If you want to know how you can own a private jet, you’re in the right place.
First and foremost, a private jet charter is available to anyone. Given that you are capable of covering operating costs, and any other associated fees.
A private jet does not have to cost you $80 million, but it can. In this article, we will cover everything you need to know before you own your private jet.
Keep reading to start with the cost of purchase.
On Cost of Purchase
A private jet can be bought for as little as $100000, but you’re probably thinking of something else. Depending on the features, model, range, and size—a jet can set you back between $2 million to $90 million.
Private jets are subject to depreciation, but this is oddly uncommon. As we can often see jets actually raising in the sales price, after being upgraded and used by certain people. However, sometimes a second-hand jet is a more affordable option.
However, there are some things to consider before you buy a jet.
First, your travel routine. Your type of travel is more important than the time that you spend in the air. If you schedule mostly one-way flights, you have to pay for the costs of sending the crew and plane back to the original base. Unless you want to be a pilot (we will cover that later).
But if you decide to stay at the location for a week or longer, you have to accommodate the crew, the plane, and pilots for the entire period of time or have them sent home.
Considering this, one can presume that the costs outweigh the benefits. But nobody is stopping you.
Second, you have to cover ongoing costs. Regardless of how you fly, owners are faced with various expenses, starting with downtime and routine maintenance. Not to mention, unforeseen repairs. A tire can cost between $3,000 to $5,000. A windshield can cost between $40,000 to $70,000.
Parking outside of the hangar costs money. Crew salaries cost money. Aircraft insurance costs money. And as the owner, you cover it all.
One can expect to shell out at least $500,000 per year in operation costs. What’s more, there are 7 more private jet facts you should know about. Read on here.
To understand if a private jet is for you, you have to find out the advantages.
More Access to a Wider Range of Locations
There are only so many airports around the world. And knowing that most of them are not accessible by regular commercial flights is daunting. With a private jet, you have access to airports and aerodromes that others don’t have access to.
With private jet ownership, you can arrive at a terminal five minutes before departure, as you set the time you want to fly with the full discretionary ability to make short notice changes.
No waits, no strikes, no problems.
Who Is a Private Jet for?
For the sake of this article, we shall only cover two groups of people.
Many people own citation jets to fly themselves. Any wealthy enthusiast who has a passion for flying can purchase their own aircraft. After being certified, they can fly where they want, whenever they want.
Some individuals can afford to purchase their own jet. Unlike the first group who enters the cockpit, this group will relax and enjoy the flight in the comfort of the passenger area.
How Are Private Jets Used?
There are many uses outside of simply reaching a destination. Let’s take a look at some.
Some organizations use private jets for military purposes or surveillance. In 2014, Ebola evacuations were performed with a Citation Super IIXR aircraft with cargo doors.
Oil companies also use private jets to transport oil rig parts that are needed to fix million-dollar problems at a site.
High-net worth individuals can afford the luxury, so they can also afford to make odd requests. It’s not uncommon to have someone go on a fishing trip and forget their prize fishing rod at home. So they send the aircraft to collect it.
Or maybe they want some expensive dining from another city while they’re on vacation in a different state.
How to Become A Pilot Owner
As promised, if you’re more interested in flying a private jet yourself, this part is for you. In order to get qualified, you will need:
- FAA or EASA license (you will start with a PPL that requires 7 exams and 50 hours of training)
- Instrument rating (bad weather flying)
- Night rating (five hours of night flying)
- Commercial pilot license (if applicable)
- Twin-engine aircraft hours
- 800 hours of pure training flying (then you can fly your own jet)
This is usually acquired in five years but it is not uncommon for someone to get all of this in 10 years instead.
How Is A Private Jet Managed
If you’re not interested in managing the private jet yourself, you’re better off connecting with a management company. They will create an operating budget for a 5 year period, estimate the costs, and propose savings.
They will locate, interview, and hire a crew. Provide them with salaries and training. Usually, a management company will charge a retainer fee of over $5,000 per month.
The Private Jet Is Yours
Now that you have gathered all of this information on private jet ownership, you are well on your way to buying or getting on your first private jet.
After all, if you can afford it, why not do it? It’s up to you. If you’re interested in learning about similar topics, check out the rest of our blog.