See inside a $23 million private jet that Fortune 500 companies or wealthy travelers can split to fly cheaper

• Flexjet sells partial ownership of private planes for a set number of flying hours.
• This allows people to fly privately for cheaper than the cost of full jet ownership.
• I toured one of Flexjet’s $23 million Embraer Praetor 600s. It costs about $10,000 hourly.

Owning a private jet is financially impossible for most people. But there’s another way to fly private that can be much more accessible: fractional ownership.

This model allows companies or individuals to split “ownership” of a private plane by buying into a set amount of yearly hours and then paying the hourly rate when they fly. The operator covers ongoing costs like staffing and maintenance.

This is the core business model of Flexjet, a US-based private aircraft operator with a fleet of more than 270 planes. It offers a range of options, including Embraer light jets, Sikorsky helicopters, Bombardier Challengers, and the ultra-long-range Gulfstream G650.

Among Flexjet’s most recent additions to its US portfolio is the $23 million Embraer Praetor 600. It’s an improved variant of Embraer’s Legacy fleet and builds on its Praetor 500 sister jet with ultramodern avionics, a larger cabin, and a longer range.

Business Insider toured a Flexjet Praetor 600 at Westchester County Airport in New York on Wednesday to see what it offers customers.