Buying a jet is one of the biggest accomplishments for any individual, but the process of purchasing one can often be strenuous and full of potential pitfalls. Along with a scary upfront investment, there are many hidden costs involved with aircraft maintenance that most first time jet owners are unaware of during their decision process. The most important thing is to do your homework and there are companies, like Jet Advisors, who are setup to help you navigate through the whole process. Here are five things to note before you make your decision.
1. Consider If Jet Ownership Is Really For You
Before you go making a mammoth investment in purchasing a jet, you should first figure out whether ownership is actually for you. Depending on what you value when you fly, how often you fly, turnaround times, etc, there may be better, more cost-effective options Here are some of your options:
Charter: Flying charter essentially serves the same purpose as renting an aircraft. Charter is useful to private flyers because you can increase or decrease the service depending on how much you fly. Charter is very flexible and easier to find a plane that suits a different trip than usual. However, Charter’s biggest downfall is the inconsistency in key areas like service, aircraft and operators.
Jet Membership Programs: Jet membership programs are a bit more friendly to the consistent flyer. With Jet memberships, the flyers will rent hours and pay the amount for the allotted hours in full, up front. Membership offers a much more personalized experience. Magellan Jets offers Jet-specific memberships in 9 different aircraft, designed to offer the flyers the quality of aircraft they paid for or better. Along with the personalized perks and benefits, Jet memberships offer a tailor made travel experience.
Fractional Ownership: Owning a fraction of an aircraft is the middle ground between a jet membership and owning an aircraft in full. It still involves a large investment (normally a large payment and 2-3 year commitment), but your percentage will get you an allotted amount of hours to have garunteed access to your aircraft type anytime, anywhere.
2. Don’t Buy On Emotion
One of the most common mistakes made while shopping for an aircraft is coming in with a preconceived emotional attachment to a certain aircraft after a demo-flight, friend recommendation, etc. It is far more important to put your feelings aside and think with a calculator. If you “leap before you look”, you may be stuck with a plane that was a great fit for one trip and not the majority of them.
3. Consider What Matters To You
Every passenger values different things when traveling. It is important to consider both the likes and dislikes of both yourself and your passengers you most often fly with. Always ask yourself some questions like the ones below to set yourself up with the right aircraft.
Is saving money more valuable than consistency in aircraft and operator?
How much variation is in your trips? Range, passengers, airport type?
Are relationships with your aircraft provider important or is any provider acceptable?
4. Needs Assessment
An Aircraft is a purchase out of need, not pleasure. So it’s very important to perform an assessment of your own NEEDS before you decide to purchase one. Don’t be fooled by the vaunted “10% trip” that gets most aircraft owners to overlook their own needs. The 10% trip, although everyone loves taking, is the rarely done trip that doesn’t reflect your normal aircraft usage. A trip to the Superbowl is great, but probably not the best trip to base your purchase off of. The trick is to truly be honest with yourself on what falls in the 80%-90% of your annual trips.
5. Understand The True Cost Of Ownership
The obvious cost that often is the most intimidating to potential aircraft owners is the upfront purchase investment. While that cost is often the largest, there are hidden costs that can become quite expensive over the period of ownership. Fuel, pilot & crew, insurance, maintenance fees, catering, and hourly flight costs are just some of the many costs that are not taken into account before purchasing an aircraft. Always look into the hidden costs to see what financial investments you will have to make after purchasing the aircraft.
The best way to arrive at the correct decision is to do your homework! Put feeling aside, check the data, and explore your options. Remember, purchasing an aircraft financially makes sense for a small handful of people whereas the majority may be better off exploring membership and charter options. Check out Magellan Jets free whitepaper “How To Buy A Jet” to learn all of your options in detail.
Magellan Jets is the leader in domestic and international private jet travel offering private and corporate travel memberships and charter flights. With a global network of thousands of pre-qualified aircraft, Magellan Jets is committed to the highest safety standards, personalized experiences and top level customer service.