We’re having a discussion about the cost of owning a Citation 500 jet and the operation of it.?

Not including paying a flight crew, about $1,500 per flight hour based on 250 flight hours per year. Fixed costs (assuming it's owned outright with no payments or interest) in insurance, storage and maintenance, even if you don't fly a single hour, will come to about $50,000 not including pilot salaries. And this if for an airplane in excellent condition. If it flies less than 250 hours, then the quoted hourly price goes up proportionately. If you only flew 50 hours, the cost would be around $2,300 per flight hour.

http://www.planequest.com/OperationCosts/op_cost_i... (the info is a bit out of date)

Oh lordy, if you have not been in that business before, watch out and believe NOBODY on a hard quote. The hourly price is close to impossible to figure out precisely, however a monthly cost would be easier to guess. It all depends where your plane is registered to start with. Then on the maintenance status of frame and engines. It varies if you have a maintenance contract including rental engines and spares pooling or not for example. It depends if you have a maintenance allowance covered in your insurance or not. Do you fly private, shared ownership, part or full commercial? The financial requirements will vary exponentially with it.

The best way to start if you have no clue (which, with all respect seems to be the case here), is to ask around for charter prices, in your area, take the average and then take about 10 percent off. Your own price might even be a bit higher then that if you got ripped off in the purchase of the plane. Do never buy a plane because it looks good, do not even go and have a look at the plane when making a close selection. They all look good. It's like with women, if you really want one they are all attractive ;-) Just use plain (plane) sense and compare books, especially maintenance books. Unfortunately here you need to have a person on hand who you can trust unless you are fit for it yourself. Hire someone independed maybe, pay him his fee and save it twentyfold later on, don't hire a local clown, go to an established company with a name, even if it's a bit pricy.

Don't know where to start? Ask the local aviation authority. Don't laugh, their initial goal is really to help you and you will make friends with them quickly this way.

I´m completely lost about this matter, but I give you a Star to help your question spread across the forum. Good luck and regards.