The world of aviation is shifting. More people are flying private to avoid the chaos of commercial airports and, according to Luxury Travel Magazine, more people are actually purchasing their own private jets. Is private jet ownership a necessary component of flying in luxury? Not at all. Read on to determine whether or not you should buy or charter a private jet.
How Often Will You Fly Private?
One of the most important things to consider is the frequency of your flying needs. If you’re traveling several times a month for work or pleasure, you may find that private jet ownership is the best way to meet your needs. That way, you don’t have to go through the process of scheduling flights in advance or paying charter fees. However, if you’re flying once a month or less, chartering is probably the more sensible financial option.
Are Your Private Flights for Business or Pleasure?
Next, consider why you travel by plane. If you’re flying for business, it may make sense to purchase a private jet for your company. This is especially true if your business frequently covers the cost of multiple passengers. You may find with some cost analysis that you’d be saving your company money in doing so. If, on the other hand, you mostly fly for pleasure (and oftentimes alone or with a small group), you may find that chartering suits your needs and your budget.
Who Is Paying for Your Private Jet Travel?
Private jet ownership costs more than just the price of the jet itself. You’ll also need to cover expenses like pilot and crew wages, hangar fees, and maintenance costs. In the end, we’re talking about tens of millions of dollars even for a smaller jet. This may be a more approachable figure if it’s a business expense or you have multiple backers. If you’re covering the cost out of pocket, chartering has its advantages.
How Much Time Do You Want to Put Into Your Private Jet?
When you own a private jet, you’ll need to make a lot of decisions. Where do you want to store your jet when you’re at home and it’s not in use? Where will you go for routine inspections and repairs? What will you do if you decide you want to make some interior upgrades? How will you handle things like renting out your private jet or letting friends and family members borrow it? When you charter, you don’t have to make any of these decisions at all.
How Important Is Flexibility to You?
It might seem like jet ownership is going to afford more flexibility. After all, you’ll never need to compete with other passengers to secure your ride. However, you’ll also be tied down to one model. With chartering, you have instant access to a full fleet with different passenger and luggage limits.
At North Dallas Aviation, we’re here for those who want to charter private jets and those who are looking to buy. Contact us and let’s discuss the best steps to move forward.