Fancy A Private Plane? Here are 5 Things To Consider
Not everyone gets to own a private plane. But for those who can afford it, having your own jet can give you the luxury of flying privately at your disposal.
However, you should know that buying a plane is completely different from purchasing a car or a house. There are so many things to consider, which is why you first need to educate yourself before making a decision.
With that said, here are five factors you must consider when buying a private jet.
- Choose The Right Aircraft
Making sure that you choose the right aircraft, whether it’s for personal or business needs, is critical. As such, you must do your due diligence and research the different types of planes that may suit your needs.
Think about why you need a jet in the first place, the destinations you’ll be traveling to, the number of cabin seats you want, and operating and maintenance costs.
A large plane is not always the best option. What you want is a jet that can fly to different places while having the adequate capacity for your needs. Besides, larger aircraft are more expensive to operate and maintain. If you’ll be using the jet only for yourself and a few other people, a mid-size jet may suffice.
On the other hand, considering whether to buy a new or used plane is another crucial factor, with each option offering unique benefits. Obviously, a used plane is going to be cheaper. However, its maintenance costs are likely higher, especially if you opt for an older model. Older jets usually have outdated equipment and poor fuel efficiency. You also have to spend more on upgrading the cabin, engine, and avionics.
In contrast, a new aircraft gives you the benefits of the latest upgrades and technology in aviation. Aside from that, new models now require less maintenance and come with manufacturer warranties.
- Where To Keep It
The second most critical factor to consider when purchasing a private plane is where you’ll keep it. Most people don’t think about where they will store their jet when not in use. Proper storage is essential for aircraft to keep these expensive flying vehicles in the best condition possible.
Airports are always the best place to store planes but bear in mind that not all of them have private hangars. So, look for airports with hangars that can accommodate private jets at realistic rates.
- Purchasing Process
Depending on the type of aircraft you’re going to purchase, the process can take several months. If you’re going to buy a used model, the acquisition process may take 2-3 months. For a brand-new plane, it may take 3-12 months since it can be customized and delivered according to your preferences.
The process of purchasing a private plane is a bit complicated. It’s best to get in touch with several professionals, such as escrow agents, aviation underwriters, technical advisors, and more, to be informed. You will also have to comply with several aviation rules and regulations, tax, risk management procedures, insurance, and management and operation.
- Operating Costs
It’s also crucial to take into account the operating costs of a private plane. Your private jet will surely need regular maintenance, fuel reserves, engine inspections, insurance, cabin crew, and other operating costs that may accumulate. These are all essential for your safety.
Beware of those planes that may seem inexpensive as they can have high operating costs. That is why you need an expert in flying vehicles to help you decide which aircraft to buy and save money in the long run.
- Cabin Crew
The size of your cabin crew will depend on the size of your private jet. Larger planes need a bigger crew, which may include several flight attendants, pilots, and mechanics. Smaller aircraft like single-engine planes can be operated by a single pilot.
You might also want to decide whether you’re going to hire the flight crew permanently or on a contractual basis. This decision will depend on how often you intend to use your private plane and your budget.
Final Thoughts
The process of buying a private plan can be long and expensive. That is why you must take into account all options before making a decision. Take your time understanding the whole process of buying and owning an aircraft. Narrow down your choices by taking into account the factors discussed above. Hopefully, you’ll be able to enjoy many years of service from it and enjoy the benefits that a private jet provides.
