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Private Jet Ownership Cost

IAI Westwind 2 Ownership & Operating Costs

By 26 May 2021December 17th, 2023No Comments13 min read

Deliveries of the IAI Westwind 2 began in 1980, with deliveries ending in 1987. 89 Westwind 2 aircraft are currently in active service.

The Westwind 2 can accommodate up to 7 passengers, with a maximum baggage capacity of 49 cubic feet.

When in its optimum configuration, the IAI Westwind 2 can cruise non-stop for up to 2,536 nautical miles (2,918 miles / 4,697 km). However, when configured for the fastest cruise speed, the Westwind 2 can maintain a cruise speed of 436 knots.

The IAI Westwind 2 can cruise at up to 45,000 feet. Additionally, the Westwind 2 has an average hourly fuel burn of 192 Gallons per Hour (GPH).

Thanks to its Honeywell TFE731-3-1G engines, the Westwind 2 has a total thrust output of 7,400 lbs.

In terms of cost, the Westwind 2 has an estimated hourly charter price of $3,500. Furthermore, back when deliveries of the IAI Westwind 2 began, the list price for a new example was $4.5 million.

Jump straight to the total cost table of the IAI Westwind 2.

IAI Westwind 2 Cost Overview

When it comes to operating the IAI Westwind 2, there are two expense categories to consider – fixed costs and variable costs.

Fixed costs are those that you pay no matter what. Whether the aircraft flies or not has no effect on fixed costs. These costs do not change in relation to the number of hours the aircraft flies.

So, therefore, whether you fly the aircraft 50 hours per year or 500 hours, the fixed costs will remain the same.

The estimated annual fixed cost for operating the Westwind 2 is $377,237.

Variable costs, on the other hand, are directly proportional to the number of hours the aircraft flies per year.

The best example of a variable cost in this case is fuel use. One of the biggest costs when flying by private jet is fuel. See this to learn about private jet fuel costs.

Clearly, the more you fly the aircraft, the more fuel it will use. Therefore, flying 500 hours per year will result in variable costs 10 times greater than if you were to fly 50 hours per year.

Therefore, the estimated variable cost for private jets is presented as an hourly figure. This is how much extra the aircraft will cost you per flight hour.

Therefore, the estimated hourly variable rate for operating the IAI Westwind 2 is $2,708.

Of course, this hourly variable cost is different to that of the estimated hourly charter price. This is because, per hour, charter flights cost more. There are further parties involved. The hourly charter price is the aircraft’s hourly variable cost, along with factoring in fixed costs and broker fees.

Westwind 2 Fixed Cost Breakdown

When it comes to fixed costs, there are six criteria that have been identified as the biggest contributors to the annual cost of operation.

These costs are crew salary, crew training, hangar, insurance, management and then the additional, miscellaneous fixed costs.

These costs are explained in further detail below the table.

The table below details the estimated cost of each fixed cost for the IAI Westwind 2.

Fixed CostAnnual Spend
Crew Salary$235,743
Crew Training$27,367
Miscellaneous Fixed$30,000
Estimated annual fixed costs for the IAI Westwind 2. Please note that all prices are estimates only and in USD.

Crew Salary

The salary of crew members is one of the most significant costs of operating an aircraft.

Naturally, the crew are an essential part to the operation of the aircraft. Without pilots your aircraft will not be going anywhere.

Moreover, crew are essential to the safe operation of your aircraft. Therefore, ensuring that your crew members are appropriately certified and skilled is of paramount important. However, the higher the skill level of the crew, the higher salary they demand.

Crew Training

Having well trained crew members is important. Again, they are integral to the safe and efficient operation of your aircraft.

Keeping aircraft type ratings valid and ensuring that crew members maintain their high standards is key.

This is a cost that will keep on occurring every year, whether your aircraft flies or not.

Hangar Costs

The storage of a private jet when not in use is important to consider.

Where are you going to leave your multi-million dollar aircraft when it isn’t in the sky?

Of course, you want it to be somewhere safe, secure and convenient. Therefore, for most private jet owners a hangar is a preferable option over leaving it outside.

Naturally, there are many factors that will influence the annual cost of hangarage. Factors such as aircraft size, airport location and service amenities will all impact the cost.

As a result, the hangar cost stated is a general average for the aircraft type. However, this fee can fluctuate significantly.

Insurance Costs

In simple terms, there are two types of insurance that private jets must have.

The first is liability insurance. This provides cover against loss, damage or injury to third parties. Third parties in this case include passengers, cargo and baggage. While exact details will vary from policy to policy, cover is generally not provided for the pilot in command or the actual aircraft.

This then leads to the second part of private jet insurance – hull insurance. Hull insurance policies are agreed on a value basis. That is, the value of the aircraft. Therefore, in the event of a total loss, insurers will pay the agreed value as opposed to the current market value.

This are two essential pieces of insurance for private jets. However, owners may also wish to consider aviation hull war insurance and crew insurance.

Aviation hull war insurance provides cover for loss of the aircraft due to war, hijack, confiscation, malicious damage and other similar risks. This is typically chosen by owners who will be flying private jets into hazardous destinations.

Crew insurance allows pilots and crew members to be provided with an enhanced employee benefit package. Such as including loss of licence cover, personal accident cover and travel insurance.

Management Costs

Aircraft management is an essential component when owning and operating a private jet.

An aircraft management team provide all the necessary services required to fly the aircraft. For example, sourcing and managing pilots to making sure the aircraft is airworthy, are all tasks provided by your aircraft management company.

Of course, there is the option of so called self-management. This is where the management tasks are left with your pilot in command. However, this option is rarely selected. Therefore, in the ownership cost example we assume an aircraft management company is involved.

Your aircraft management team will typically perform the following tasks:

  • Flight bookings
  • Flight planning
  • Charter marketing / sales
  • Crew scheduling
  • Aircraft airworthiness reviews and tasks
  • Maintenance scheduling
  • Invoice management
  • Crew management

Additionally, your aircraft management team will likely provide many more small activities in order to ensure a smooth operation of the aircraft.

Of course, there are many factors that will affect the total price of your aircraft management fee. Primarily the difference in cost will depend on the aircraft type, use and region of operation.

Miscellaneous Fixed Costs

The miscellaneous fixed costs are made up of everything that doesn’t fit into the above categories.

Things such as the fees for charts, software and computers to manage your aircraft will be in this category.

When owning a private jet there will likely be surprise costs and upgrades that occur throughout your ownership experience.

Therefore, it is good practice to factor in additional, unexpected costs per year.

Westwind 2 Variable Cost Breakdown

Variable costs are those that change depending on the usage of the aircraft. Variable costs can be broken down into hourly chunks.

This, therefore, results in an hourly variable cost figure. This figure is the cost per hour that the aircraft is flown.

There are five factors that we have built into the hourly variable cost figure. These values are the cost of fuel, maintenance, engine overhaul, crew, landing & handling fees, along with other various costs.

All these variables are proportional to the number of hours flown. For example, the more you fly the aircraft, the more fuel it will use.

See below for a table of the estimated hourly variable costs when operating the IAI Westwind 2.

Below the table you will find an explanation of each variable.

Variable CostHourly Spend
Fuel Cost$186,800
Engine Overhaul$119,600
Crew/Landing/Handling Fees$45,000
Miscellaneous Variable$5,000
Estimated hourly variable costs for the IAI Westwind 2. Please note that all prices are estimates only and in USD.

Fuel Costs

Fuel costs are a significant hourly expense when operating a private jet. The more hours you fly, the more fuel the aircraft burns.

Of course, the amount of fuel that the aircraft burns per hour will vary greatly depending on its average hourly consumption, measure in Gallons per Hour (GPH).

Read this article to learn more about how much private jet fuel costs.

Or read this article to see the different fuel burn figures for all private jets.

Different aircraft burn different volumes of fuel per hour. However, a general rule of thumb is that the larger the aircraft, the greater the hourly fuel consumption.

Of course, depending on location, fuel prices vary dramatically. Therefore, this cost will be slightly adjusted depending on the fuel cost at the FBO.

Maintenance Costs

In order to ensure that aircraft are safe to fly they require maintenance at regular intervals.

These intervals are scheduled and depend on the manufacturer’s guidelines. Moreover, maintenance is scheduled based on number of hours flown.

For example, a certain aircraft may need an inspection every 100 hours. Therefore, you can plan around when the aircraft requires maintenance.

Additionally, these maintenance events are in direct relation to the number of hours that the aircraft is flown.

Therefore, the more the aircraft flies, the more maintenance it will require.

However, this cost also takes into account any unexpected maintenance events. For example, a bird strike or blown tire will introduce an unexpected maintenance check.

Engine Overhaul Costs

An engine overhaul is a scheduled event that is essentially the maintenance and inspection of the engine.

Given the term ‘overhaul’, the event is more serious than a quick visual inspection. And, in a major engine overhaul, a complete disassembly and inspection of the engine.

Again, much like maintenance of the airframe, the more an engine is used, the more wear and tear the engine will experience. Therefore, the more hours flown, the quicker an engine overhaul will be required. Additionally, the more hours flown the more often an engine overhaul will need to be performed.

If you are interested in learning more about engine overhauls, then read this article.

Crew/Landing/Handling Costs

Crew fees, landing fees, and handling fees are highly dependant on the route taken. Therefore, it is hard to give an accurate figure.

Crew fees are those that you need to pay the crew during an extended stay. Additionally, crew fees are highly dependant on the length of stay and the location. For example, crew overnight expenses, such as hotels and food, will cost far more in New York City than Wichita, Kansas.

Secondly, when landing at an airport, aircraft are charged a landing fee. This fee is usually based on the weight of the aircraft. Therefore, larger aircraft have greater landing fees than smaller aircraft.

Landing fees will vary from airport to airport. For example, if you were to regularly fly out of La Guardia airport, New York, the cost of landing fees would be greater than if you regularly flew from Wichita National Airport.

And finally, handling fees go hand in hand with landing fees. When on the ground you will need the aircraft to be parked securely, bags unloaded and various ground services. They are typically provided by the FBO (fixed-base operator). Of course, all these services will come at a price.

Again, the price of handling fees will vary depending on airport and aircraft size.

Miscellaneous Costs

Miscellaneous variable costs are very similar to the miscellaneous fixed costs. No matter how well you plan and budget, there will always be some unexpected costs involved.

Therefore, this budget accounts for the unexpected.

IAI Westwind 2 Total Costs

Annual CostFlying 200 hours per year
Crew Salary$235,743
Crew Training$27,367
Miscellaneous Fixed$30,000
Total Fixed Costs$377,237
Fuel Cost$186,800
Engine Overhaul$119,600
Crew / Landing / Handling$45,000
Miscellaneous Variable$5,000
Total Variable Costs$541,600
Total Annual Costs$918,837
Total estimated annual costs for operating the IAI Westwind 2 when flying 200 hours per year. Please note that all prices are estimates only and in USD.

IAI Westwind 2 Annual Budget Calculator

Use the calculator below to calculate the estimated annual budget to operate the IAI Westwind 2.

Simply enter the number of hours per year and receive click “Get Annual Budget”. Below you will then see the estimated annual budget for owning and operating the Westwind 2.

The final value takes into account both fixed and variable costs. Please note that the final value is an estimate only. Additionally, note that all values are in USD.

Annual Hours Flown:


IAI Westwind 2 Annual Budget:

$0 per Year

Learn more about the IAI Westwind 2.


Benedict is a dedicated writer, specializing in in-depth discussions of private aviation ownership and its associated topics.