For anyone who travels significantly for business purposes, purchasing your own private jet has likely crossed your mind. The dream has perhaps materialized while mid-flight on a chartered jet, enjoying the serenity of a personalized experience and staff dedicated to your distinct needs. It is a great time to buy a jet, and the process of aircraft acquisition is much simpler than some may think. If you already spend at least 150-200 hours per year flying, then most aviation industry experts will encourage you to buy a private jet. Traveling often for pleasure or business meetings or taking advantage of the convenience of having a company aircraft are great reasons to support purchasing a private jet. The benefits of owning a private jet are many!
Traveling on your own plane means your trips are faster, with less wait time overall, and your trips are much more efficient because you will be flying into smaller airports, closer to your desired destinations. Flying when you are ready to, instead of waiting on commercial schedules, equates to increased convenience and time savings. You will have complete privacy during flights on your own jet and be able to hold confidential meetings or presentations while maintaining productivity, all within the comfort of your own space, which can be designed and decorated to your specific preferences. A private jet means you can show your clients that you value their time, privacy, and comfort by providing them with first-rate travel arrangements. Employee retention is increased, as well; your employees will be happier with the comfort and efficiency of private flying.
Before discussing what purchasing your own jet looks like, it is worth mentioning the alternate option of fractional ownership. Although the hourly rates are higher than owning your own aircraft, this choice may be a better option if you fly less than 150 hours annually since it provides you with many of the benefits of owning your own aircraft without requiring the upfront capital investment. Ownership is available based upon fractional amounts of the flight time the operator anticipates per year. So, your portion could be 1/16th of the annual flight time, about 50 hours, but that also means you are only allocated that specific amount of time in the aircraft per year. For that portion of ownership, the cost usually starts around $275,000, and also requires various fees to cover fuel, maintenance, insurance, crew salaries, and the cost of keeping the plane in a hangar.
Purchasing a jet will begin with hiring an experienced aircraft broker to represent you. It is important to find a trusted aviation consultant or brokerage firm that understands aircraft, someone with a background as a pilot or an engineer. This person should also have business experience to most effectively assist with your purchase and associated negotiations. Your travel needs will best determine the type of aircraft you should purchase, and your broker will be a vital part of that decision, taking into account not only how many people you will usually be putting on each flight but also how far you plan on regularly traveling.
Once you enter into an agreement with an aircraft brokerage, they will begin seeking out the best private jet to suit your needs at the best price, while making sure the plane is safe and up-to-date on maintenance. An aircraft brokerage can also help to give you an idea of the costs involved, not only with the purchase, but also the upkeep and management of a private jet.
Your broker will know the market and begin immediately scouring the globe to find your best deal. You will need an aviation lawyer to work through the sale and all of its details, as well as ensure you are meeting FAA compliance regulations and tax requirements. A good aviation consultant or broker should already have an aviation lawyer, and perhaps also an aviation tax specialist and aircraft financing company, with whom they commonly work with to buy a private jet.
After a jet that fits your needs is located, the brokerage will execute a pre-buy review/inspection utilizing a highly-experienced aircraft engineer, which will include a test flight to ensure everything is functioning properly. The engineer will submit a report on their findings, along with the specifics of the maintenance that might be needed soon. Once you and the seller negotiate the final price, the sale can be finalized and you will be the proud owner of a private jet. The full buying process usually takes about 4-6 weeks. After your aircraft is purchased, it is recommended you hire an aircraft management company who can maintain, oversee, and protect your jet. Your selected aircraft management company will handle the maintenance, insurance, fuel, parts, and the hiring of a pilot and flight crew.
With the information you need to make the right choice for your particular travel requirements, buying a private jet can be an exciting event that will open new avenues for you and your business. Latitude 33 Aviation offers full-service assistance and support with each step of the jet-buying process and is ready to help you and expertly represent you each step of the way. View our sales page to learn more about our sales and acquisition processes, as well as our recent sales or contact us to speak with one of our experts about the buying process.