The Boeing 747 is rapidly disappearing from the air for commercial use after over five decades of rule. As we wave goodbye to the Queen of the Skies, we feel it’s a good time to look back at the history of the aircraft, including its cost.
Getting the widebody off the ground
The Boeing 747 was truly a pioneer. It was the first-ever commercial widebody jet and opened up doors across the whole travel industry. Pan American leader Juan Trippe wanted an efficient way to place 400 passengers on one aircraft. Initially, he felt the best route would be to stack two single-aisle cabins on top of each other. However, Boeing’s engineers came up with the widebody solution.
Subsequently, in 1968, the program cost was $1 billion. This figure may not seem like a lot, but today, the cost would be equivalent to approximately $7.61 billion. The initial 747 rolled out of Boeing’s assembly line in Everett at the end of September, and the type conducted its first flight on February 9th, 1969.
The first orders
With Pan Am’s management heavily involved in the launch of the project, it’s not a surprise that the legendary carrier was the first to introduce the plane. In April 1966, the operator placed an order for 25 Boeing 747-100s. The total cost of this order was $525 million (~$4 billion today). So, Boeing was already halfway to matching the cost of the program with this invoice alone. Each unit would have worked out to cost approximately $21 million (~$160 million today).
The 747-400
The -400 was introduced in February 1989 with Northwest Airlines and is one of the most recognized variants of the series. This model brought advancements such as increased range and wingtip extensions, which improved fuel efficiency by 4%.
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According to TopSpeed, the price of the aircraft was up to $58.5million. Moreover, Aircraft Compare notes that the plane was going for around $266.5 million in 2007.
Second-hand options
The -400 is still in the skies today, with companies such as cargo specialists put the plane to good use. However, the variant isn’t in production anymore. Therefore, if a carrier wanted to purchase one, they would have to look for a pre-owned unit. The average price for a used -400, factoring in a loan to cover it, is approximately $16 million. Overall, this is a fraction of the price of what a new unit was.
Running fees
It might look like a bargain to own your own historic aircraft. However, it’s important to remember the cost of deploying such a juggernaut. Aircraft Cost Calculator shares that for 450 hours of flying a year, total fixed costs can amount up to $851,244, and total variable costs can reach $7,812,774. So, within a few years, the cost of running the plane would reach the purchase price.
The last Queen
The 747-8 is the final ruler in the family. However, the model’s production program is also soon coming to an end. In 2019, a single 747-8 Intercontinental had cost $418.4 million. Meanwhile, the freighter edition was $419.2 million per unit. Comparing the cost of the initial 747-100, the price of the 747-8 is lower after taking inflation into account.
The end of the quadjet
The 747 isn’t the only four-engine widebody that is being phased out by airlines. The Airbus A380 is also being retired rapidly across the globe. During the superjumbo’s production, it had a list price of $445.6 million.
Price inevitably became a significant factor in the downfall of both quadjets. However, it wasn’t the value of the airframe that started to deter people, but the cost of running such a behemoth. With modern, efficient alternatives on the market, airlines simply began to look at other options.
What are your thoughts about the cost of the Boeing 747? Will you miss flying on the jumbo? Let us know what you think of the aircraft in the comment section.
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