From CEOs and politicians to celebrities and royals, there are many people getting to where they need to go via private jet. In fact, thanks to evolving tech, the popularity of private aviation has grown in recent years.
Whether are one of these people who have joined the trend and cannot face the thought of flying commercial again or you have been flying private for a while now, you might have been tempted to take the leap and buy your own jet.
It makes sense to consider buying, especially as the prices of private jets are plummeting. If you are mulling it over, here is a look at the pros and cons of purchasing a plane of your own.
Value for Money?
While on the surface it appears that there are bargains to be had by purchasing a jet, there are further financial implications to take into account. Firstly, how often do you travel? You would have to be flying at least once a week.
The plane you choose is important. Like cars, they deprecate in price over time, so the money you spend on a high-end aircraft can be lost within a few years. Do your research if you are thinking of buying. Look at the different models and carefully consider the options that are available to you. With used jets priced at tens of millions, there is a lot to consider before paying pout.
Once you have spent money on the plane itself, you then have to cover the cost of your own pilot and crew; any training that is required of the flight crew; and insurance. In addition, you would need to find and pay for a hangar that is willing to store your jet. These additional costs can take your total additional spend into the millions – and that’s not including the cost of servicing and maintaining the aircraft.
The Cost of Hiring
How much it costs to hire a jet varies. The route, type of aircraft and how much notice you have given before booking all comes into play. When you choose to fly with a reputable company, such as Vistajet, it can be easy to assess how much your flight will cost. The cost of the flight is priced up for you before you take to the skies and you do not have to worry about paying for the extra costs.
What to Buy?
There are benefits to buying your own private aircraft. You can enjoy the flexibility of chartering flights whenever you wish and planning journeys that suit your business schedule.
If this appeals and you have the funds available to you, plus the ability to fly enough to cover the costs, it might be a good option.
Overall, however, it seems that hiring jets is still very much the most cost-effective solution. There are no additional payments to make, plus your staff will not have to be responsible for anything more than booking your flight.
