For many owning a private jet is the epitome of luxury. Style, speed and splendor are all radiated from their sleek finish and indulgent interior décor. But with phenomenal costs just to maintain a jet on land, even the super wealthy are asking is it really worth being a private jet owner anymore?
Owning a jet is currently cheaper than ever before but more and more people are turning their back on buying a jet outright. Ownership does have its pros, the main ones being ease and convenience. There are no queues for security or baggage check in, so you can arrive at an airport minutes before you leave and with your own bed on board arrive after a transatlantic flight glowing like a celebrity. Plus the added benefit of having your own private jet being that it is a huge status symbol, people will begin to think of you and your business as more successful, prestigious and superior to other companies.
Other than these, the financial cons do seem to outweigh the positives. For the tremendous amount of money it costs to buy your own aircraft, insure it, maintain it on land and pay taxes, not to mention fuel costs. Jets are also depreciating assets, most investors lose a lot of money and with the market being very similar to the luxury car market most owners upgrade to a new jet after a few years. There is a huge second hand jet market but the same depreciation still applies.
It’s worth considering how often you actually fly. The general consensus is that unless you are going to fly for over 300 hours a year owning your own plane doesn’t make financial sense. You may be much better off joining a membership scheme where you hire a private jet when you need one. Membership schemes allow you pay a fee to enjoy all the benefits of having a private jet without the responsibilities that come with owning one. Often these mean there isn’t any fee to park the jet, capital investment fees to pay or monthly maintenance charges and you have guaranteed access 24/7 with most companies requiring just 24 hours’ notice.
If you’re an occasional high flier but don’t think you’d reap the benefits of a membership scheme there is an On Demand service where you can book ad hoc flights based on availability. Some companies like Vistajet who own their own fleet of private planes with a global aircraft services, give you the option to do both. Individuals and corporations can loan the outstanding quality planes for a fixed price per hour and still enjoy a bespoke flying experience.
Private aviation is now more accessible than ever before with most major airports even offering a private jet hire service which can be booked in advance. So if you’re looking for supersonic speeds, luxurious surroundings and flexibility there are other alternatives to ownership which offer all the best benefits without the extortionate price tag.
Courtesy TheTopTier Digital Media