5 Ways To Own a Private Jet
Getting Onboard With Private Air Travel
If you have ever imagined taking a nap at 40,000 ft onboard a comfy private jet, your time has come! In this article, we will reveal all the ways to claim a private jet under your belt, at least for a few hours!
This is what you want to know, not everyone who flies in very expensive private jets, owns the jet for themselves! So, the question is, how do they do it?
Owning the jet is not the only available option to travel in a private jet, yet it is the most expensive option. Here we will reveal all the viable options to claim your ownership starting from the most expensive to the least expensive.
01. Outright Ownership
If you have extremely deep pockets with a never-ending cash flow, this option is for you. Buying the private jet straightaway from the manufacturer to your name may cost from a few million to hundreds of millions depending on the aircraft you have selected. A smaller light jet like the Cirrus Vision SF40 may cost somewhere around $1.4 million while an Airbus A380 jumbo jet converted into a business jet may cost you a staggering amount of $500+ million.
In addition to the substantial initial cost, there are more additional costs waiting to stack up if you own the jet for yourself. You will have to pay for the flight crew, aircraft maintenance, flight management, and parking. Coping with the regulatory bodies is another burden your flight management team has to deal with.
You can sell the jet whenever you want to the market value and the reselling price may differ on many factors. There are broker companies who are willing to give you a hand in the process of reselling the jet.
02. Private Jet Lease
Leasing the aircraft falls between outright ownership and fractional ownership. If you lease the aircraft, you will get the ownership of the jet for the agreed period but not the title under your name. If your accountant allows, clocking up flight hours is not a big deal. There are fewer restrictions compared to fractional ownership, but you will have to look after the aircraft with your own expenses. Parking, paying for the pilots and crew, schedule and unscheduled maintenance, inflight catering, and fuel will be weighed on your budget. This is no easy task and hiring a team to cater to the flight management part will be a big solace with an additional cost.
03. Fractional Aircraft Ownership
As a fractional jet owner, you pay for a fraction of the aircraft value and secure your partial ownership of a private jet. The lowest share is 1/16th of the aircraft cost that grants 50 flight hours while the maximum share goes all the way up to ½ with a flight hour allocation of 400 hours. In addition to the share price, the fractional jet owner enters into an agreement with the fractional company to pay an additional fee for each hour he flies and a management fee for managing the jet. Aircraft fractional ownership comes in handy for average users who do not fly too often and do not like to bear the burden of managing the jet. Fractional owners will get a chance to fly in the same aircraft they paid for and the allocated aircraft depends upon the availability of the jets.
Normally the agreement period for fractional owners is five years and at the end of the terms, owners can resell the share to the fractional company for the market price or continue the agreement for another five years.
One of the key advantages in fractional ownership is, the owner gets the opportunity to use any aircraft operated under the fractional company to complete his flight hours (yes, with some restrictions!).
04. Jet Charter
If you do not travel more frequently but want to take your family on a private jet trip, chartering a jet will be the go-to option. There are a plethora of private jet charter companies offering their services all around the globe. Select the company that addresses all your travel requirements and we urge you to focus on their primary service area as you will have to be there for the flight or else pay an additional amount for a repositioning flight, which is indeed unnecessary.
When you charter the jet, you select any type of aircraft and the cost varies depending on the type and the intended flying hours. Light jets come with a much lower price tag while a mid to heavy jet may cost hundreds of thousands of dollars for the entire trip.
Travelers do not have to worry about the backend process, as the charter company is responsible. They have considered the operational cost when calculating the rate.
05. Jet Cards
With a jet card, you are entitled to certain flight hours. It is like paying in advance for future flights as flight hours. Many private jet companies offer jet card facility and the card resembles a usual credit card and comes with the entitled flight hours printed on the card itself.
Even in jet cards, travelers do not have to worry about the operational costs and other surcharges as the service provider is there to handle all of them for you.
What is Your Plan?
With all the information, you should be able to select the best option for your travel requirements. It should always match your travel needs and financially compatibility. It is always advisable to schedule a meeting with an agent of the particular company and discuss all the matters before investing your hard-earned money. Having done all these will direct you to the best route that will take you on a stress-free journey.
Keywords: private jet, aircraft fractional ownership, jet cards, jet charter, jet lease
