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 make a fair comparison, it’s helpful to delve into a list of pros and cons – beginning with the advantages.
Convenience
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.
Flexibility
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.
Customization
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.
Security
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.
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.
Depreciation
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.
Additional costs
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.
Alternatively, our Program membership offers guaranteed availability to our distinctive silver and red fleet with as little as 24 hours’ notice at a fixed-rate cost.
For more information, make an enquiry to our membership liaison team today and one of our aviation professionals will be delighted to assist you with your enquiry.
Want to know more? Let us draft a plan for you. Tell us about your most frequent flights, where you are based, nature of your flights, preferred aircraft, times of the year you fly often and our team of aviation experts will happily give you a real life example of what flying with VistaJet will look like for you. Give us the chance to arrange a consultation and create a personal proposal that perfectly fits all your needs.
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