If you frequently travel overseas for business or leisure and prefer private transportation, you may find yourself wondering whether to invest in your own aircraft.
For wealthy individuals who spend a large portion of their time traveling, the increased privacy, comfort, and convenience of having a private jet at your fingertips are all tempting factors for making this investment.
But how much is a private jet to buy? What are the additional costs involved? Are there any substantial risks to consider first?
We explore all of this and more in this simple comparison guide to help you decide what the best aviation solution is for you.
Purchasing a private jet is often an aspirational decision, yet it’s important to weigh up all the elements involved before doing so. Unsurprisingly, the cost tends to be the first point of consideration on most people’s lists.
The cost of a private jet can range from anything between a couple of million to hundreds of millions of dollars. It’s all entirely dependent on the size, model, and age of the aircraft in question.
It’s also very common for people to purchase pre-owned private jets. This is tempting to many as it considerably cuts down the cost when buying a jet outright. Many jet owners often replace their aircraft every few years as their requirements change over time.
To help inform the decision of what private jet is best for you, consider your family size, lifestyle, and the types of trips it would be mainly used for.
To make a fair comparison, it’s helpful to delve into a list of pros and cons – beginning with the advantages.
There are countless obvious benefits of owning a private jet. One of the main ones is convenience. If you have a work schedule that’s constantly fluctuating, booking private jets in advance can sometimes be tricky. Having your own private aircraft allows you to rest easy in the knowledge that it’s ready and waiting for take-off whenever you are.
For hard-working businesspeople, private jet ownership is also more efficient as it’s the most direct form of travel. Having total control over pick-up and drop-off locations, you can easily make last-minute changes to destinations or alter routes along the way. This allows for much more flexibility when traveling.
Similarly to buying a new vehicle, when buying a new private jet you can customize it exactly to your taste. Create the optimal interior with your choice of aesthetic, seating, materials, in-flight features, and layout.
If you’re a person of high importance, security is paramount when it comes to traveling overseas. Having ownership of a private jet allows you to travel alongside trusted colleagues, giving you peace of mind that you’re in safe hands with every flight. Only those who you permit to come on board have access to your aircraft.
Privacy is another important perk of having your own private jet. This allows you to sit back and relax in total tranquility – without any unwanted attention.
Of course, alongside the many benefits of purchasing a private jet come the disadvantages of doing so. It’s important not to ignore these, as some can lead to detrimental consequences if not properly considered.
With any large investment comes big risks. One of the prominent concerns is depreciation. This is triggered the second you take ownership of your aircraft. It’s important to be aware that private jets do depreciate quickly over time. It is worth mentioning, though, they can easily last over a decade and still be in top working order if properly maintained.
As you may have already guessed, it’s not quite as straightforward as simply making a one-off payment to purchase an aircraft. When it comes to how much a private jet is to own and operate, there are many considerable extra costs to weigh up.
These include:
Some of these even just singularly stack up to an inordinate amount of money, such as insurance, crew, and maintenance in particular. If you consider how much repair work costs on a sportscar, you can begin to envisage the magnitude of doing so for a private jet.
Lots of owners have been burnt by unexpected bills for luxury aircraft, which can have a significant knock-on effect on your finances.
Be sure to thoroughly research every element involved beforehand to ensure this is an investment that will pay off for you in the long run. You may also want to work out an average for how much a private jet flight is going to cost you each time you travel.
If, like many, you’re unsure whether investing in a private jet right now is the right decision for you, VistaJet offers exclusive memberships that give you all the perks of private jet ownership, minus the asset risks and depreciation worries involved.
Our Direct membership allows you to charter a private jet flight to and from your chosen destination via the VistaJet app. You can also save up to 75% on Empty Leg bookings.
Alternatively, our Program membership offers guaranteed availability to our fleet of over 80 aircraft with as little as 24 hours’ notice at a fixed-rate cost.
For more information, contact our membership liaison team today and one of our aviation professionals will be delighted to assist you with your inquiry.
