Get inside the Thoughts of the Elite Who Fly in Their Own Planes
If you’ve never before been in the market for a private jet, it’s hard to know where to begin. You’ve likely taken a look at the jets owned by famous or wealthy people to get an idea of what you might purchase – but the world of private aviation is widely varied, and the jet that works for Elon might not be the best fit for you.
Before purchasing a private jet, the wealthy consider quite a few important things, and you should, too. Let’s take a look at some of the most important things you should consider before buying an aircraft.
Benefit Considerations
The wealthy got that way for a reason. They likely earned their money by making smart investment choices and carefully weighing the outcomes of every major purchase they made.
When it comes to owning a private jet, they likely considered why private flights would benefit them over flying on a traditional airline. For example, if they are traveling to conduct business, do they need privacy that even first-class seating cannot afford them? Or, are they traveling unusual routes on a time constraint, and therefore it isn’t conducive to scheduling to purchase a seat on a commercial airline?
In general, private jet owners enjoy benefits like privacy, security, and time-savings. For smart investors, it isn’t enough to simply desire a private jet for fame or status purposes.
Feature Considerations
Analyzing what features you need in a private jet is one of the first steps to take before deciding which plane to purchase. Not every private jet is created equally.
For example, it’s a safe assumption that you want a private lavatory on the jet you purchase. However, in some private jets, the only thing separating you using the facilities from the rest of the cabin is a flimsy curtain! If you are usually one of few passengers on your jet, that might be just fine with you. But, if you’re planning to fly with colleagues, friends, or relatives, you might want a full-fledged door on your lav.
Depending on how long your flights tend to be, you may need a full galley capable of preparing gourmet meals. Alternatively, if you take only short flights, a galley that holds chilled or room temperature refreshments may be adequate.
Private jets often come equipped with entertainment systems, Wi-Fi capabilities, and more, built into the cabins. Are you looking for the latest infotainment technology, or are you satisfied with your laptop, tablet, or smartphone? This determination can also be a factor in choosing an aircraft for sale.
Jet size is perhaps the most important consideration. In general, the larger the jet, the longer the range. For transatlantic or cross-country flights, you’ll need a large jet to get from point A to point B without multiple stopovers for refueling. The size of the jet also determines the number of passengers aboard.
Crew and Storage Considerations
If you plan to purchase a private jet, you also will need to plan to hire a flight crew, including a pilot, identify a hangar where you can store your jet, and secure other important things like insurance, annual crew training, maintenance plans, registration, flight planning, and more.
Wealthy jet owners who don’t want to deal with the day-to-day details hire someone to oversee their aircraft operations. These operations managers are private aviation industry experts, and they ensure every part of owning a private jet and flying in one goes off without a hitch. Before purchasing a jet, it’s best to hire this team member so they are involved in the entire process and can provide their input and advice.
Financial Considerations
It may be quite simple to purchase a private jet with or without financing. However, there are more costs to owning a jet than the purchase price.
The annual cost of ownership varies from plane model to plane model, even those in the same size classes. Wealthy jet owners know that their planes come with fixed costs and variable costs.
Fixed costs are those that you must pay to own a plane. They include your hangar fees, insurance, training, maintenance subscriptions, and more. Variable costs, however, depend on how often you fly, how far you fly, and the supplies you need to have onboard. These variable costs include things like fuel, refreshments on board, and more.
When you add up the purchase price of your jet, plus the additional costs associated with ownership, it may be hard to tell if being a private jet owner is worth it. But the wealthy know how net present value (NPV) can play into this determination.
NPV is a tool used in investment planning, and compares the difference between the present value of cash inflows and outflows over a period of time. This calculation determines the profitability of a projected investment.
While you aren’t likely to earn any income simply from owning your jet, that doesn’t mean that the NPV will show that it isn’t a wise investment. Instead of using the amount of money owning a jet would generate, you’d consider the amount of money owning a private jet might save you over the other forms of transportation you were using.
If you’d save money by owning your own jet outright over paying for chartered flights, jet cards, or commercial airline flights, then it’s likely that a jet is a wise purchase.
Weighing Your Choices
If, after all these considerations, you still intend to purchase a private jet, good for you! Find aircraft for sale by doing a Google search for aircraft dealers or brokers, who can help you access jets for sale and guide you every step of the way. Best wishes on your plane shopping experience!
Leave a Reply