The total annual budget for flying a Lear 31 private jet 200 hours per year is approximately $867,054 or $1,417,491 for flying 400 hours per year. The maximum speed of the Lear 31 is 515 mph, but with slower climb, cruise and descending speeds it is more likely to average 412 mph which would equate to an average cost per mile of approximately $10.52 at 200 hours per year. If you fly 400 hours per year, you can spread the total fixed costs over more flight hours which reduces your cost per mile to $8.60.
These budgets do not include the cost to purchase the jet, depreciation or the cost of capital (interest payments.)
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