A guide to jet ownership
This guide to jet ownership will help you to weigh the costs and benefits of owning an aircraft. Owning a jet may make sense for companies and high net-worth individuals who usually fly more than 400 hours every year and are willing to assume the responsibility of managing an airplane.
The advantages of owning your own jet
Flying by private jet will allow you to avoid the hassles associated with taking a commercial flight. You can create your own schedule, change it at short notice and arrive at the terminal a few minutes before the departure of the aircraft.
A private jet will allow you to get closer to your destination and you will be able to avoid travelling long distances by helicopter or on the ground. Although about 5,000 aerodromes and airfields in Europe can be accessed by private planes, only about 500 are served by commercial airline flights.
About of 96% of city pairs that are served by business aviation across the globe do not have any scheduled commercial flights. If you use a private jet, you can cover several cities in a single day.
The disadvantages of owning a jet
Delays will occur at times when your private jet is undergoing maintenance. Scheduling conflicts could occur if you only possess limited planes, and the type of aircraft that’s available does not suit your requirements.
The cost of owning a jet is hard to forecast and unpredictable events can upset your budget. The standards of aircraft maintenance and costs can vary depending on the location. You will have to hire experienced pilots and arrange for ongoing training.
You will have to pay for all the hours when your aircraft is flying. This includes positioning as well as occupied flights. Higher costs will be incurred due to deadhead flights, which involve flying an empty plane to a location to pick up passengers.
Does fractional ownership make sense?
Even if you fly more than 400 hours every year, fractional ownership may still make sense for you in certain circumstances.
You can consider fractional ownership if you already own an airplane that often flies empty or deadhead or if you need more than one plane on any day. Fractional ownership may make sense if an out of service aircraft is not acceptable due to your personal or business needs or if you often stay for several days.
Fractional ownership may be the right choice if your flights originate from different locations or if the distance and the number of passengers vary.
The best solution may be to supplement jet ownership with fractional ownership.
Select a jet that meets your requirements
Consider your needs carefully before you choose a jet. There’s no need to buy a big aircraft if your average flight is less than two hours and you usually travel with 2 or 3 passengers. Consider the amount of cabin space you need before you decide.
Before you buy a jet with a long range, consider that it will not be able to land on short runways. You may not be able to use it if you need to travel to small regional airports.
You can spend as much as you like on decorating the interior. However, this is subject to weight restrictions and every modification has to be certified.
The benefits of using an aircraft management company
An aircraft management company can maximize availability, and it can also charter out your aircraft so it is fully utilized and earns its keep.
You may not like the idea of sharing your plane, even if it means reducing the cost of owning it. However, most owners understand the benefits of using experts who can handle flying, maintenance, insurance and crew training.
If you decide to restrict use of the plane to the owner, financial benefits may not be visible immediately. However, showing that a plane has been maintained, crewed and managed by professionals will provide benefits when you decide to sell it.
An aircraft management company also helps its customers to save time, which is the main reason why a private plane is purchased. If you try to do it all yourself, you may end up spending time as inefficiently as airline passengers waiting in line at the airport.