The average hourly jet card rate for private jets dropped 1.3% in the second quarter, which followed a 5.2% decrease in the first quarter (Q1), according to Private Jet Card Comparisons.
Jet card hourly rates were $11,024, on average, at the end of June, including fuel surcharges and the 7.5% federal excise tax, says the company.
With the exception of light jets, the hourly jet card prices for all other private jet categories have decreased the past two quarters. Light jets average rates cost $8,055 per hour in the second quarter, which was up 0.1% over Q1 yet down 4.8% from the fourth quarter (Q4) 2022.
Midsize jets hourly jet card rates averaged $9,360 per hour, down 0.6% from Q1, while super midsize jets averaged $12,036 per hour, down 1.9% from Q1. The super midsize hourly jet card rate was $12,036, down. 1.9% in Q1, and the large cabin rates averaged $15,688, a decrease of 1.3% from Q1, according to Private Jet Card Comparisons.
The company has seen a slight drop in the daily minimum time passengers need to fly, for all jet categories. The average minimum charges for light jets is now 71 min. per day, midsize jets is 81 min. and super midsize is 96 minutes. This is below or flat from where it was in Q4 2019. The large jet category is at 125 min., which is 23.8% higher than pre-pandemic levels, according to Private Jet Card Comparisons.
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