Owning Your Own Private Jet Could Be the Travel Solution You’re Looking For
Independently wealthy people and business owners are choosing private aviation over commercial airlines to save time waiting at airport gates and in lounges and to improve security during flights.
Although charter flight companies and jet cards are widely available, the only true way to ensure you’re flying when you want is to buy an aircraft for sale and operate it with your own team.
To qualify to purchase a private jet, you’ll need to prove your finances are adequate to cover the purchase cost, plus annual flexible and fixed operating fees. Of course, cost of ownership will vary greatly based on jet size, model, and how often and how far you fly. Consider these important factors before buying your own aircraft.
Work with a Professional Aircraft Broker or Dealer
A reputable aircraft dealer or broker can guide you through the ins and outs of the purchase process and the private aviation industry. They work in your favor throughout your acquisition and can help you access the services you’ll need to complete your purchase, including title research, insurance policies, and more.
You’ll need to work with an industry professional to complete your purchase, which is a far more complicated process than buying a house or car, for example.
Get a Grasp on Your Money
Before you can purchase a private jet, you need to understand what you can afford. Work with your accountant to determine how much you can spend on an aircraft acquisition.
Bear in mind that cost of ownership and cost of operations are two different things. You’ll need to consider more than just how much it costs to buy the aircraft. You’ll also need to think about the annual fixed and flexible fees you’ll need to pay:
- Insurance premiums
- Hangar fees
- Maintenance programs and tracking
- Regular inspections
- Flight crew salaries and training
- Airport, landing, and ramp fees
- Fuel surcharges and cost of fuel
- And more
If your budget is small, you won’t be able to buy a large private jet, but a light jet or turboprop may be in the cards for you – assuming their ranges and amenities are adequate for your travels.
Start the Search for an Aircraft for Sale
Your broker will go over the details of your budget, the amenities you want, and jet performance you seek. They will locate aircrafts for sale to show you from all over the world.
Keep in mind that used jets are more affordable to purchase than new ones and can be acquired more quickly because they’re already built and ready to trade hands. However, even purchasing a used jet can take a year or more to complete the acquisition process. First-time plane buyers often do not know how long it will take, so you or your company will need to plan on continuing your relationship with your charter flight company or jet card provider until your purchase is complete.
Gather Vital Information About Jets You’re Considering
If you’re shopping for a used jet, you need to ensure that you have the right information about each plane you’re considering. Your broker or dealer can help you obtain and review documentation, and guide you through the importance of each before you proceed.
You’ll want to consider things like:
- The number of cycles on the engines
- The maintenance plan the plane has followed
- The type of amenities in the cabin
- The age of the avionics system in the jet, and when it was last updated
- All aspects of the inspection report and appraisal
- And more
Being careful now will help ensure you’ve made the right choice when you sign on the dotted line and take ownership of your own personal jet.
Follow Federal and Local Jet Purchase Processes and Laws
To buy your own aircraft, you’ll need to closely follow a clearly prescribed process. You’ll need to prove you have the finances available to purchase the jet, either with your own money or via financing. You’ll also need to prepay your insurance premium, pay for an inspection, and cover the sales tax.
Your broker or dealer will also ensure you’re meeting local and federal regulation on aircraft ownership and transport, especially if you’re purchasing a jet currently located outside of your own country. They’ll also complete their own list of tasks simultaneously.
Once your purchase is complete and you meet all mandatory laws, you’re ready for productive and secure private flights, wherever your travels take you.