There are 4 stats you can upgrade to each jet and each stat has 4 levels. The starting jet is the cheapest to fully upgrade and it will cost a total of $100,000 to max it out. The four stats are boost, top speed, acceleration, and handling. Level 1 upgrades cost $1,000. Level 2 upgrades cost $3,000. Level 3 upgrades cost $6,000. Level 4 upgrades cost $15,000. Upgrade all 4 stats to level four and the achievement is yours.
Also, this achievement works with any jet, you will most likely upgrade the Manta fully at one point as this is the best jet in the game so if you want to wait and move on from the starting jet it does not matter, the other jets are just more expensive to upgrade.