Some people may give you flack for asking the question, but if you're able to afford it, private jets are worth considering – especially if you're traveling with a group or to a location far from larger airports. Both private jets and first class seating on commercial flights are expensive and very comfortable ways to travel, but there are some key differences.

Whether it's a business trip or a vacation, a chartered jet allows you to maximize your time at your destination and minimize the number of hours you spend traveling. On the other hand, first class is also a luxurious way to travel, even if it means you have to put up with crowds at airport security and other discomforts of commercial flights.

Which brings us back to the question. Which factors determine whether it's better for you to fly first class or charter a private jet?

There's no reason to consider both options if you can only afford one, so let's get the financial elephant in the room out of the way. A private jet is more expensive than a first class seat. According to Greg Richman, president of Skyjet: Light Jets start at $2,800 per hour. Mid-Size Jets start at $3,800 per hour. Super Mid-Size Jets start at $4,500 per hour. Large Cabin Jets start at $6,500 per hour. A true first-class ticket (not business class) from Los Angeles to Las Vegas could cost as much as $1,500, while the same trip on a private jet might come in at $5,000.

Before you count out ever using a jet, there's more to the pricing story. On a commercial aircraft, you rent a seat. If you want to bring somebody with you, you rent two seats and pay double the cost. If you want to bring seven other people on your trip to Vegas, you pay $12,000 to fly first class on a commercial jet.

With private jets, you rent the plane. Whether you have one person or eight, the cost is still $5,000 per hour. You and your seven companions get two hours of private jet experience before it becomes more expensive than the first-class commercial flight.

There's one situation when it's almost always more cost-effective to choose first class over a private jet: flying overseas. Long trips require a larger, more expensive plane with a bigger range. This would make a commercial flight considerably cheaper unless you took a very large group with you on the charter and would have otherwise bought everyone first-class seats. (For more, see Credit Cards That Will Get You First Class Flights and How To Fly First Class For Cheap.)

Yes, they're lush for customers of the high-end private jet industry. Adam Twidell, CEO of private jet booking platform PrivateFly.com, says, On any private jet charter you will always receive VIP catering, which on short flights usually includes cold meats, salad, fruit, sandwiches or pastries. Champagne is always available on board, as is a range of soft drinks, tea and coffee.

"However, due to the bespoke nature of private jet charter, you can request any sort of amenity to be available for you during your flight," Twidell continues. "At PrivateFly, we see a wide range of catering requests from our clients, and our Flight Team is able to accommodate all of them. From birthday cakes to a specific brand of herbal tea, we go to great lengths to make sure our passengers' needs are met.

True first class flying on a commercial aircraft comes with amenities, but generally not at the level – or personalization – of flying privately.

To the average onlooker it's easy to see private-jet flying as excessive – like owning a Rolls Royce or an expensive yacht. What makes it more economical is when you factor in the value of a person's time. Commercial aircraft only have access to the largest airports. If the traveler is flying to attend a meeting well outside the nearest metropolitan area, he or she will need to add significant round-trip driving time to get from the metro airport to the meeting location. Private jets are able to fly into smaller airports, often getting their clients to their location faster.

In addition, flyers don't have to wait in long security lines at large airports, which can be time consuming even for those with Trusted Traveler status.

Because companies don't want to fly their jets without passengers, they are often happy to wait for their customer if they're flying back the same day. This avoids having to schedule meetings around commercial flight schedules that may have stops at other airports before reaching the destination. Executives can also conduct business meetings and work more easily on a private jet so flight time isn't wasted. Taking into account the value of a high-level executive's time, a private jet may quickly become more economical than commercial aircraft.

There's also the reliability factor. Not making it to an important meeting because a flight was canceled could be a risk that some people cannot take.

Customers flying privately can also bring pets – as well as golf clubs, skis and other bulky items (presentation boards, anyone?) that don't easily fit on commercial aircraft. They also avoid the risk of losing these items in checked baggage. In addition, private planes may provide easier access for elderly, handicapped or injured travelers, as well as accommodating wheelchairs and other equipment.

Traveling on a private jet is expensive, but when multiple people fly and the value of a senior executive's time is taken into account, the cost isn't as outlandish. It's likely that most people who can afford to take a private jet do it because they just don't want the hassle of commercial flying. For them, the choice falls comfortably into the if you have to ask, you probably can't afford it category. The new wrinkle is that it might be marginally more affordable than many people imagine, especially those traveling as a group. To help you research what's out there, see Private Jet? There's An App For That.