So you've managed to get that big promotion and elevated your status. Your frequent business flights have made you weary - the hustle and bustle of regularly going on commercial jet charters, even in business class, is just too tiresome. You want to be able to fly where you want, and when you want without needing to go through the motions. Perhaps it's time to consider buying a private jet.
Private aircraft are becoming a more common sight these days. With people getting busier and busier, some executives feel that the luxury of traveling by air on your own personal jet is a necessity. Depending on your schedule, you might want to get one yourself. Before you unload a mountain of dollars for a private jet, however, you've got to consider a few things.
First off, you have to make sure that buying a private jet will be worth your money. Conduct a cost-benefit analysis before reaching for your wallet. An executive jet is an expensive thing, and may not be worth the investment if it's just going waste a lot of money. Experts agree that to justify buying a private jet, you'll need to log in at least 350 hours of flight time every year. If you fly less than this, you might want to consider shared ownership or even rental.
Next, you've got to consider the other hidden costs involved. A private jet alone will set you back anywhere from $6,000,000 to $50,000,000. That doesn't include insurance, fuel, pilots, and amenities like catering. An aircraft management company will charge you roughly $100,000 to $200,000 a year to take care of these things. What's more, these prices tend to be variable, and will probably inflate over time. Toss these considerations in with your cost-benefit analysis, and check to see whether or not buying a private jet is a good idea.
If the cost-benefits analysis points in favor of getting a private jet, then you'll next have to decide on the model you'll be purchasing. Different models have different capacities for both passengers and travel distance. For example, a light jet can carry up to 8 passengers for approximately 2,000 miles. A large executive jet, on the other hand, will bring 12 passengers a distance of 4,000 miles. To make a financially-wise decision, you'll need to consider who will be going on these flights, and where they're headed.
Once you've decided on the model, you can then contact the corresponding private jet manufacturer. You'll want to get detailed figures on the aircraft's specifications and on all possible prices. Remember, the more information you get, the more money you can potentially save. Try shopping online for a private jet as well. You'll find a few dealers that sell both used and brand-new private jets. Inquire about the prices and conditions of these jets. If you can, ask if the dealer has any repossessed private jets. These are usually offered at the lowest prices despite considerably high quality - just because these private jets were previously owned, they come with a discounted price tag for their condition.