Did you know that the best time to buy a private jet is right now? If those earphones and supplies you’ve been buying from your favorite aviation supplies sources aren’t being put to use, you’re in luck. The jet market is down and planes are relatively cheap in comparison as to what they used to be. There are a couple of things that you should acknowledge before you make the decision to purchase a private jet – the first is that you probably shouldn’t invest in it by yourself. The Aircraft companies can help to coordinate the purchase for you and then keep it flying for you afterwards. The other thing to remember is that you don’t necessarily have to own one and there are easy ways that can be used to charter planes for any of your trips. There is also a fractional ownership where you will own a small portion of the jet but be paying for the amount of flight hours in which you must fulfill every year.
Cost Vs. Benefit
A private plane is going to cost millions and the aviation experts suggest that you have between 350 to 400 hours of flying per year at least. You should also take the hidden costs into consideration such as gas, pilots, fuel and the catering. Management companies will take care of these for you if you’re willing to pay them between $100,000 and $200,000 per year. This will depend on the size of the jet and the usage.
There are also repair and maintenance costs that can be unpredictable at times. You could lose a significant amount of money by purchasing your plane and selling it low. You should always clear it with the PR if you are a corporate executive. This applies to you especially with a company that has been bailed out by Washington. Using or buying a private jet can also mean some public relations being in trouble.
Calculate your Personal Needs
A private jet will come in three different sizes. You can purchase a small one, medium one or large one. You can also get one that is used or new; since the economy is down that means that there are far more used planes in the market and if you want to order a brand new one that could take anywhere between 1-2 years. Even purchasing a used jet means that the federal aviation would require a jet to comply with regulations and hundreds of thousands of dollars or repair hours.
A new plane would come with a 5 year warranty although you would still have to pay for inspections. There are many other expenses which are covered under the warranty plan. You would also have to pay an hourly fee in case any parts fall through as well as for the engine program. These programs are extremely expensive and the overhauls that are required later on in time.
A consultant can help you with your search. The management company is the people who will be in charge of keeping you happy in the long run. It is in their interest that your search is finding the perfect plane.