Looking at buying a private jet?
Well, you’re making us very jealous! More to the point, you’re clearly winning at life.
Owning your own plane is the height of luxury. You sail through the sky whenever you want, sipping champagne as you go. Few people have the cash to afford such luxury!
Indeed, a private jet can cost as much as $90 million. That’s a lot of money by anyone’s standards- even if you’re rolling in the stuff.
With serious cash on the line, it’s vital that you get the best jet possible. After all, nobody wants to end up with a disappointing private jet! If you’re going to do it, then you might as well do it properly.
We want to help you do exactly that. Looking for advice on buying the perfect private plane?
Read on for 6 essential things to think about first.
1. Know that Size Matters
Having a jet at your disposal is, of course, rather nice.
But its value is limited when it isn’t entirely fit for purpose.
That word, ‘fit’, is particularly appropriate here. Size is a factor in determining the right plane for your needs. Imagine investing millions of dollars in one that’s too small to carry your friends, family, business partners, or execs.
Nobody wants their private plane to be found wanting!
Know that cabin sizes vary considerably between different jets. Be sure to think about the potential passengers before committing to the purchase; ensure you have enough room available.
The trick is to think about who’ll be traveling on the plane beforehand.
Anybody who plans to take larger groups of people away (or groups of larger people, for that matter) needs enough space to do so.
2. Plan Ahead
Failing to plan is planning to fail.
It’s crucial to consider the flights themselves, alongside the passengers you’ll be taking on them. Sit down and reflect on the distances you want to travel.
If you want to travel internationally, then the jet’s going to need adequate fuel capacity. But if you only plan to fly domestically, then smaller planes that carry less fuel will suffice.
Ultimately, this comes down to research. Figure out where you’ll be traveling most frequently. From there, you can assess the capabilities and characteristics you’ll need from the jet.
3. Decide If the Price Is Right
As you know, buying a private jet isn’t cheap.
In fact, it’s so expensive that planes are off-limits to almost everybody. Even multi-millionaires will struggle to afford them. Figure out if getting your own plane is worth the expense.
This isn’t an issue for anyone with more money than they know what to do with! With endless amounts of cash on hand, who cares how much it costs?! Treat yourself and enjoy the experience.
For everyone else, though, it’s worth thinking about.
Take into account how often you fly. If you’re spending hundreds of hours in the air every year, then the expense is probably justified. You know you’re getting your money’s worth.
The same goes if you always front the cost of other peoples’ plane tickets. Paying for business associates, investors, friends and family, and so on? Well, forking out for that private jet might be justified here too.
Fly alone and less frequently?
The cost of buying (not to mention owning and running) a jet might overshadow the rewards. From a financial perspective, alternative flying options might be preferential.
4. Consider the Total Cost
Our previous point hinted at this one.
But it’s worth re-emphasizing.
Basically, the initial cost of buying a private plane is only the start of the expense. You’re looking at many millions of dollars just for that. And then you’ve got the ‘hidden’ costs to think about.
Who’s going to fly the plane? Assuming you’re not a pilot, you’ll need to employ one. Then there’s the insurance costs, fuel, and food/drink to cover as well. You’ll have to ‘garage’ the jet somewhere too.
All up, you’re looking at hundreds of thousands of dollars per year in running costs. Some people won’t bet an eyelid at those numbers. For others, though, it’ll be a worthy consideration in determining the financial viability of private jets.
5. Think About Buying Second-Hand
Buying a jet is similar to buying a car:
You’ve got brand new and second-hand options to choose between; many of the respective virtues involved are the same as well.
For example, new planes come full-price, just like cars do. They’re expensive, yet come straight off the construction line, with the most recent technology and features included.
But they also depreciate rapidly over the first few years.
Used planes can be a relative bargain. You pick them up ‘on the cheap’ and enjoy a slower rate of depreciation. Alas, you lack the prestige of having a new jet and the technological benefits that come with them.
It’s for you to decide which the right choice is. Just be sure to check the warranty details. Only with new planes can you expect full warranty! That’s a big deal considering the expense involved with aircraft maintenance.
6. Consider Chartering the Plane
Concerned about the costs involved?
Chartering could be one approach to reducing the financial load involved. Allowing others to ‘pay to play’ will mitigate the costs. It will also, obviously, mean you share the plane’s use.
There’s every chance you’re buying a jet for this sole purpose: to start a chartering business. That’s a whole new ball game!
Choose your market carefully and know that certain times of year will be more profitable than others. Older planes can also be limited in the number of flights they can take safely per annum. Keep these factors in mind when assessing the viability of the business.
Time to Look into Buying a Private Jet
Buying a private jet is a big deal.
They’re hugely expensive, which means you need to purchase the right one for the job. Hopefully, this post will help you do exactly that.
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