The prices of new private jets vary significantly, with the flagship models having a list price of $75 million.
However, what if you want to buy a brand-new private jet that is more affordable? What are the cheapest new private jets on the market?
So, which are the ten least expensive private jets the buy new?
The price below is the standard list price for each aircraft new from the factory. With options, the price will likely increase. Note also that this does not include the list price for out-of-production aircraft or pre-owned aircraft.
The aircraft below are all in production.
The learn more about the cost of buying a private jet read this article.
10. Cessna Citation CJ4 – $9.7 million
The number 10 spot on the list is taken by the Cessna Citation CJ4.
The Cessna Citation CJ4 has a new list price of $9.7 million.
Pre-owned examples of the Citation CJ4 range from $6.1 million to $11 million.
Yes, young CJ4s can sell for more than the new list price given the high demand.
The Cessna Citation CJ4 (Model 525C) is a stretched and enhanced version of the popular Cessna Citation CJ3 and can trace its routes back to the original CitationJet. Originally announced in October 2006 at the NBAA conference, with the first flight taking place in May 2008, and the first production jet flying one year later.
The FAA certified it in March 2010, and the first delivery occurred one month later. Since that first delivery in 2010, more than 300 Cessna CJ4s have been delivered to customers.
The CJ4 sits between the smaller CJ3+ and the larger capacity XLS+. The CJ3+ can fly nearly as far as its bigger brother but has the capacity for fewer passengers with full tanks and is slower in the cruise. The Citation CJ4 sits alongside the PC-24 and Phenom 300E as some of the largest jet aircraft around that are for single-pilot operation.
With the Cessna CitationJet/M2/CJ (Model 525) series of aircraft tracing its routes back to 1989, the CJ4 is the pinnacle of everything that Cessna has learned over the past three decades in terms of comfort, technology, and reliability. With increased speed, range, and cabin size over its predecessor, the CJ4 is popular among both corporate flight departments and owner-operators.
9. Embraer Phenom 300E – $9.5 million
The number 9 slot for the cheapest new private jets is the Embraer Phenom 300E with a new list price of $9.5 million.
Pre-owned examples of the Phenom 300E range between $9.1 million and $10.3 million. Again, much like the CJ4, young examples of the Phenom 300E can sell for above the new list price.
The Embraer Phenom 300E is an upgrade on the original Phenom 300 – the most delivered light business jet for seven consecutive years.
The platform and history of the Phenom 300 is relatively short, especially compared with other aircraft in this sector that have a long history of development and improvement. Of course, Embraer perfected this light jet on their first attempt. Originally created after customer feedback suggested that there were potential customers who wanted a larger version of the popular Phenom 100.
The new design of aircraft was designed to offer more space than the Phenom 100 while also allowing operation into smaller airports, such as London City Airport and Telluride Regional Airport.
The first flight of the Phenom 300 was in April 2008 and was certified in December 2009. Within the same month, Embraer made their first customer delivery, having now produced over 500 units. In 2018 Embraer announced upgrades to the Phenom 300, leading to the Phenom 300E. Two years later in 2020, Embraer announced yet more tweaks to the Phenom 300E.
8. Nextant 604XT – $8 million
The Nextant 604XT is next on the list, with a new price of $8 million.
The Nextant 604XT is a remanufactured Bombardier Challenger 604. Nextant does not design and manufacture aircraft from new. Rather, they remanufacture existing aircraft. Currently, their lineup of aircraft includes the 604XT, 400XTi, and G90XT.
The benefit of remanufacturing existing aircraft is that you effectively receive an entire “new” aircraft, with the latest generation technology and comfort features, without the expense of clean sheet design and certification. The aircraft are based on existing, proven aircraft.
The three key areas of improvement from Nextant are the improved flight deck, upgraded passenger cabin, and improved performance capabilities.
Pre-owned examples cost between $7 million and $8 million. Moreover, the Nextant 604XT has an impressive annual depreciation rate of just 2.2%.
7. Cessna Citation CJ3+ – $8 million
The Cessna Citation CJ3+ comes in 7th on the list of the cheapest new private jets.
The Cessna Citation CJ3+ has a new list price of $8 million, with pre-owned examples starting from $7.4 million.
As is common among Cessna’s lineup, the Cessna Citation CJ3+ is the latest development of a long family of aircraft. The CJ3+ can trace its roots back to the original Cessna CitationJet which was launched in October 1989. The original Model 525 first took to the skies in 1991. Deliveries began two years later. Since the early 1990s Cessna has been constantly evolving the CitationJet.
Firstly, Cessna updated the CitationJet to the CJ1/M2 variants. The M2 variant is the current VLJ that Cessna produces.
6. HondaJet Elite S – $5.5 million
In sixth place in the list of the cheapest new private jets is the HondaJet Elite S coming in with a new price starting from $5.5 million.
The HondaJet Elite S is built on the highly popular HondaJet HA-420 platform, a highly popular VLJ.
One of the most notable characteristics of the HondaJet family of aircraft is the over-the-wing engines. Unlike almost every other private jet the engines are mounted above the wings as opposed to the rear fuselage.
The Elite S was introduced in May 2021 and offers improved avionics and an increased range compared with its predecessor.
The Elite S is the upgraded version of the HondaJet Elite which was introduced in 2018. The Elite S can cruise at up to 43,000 feet, with a maximum cruise speed of 422 knots.
On the pre-owned market, the HondaJet Elite S has prices ranging between $4.6 million and $5.4 million.
5. Nextant 400XTi – $5.2 million
The Nextant 400XTi is much like its larger sister the 604XT in that it is another remanufactured aircraft. However, so much of the aircraft is changed that it officially is a new aircraft.
The Nextant 400XT/XTi is an aircraft that has been re-engineered from the original airframe of the Hawker/ Beechjet 400A aircraft. It offers the benefits of a new, modern aircraft, but with lower operating costs. This results in an 88% new aircraft with increased speed, range and efficiency.
The Nextant 400XT model was introduced in 2011, with the updated Nextant 400XTi offering more space, better noise insulation, and aerodynamics – including raked winglets with distinctive LED lighting.
If you are looking to buy a pre-owned Nextant 400XTi you can expect to pay a minimum of $3 million, with one-year-old examples having an estimated value of around $4.5 million.
4. HondaJet HA-420 – $4.8 million
From this point on the cheapest new private jets are all Very Light Jets. Of course, this is hardly surprising given these are the entry-level, smallest private jets available on the market.
The HondaJet makes another appearance on this list, with the older HondaJet HA-420 costing just $4.8 million when brand new.
Pre-owned aircraft will cost anywhere from $3 million to $5 million. However, most of the pre-owned aircraft are clustered between $4 million and $4.8 million.
The HA-420 HondaJet is the culmination of decades of work from the Japanese company famous for taking their time to perfect their products.
The development of the HondaJet started over 30 years ago, with the first flight of the aircraft taking place in December 2003 and full production starting in December 2015. Since the first aircraft rolled out the factory, the manufacturing plant in Greensboro, North Carolina has built over 150 HondaJets, categorized as a Very Light Jet (VLJ).
3. Cessna Citation M2 – $4.7 million
On the podium of the cheapest new private jets is the Cessna Citation M2 coming in with a new list price of $4.7 million.
The Cessna Citation M2 is the smallest jet in Cessna’s in-production aircraft lineup. The M2 is part of the Cessna CitationJet series of aircraft. Launched in 1989, the Model 525 first took flight in 1991. One year later FAA certification was received. Deliveries started two years later. The basic CitationJet model was further updated into the CJ1 and M2 variants. The CJ1 took a different path from the M2. The CJ1 was developed into the CJ2, then the CJ2+.
The M2 was launched in September 2011. Cessna based the M2 on the then out-of-production CJ1 variant of the CitationJet family. Cessna updated the M2 to feature a new cabin layout and more efficient engines. The first prototype flew in 2012 with production starting just one year level. Since 2013 over 250 M2 aircraft have entered service.
The M2 is marketed by Cessna as the entry-level jet for customers. Customers who are after more speed, more range, and more comfort. The M2 boasts serious jet performance. Thanks to its size, the M2 can be operated by a single pilot, making it perfect for customers who are looking for reduced costs or to pilot the aircraft themselves. Consequently, the M2 is a great candidate to be an owner/operator aircraft. However, note that single-pilot operation is the standard in the VLJ category. Many larger aircraft can even be operated by just one pilot – such as the Pilatus PC-24 and Embraer Phenom 300E.
If you are looking to get a pre-owned example then you can expect to pay at least $3.5 million. Amazingly, given the popularity of this aircraft, 2019 models and younger will likely cost above the new list price of the aircraft.
2. Embraer Phenom 100EV – $4.5 million
Just missing out on first place is the Embraer Phenom 100EV with a new list price of $4.5 million.
These aircraft hold their value extremely well with an annual depreciation rate of around 1%. Therefore, pre-owned examples will cost at least $4 million.
The Embraer Phenom 100EV is the latest iteration of the highly successful Embraer Phenom 100. The Phenom 100/100EV is a very light jet (VLJ) developed by Embraer, the Brazilian aircraft manufacturer. The Phenom 100 entered development in April 2005 and showed off a full-scale mock-up in November of the same year.
The first flight for the Phenom 100 came in July 2007, was certified in December 2008 and the first delivery happened later that same month. The Phenom 100 soon got updated to the Embraer Phenom 100E, featuring minor updates and multifunction spoilers. The Phenom 100EV entered service in March 2017 with substantial weight savings, an increase in thrust, and an updated flight deck.
Operated by private owners, companies with fractional ownership programs, charter operators, aircraft management companies, and military operators, the Phenom 100EV variants are highly popular for short distant flights. With nearly 400 units in active service, the Phenom 100 model is a great choice for those looking for an increase in speed over an equivalent-sized turboprop aircraft.
1. Cirrus Vision Jet – $2.85 million
The absolute cheapest private jet that you can buy new is the Cirrus Vision Jet SF50 with a new list price starting from just $2.85 million.
The Vision Jet is an incredible aircraft with just one jet engine.
The Cirrus Vision Jet SF50 is a Very Light Jet (VLJ) that is powered by just one engine. Designed and produced by Cirrus Aircraft based in Duluth, Minnesota, USA, production started in the second half of 2016 and Cirrus has produced over 170 aircraft. Cirrus is typically known for the small, turboprop aircraft it produces, such as the SR20 and SR22, this is the only jet-powered aircraft the company produces.
The Vision Jet stands out due to its compact size and it is the first certified single-engine civilian jet. The Vision Jet received a warm reception when it was announced and before production started Cirrus had received over 600 orders for the aircraft.
Given the incredible popularity of the Cirrus Vision Jet, pre-owned examples can sell for over the list price with prices ranging between $2 million and $3.5 million.
Why Are Some Price Jets More Expensive Pre-Owned than New?
At the time of writing, there has been a significant increase in private jet demand and many manufacturers are struggling to keep up. Moreover, supply chain issues have also slowed down the speed of production.
Therefore, the fact that some aircraft are selling for more on the pre-owned market versus new from the factory is simply down to supply and demand.
Additionally, the point at which the value dips below the new price is typically when the warranty for the new aircraft runs out. This, therefore, makes it less desirable than a nearly new aircraft.
It simply comes down to buyers wanting an aircraft now, and the newer the aircraft the more desirable it is.