How Much Did the First Learjet Cost in 1964?
By the Price Time Machine team · Updated
The Learjet 23 price was $540,000 when the first one was delivered on October 13, 1964. Adjusted for inflation, that is about $5.9 million in September 2026 money, roughly 10.8 times the original price.
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Learjet 23 at a glance
- US launch price
- $540,000
- In today’s money
- ≈ $5.9 millionOctober 1964 to September 2026 (CPI-U, BLS)
- US release date
- October 13, 1964
- Where the company was based
- Wichita, United StatesBuilt by Lear Jet Corporation in Wichita, Kansas, after Bill Lear moved production there from Switzerland.
- Category
- Big purchases
- Price source
- centennialofflight.net
Today’s price is the US launch price adjusted for US inflation with the Consumer Price Index (CPI-U) from the US Bureau of Labor Statistics, comparing the launch month with the latest published month. It updates automatically as new figures come out.
What was the Learjet 23?
The Learjet 23 was a small, fast business jet with two crew and four to six passengers. It was Learjet’s first model, and it created a new market for fast, efficient small business aircraft.
The first production jet went to Chemical and Industrial Corporation of Cincinnati, Ohio.
The Learjet 23 price in today’s money
Inflation means a dollar buys less today than it did in 1964. Using the US Consumer Price Index, the original Learjet 23 price of $540,000 works out at about $5.9 million in September 2026 money, around 10.8 times the original figure. That is what the same amount of spending power would cost now, not what the Learjet 23 sells for second-hand.
Who made the Learjet 23?
Bill Lear saw potential in the FFA P-16, a Swiss single-engine ground-attack jet. He set up the Swiss American Aviation Corporation to build a twin-engine passenger version, at first called the SAAC-23 Execujet.
Building started in Switzerland, but the tooling moved to Wichita, Kansas, in 1962 after supplier problems. The company was renamed the Lear Jet Corporation.
When was the Learjet 23 released?
- First flight: October 7, 1963
- Type certificate awarded: July 31, 1964
- First production jet delivered: October 13, 1964
Learjet 23 facts you might not know
- A prototype crashed in June 1964, but the cause was found to be pilot error and certification went ahead.
- In 1967 the Gates Rubber Company bought Bill Lear’s share of the business for $27 million, and it later became Gates Learjet.
- As of 2025, only one Learjet 23 was still able to fly.
Frequently asked questions
How much did the first Learjet cost?
The Learjet 23 cost $540,000 when deliveries began on October 13, 1964.
How much is $540,000 from 1964 worth today?
Adjusted for US inflation, the Learjet 23’s $540,000 price is about $5.9 million in September 2026 money.
Where was the Learjet 23 built?
In Wichita, Kansas, after Bill Lear moved production there from Switzerland.
How many passengers did the Learjet 23 carry?
Four to six passengers, plus two crew.
Want to compare the Learjet 23 price with other launch prices? See what the Ford GT cost, browse more famous launch prices, or play this question in Price Time Machine.
Sources
Launch prices and dates are checked against the sources below. Today’s price is calculated from official US inflation data and updates automatically when new figures are published.
- Wikipedia: Learjet 23
- Wikipedia: Learjet
- U.S. Centennial of Flight Commission: Bill Lear and the Learjet
- US Bureau of Labor Statistics: Consumer Price Index (CPI-U)
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