When the government purchased Air Force One in the early 1990s the cost was an estimated $330 million, which is around $571 million by today’s standards after inflation. Here’s the catch though: Air Force One is actually two planes. That’s right, the cost of both of the jets was $660 million of taxpayer money.But that’s not the end of the money guzzling jet’s expenses. Every time the president takes Air Force One out for a spin it costs $179,750 per hour to operate. For example, a quick trip to South America can cost upwards of $10 million.