs: |
||
|
Crew |
$585,000 |
$585,000 |
|
Crew Training |
$100,000 |
$100,000 |
|
Hangar |
$130,000 |
$130,000 |
|
Insurance |
$45,000 |
$45,000 |
|
Jet Management |
$78,000 |
$78,000 |
|
Miscellaneous Fixed |
$50,000 |
$50,000 |
|
Total Fixed Costs |
$988,000 |
$988,000 |
|
Total Annual Budget |
$2,173,572 |
$3,359,144 |
For 200 hours per year, you can expect to pay around $2.17 million. Assuming the cruise speed is 552mph, a flight costs $19.69 per mile. For 400 hours of use per year, it would cost around $3.36 million; per mile, it would cost $15.21, slightly cheaper than with less usage. These figures do not take into account depreciation, interest payments, or the initial outlay for the aircraft.
