In some ways, renting a private jet isn’t as fun as owning one. Yes, having a personal plane in your hangar seems convenient and cool. In fact, over the next 10 years, global companies and private purchasers are expected to add nearly 8,000 new private jets to their collections. However, buying an aircraft has its benefits and downsides, and many people realize the big responsibilities of owning a jet only after they’ve made the purchase.
Costs of Owning a Jet
Jet ownership is so expensive that it often makes jet rental a more economical, easier, and more reasonable option.
Let’s begin with the purchase price of a private jet. These prices differ significantly with the jet type, specification, features, condition, and age. Regardless, the purchase will likely run you millions of dollars. If you’re happy with a modestly-sized, slightly-used turboprop, you might get it for a mere $2 million. On the other hand, a brand-new luxury airliner with beautiful furniture and a bedroom might be around $60 or $70 million.
Buying a jet is barely the only cost associated with jet ownership. You’ll also need to contend with aviation-related expenses like these:
- Paying for required inspections
- Renting hangar space
- Investing in the regular maintenance required for safety
- Refueling between trips
- Purchasing aviation insurance
- Hiring pilots to fly the jet — or obtaining your private pilot’s license yourself
- Staffing your plane with flight attendants
- Purchasing meals, snacks, and beverages
- Upgrading your avionics and connectivity as improved technology becomes available
- Hiring a management company if you decide to rent your plane out to recoup costs
- Getting your empty plane back at the end of a one-way trip
None of these essentials come inexpensive. Routine maintenance on a private jet can cost you hundreds of thousands of dollars. A major repair could set you back a million. The other necessary expenses add up substantially, costing you millions of dollars yearly.
Why Renting is better than buying a Private Jet.
When we think of flying in style, one of the first things that come to mind is flying by private aircraft. Who wouldn’t dream of using a private plane with size, convenience, and quality service? While buying a private jet is way out of most of our price limits, renting is cheaper for many travelers. Renting a private jet is a great option because of its financial benefits and convenience. Here are some pros of renting a private jet instead of buying one:
Private jet owners must pay annual preventative maintenance costs for their planes for safety purposes. All that maintenance also takes time, keeping your aircraft grounded instead of flying you seamlessly through the sky. When you rent a private jet, the aviation charter takes care of all the maintenance, and you’ll always have a plane waiting to take you wherever you want.
Renting a private jet is significantly more practical than buying your jet. When you charter, you’ll pay only for the flights you use instead of the entire acquisition price of an aircraft that may spend much of its time sitting in the hangar. You’ll be free from staffing, and insurance costs, while saving you thousands of dollars.
Owning a jet isn’t always as easy as it looks. You’ll need to figure out where to keep it, how to get the insurance and inspections the law requires, how to staff it, what food to bring on board, and how to have the meals prepared and fresh for your guests when you fly. A reliable jet charter company like Jetonset takes care of these hurdles when you rent. You’ll experience a private jet’s privacy, spacious rooms, and luxurious food without ownership challenges.
With renting, you will always find a way to get to your client meeting or go on vacation. There are roughly 1,500 airlines worldwide offering rental services. When buying an aircraft, you might not always have your plane at your disposal. Generally speaking, renting private jets gives you more freedom. However, Keep in mind that there are peak seasons, such as the summer months, when demand increases, and prices can go up.
Airport access for all kinds of aircraft
Every airport is unique, with runway size and location (example: landing at a mountain airport) important considerations. Renting a private jet means an expert will assist you when chartering your flight and book the appropriate turboprop or private jet to get you as close as possible to your destination.
Empty leg flights
Empty-leg flight is an awesome way to travel by private jet at a fraction of the cost. Often an aircraft returns to its base without passengers or cargo or travels empty from the base to collect a customer leaving one leg of the flight up for grabs. Since the customer already pays for the flight, the sale of the jet fare is unbeatable.
While owning one’s aircraft is fulfilling, it is not the most practical solution. The high depreciation, staffs, and maintenance costs are big factors to consider when purchasing. Moreover, ownership seriously limits possibilities for customization. Chartering an aircraft is often the most economical option for business and avid travelers as it offers flexibility and a completely tailor-made solution. This is why many travelers prefer to rent a private aircraft rather than owning one.
Going on a trip? Call us today to find out the best option for you. At Jetonset, you can rent a private plane perfect for your needs.