Things to Consider Before Investing in A Private Jet
How many times have you failed to show up on time to a meeting? You may have lost some very crucial meetings because of some traffic on the road or maybe due to some very unfortunate incident that happened on the road right where you were heading. Ultimately, you may have considered chartering a jet. But are you thinking that your needs require you to own your private jet? It is a big investment, but a smart one.
Choosing the best time to buy a private jet
Choosing the right time for your private jet depends on mainly two factors. The number of hours your annually on air and the nature of your business’s or even your financial situation. However, once you feel that you need to move forward with your private jet, you have the option to consider the cost of renting or flying commercially. Depending on your financial practices you can decide your best option.
Deciding on buying a used jet or a new one
Once you have decided the best time to buy your own private jet, now you need to consider the type of jet you would require, based on your financial situation or the need. Buying a used jet is relatively a less expensive option when compared to buying customized luxury private jets. However, there are a few things you need to give thought to first.
When considering a used private jet, there are a few inconveniences that you may have to face. The comfort, safety, speed and most importantly the increased fuel consumption. New air crafts are built with so many new features thus making them more versatile, like for example, synthetic vision technology. However, there are benefits in buying a used aircraft, the life span of a jet is very high, therefore there is less chance of depreciation
Deciding on the size of the aircraft you would need
The size of the jet you need will depend on certain factors such as the average time taken on each business trip and the typical passenger or the number of passengers you are hoping to accommodate on a trip.
If you are traveling very long distances regularly, you may need to consider an aircraft with a very big range. However, if you’re taking long flights only on certain occasions, then you could consider chartering a jet only for that flight while buying your own jet to suit your regular flying range.
Considering the type of passengers that you are carrying on your jet, it is a very critical question that you need to answer yourself. If you are traveling with your business partners, buyers or other executives and sales representatives, then you may need to consider a bigger jet.
Since the size of the cabins may not be able to accommodate all. But then the negative factor in addition to the cost when buying a larger jet is that, you may not be able to travel to destinations with smaller airports which do not have the ability to handle large commercial flights.
Purchasing your private jet is a very big investment which you need to time right and also get it right.