Important Factors To Consider When Buying A Private Jet

Buying a private jet is very different from buying a luxuous car. The logistics involved in buying a private jet are much more complicated than they are in most other cases. You cannot go out and buy a private jet on the same day, as there are many calculations you will have to make. Even if budget is not your priority, there are other factors to consider as well.

Used Jet or Brand New Jet

This is one debate a shrewd businessman will always have before buying the private jet. A used jet could save you millions of dollars in terms of cost. Besides, you can use the existing crew, pilot, hangar permissions, and other permits. This will save you lot of overhead cost and will mean less worry as your jet is ready for use right from the first day. On the downside, you have to be really careful about assessing and inspecting the jet and estimating the right cost. Considering that spare parts could often cost as much as 50,000 dollars, you might be investing in a white elephant.

A brand new jet on the other hand will be more expensive but would give you assurance in terms of the performance and condition. You have to take the added responsibility of hiring the jet management company and the crew and also get insurance for the jet. It is not just cost, but also the time taken for other arrangements that need to be considered.

Complete ownership or fractional ownership

This is another debate executives often having before buying a private jet. If you have packed schedules and are constantly flying from one place to another, sharing ownership of jets could prove slightly dicey. But, on the other hand, if your jet could end up in the hangar for 9 out of 12 months, it is a good idea to go for fractional ownership of the jet. This has multiple benefits. Firstly, you can share the costs. Secondly, you can have a second opinion when it comes to buying insurance, hiring crew or a jet management company. Lastly, corporate groups could get some tax benefits which an individual jet owner cannot get. That way you can cut down a lot of costs.

Small size, medium size or super size

The small size light jets could accommodate just 4 passengers and fly 1200 miles, while the super size jets can accommodate up to 20 passengers and fly about 4000 miles. Their cost too varies from 2 -3 million dollars to 70 million dollars. Given this wide range of the spectrum, you might have an important decision to make regarding the size and capacity of the jet. This depends on your need. If the jet is to be used by a highly competitive corporate for intercontinental flights, the wide bodied jets should be preferred. They can be used for meetings with clients too. If one needs a private jet only for domestic flights or short durations spending a big amount isn't really justified.

A few other factors to be considered include the design of the jet and the brand e.g. whether you would take a Boeing, Airbus or Cessna.