It's important to know how to buy a private jet when making such a huge investment. Whether you're seeking a jet for personal or business purposes, you need to know what to look for. Read on to find out how buying a private jet can be the best option for you.
- Before buying a private jet, do a cost-benefit analysis. Logged flight time of 350 to 400 hours annually typically justifies full ownership of a jet according to aviation experts. If the flight hours are less than that, fractional ownership may be the best alternative in owning a plane. In fractional ownership you purchase a share of the aircraft and pay a monthly or hourly operation fee. The advantage of this when looking into buying a private jet, is you can give as little as an hour's notice you want to fly and a management company will find a jet most conveniently located for your departure.
- Beware of hidden costs when buying a private jet. Not only are private planes in the wide price range $6 million to $50 million, factor in fuel, insurance, pilots, and catering. For about $100,000 to $200,000, an aircraft management company will oversee these needs. The management fee also depends on size of jet and usage.
- Determine jet size and flying range when buying a private jet. Light jets can hold five to eight passengers an estimated 2,000 miles (3,219 km). The cost is averaged between $3 million to $8 million for light planes. Midsize executive jets can carry up to nine passengers from 2,000 to 3,000 miles (3,219 to 4,828 km). You can look at paying $9 million to $16 million for a midsize executive plane. Lastly, the large executive jets can fly twelve or more passengers greater than 4,000 miles (6,437 km). Large executive jets are valued from $17 million to $45 million.
- Once you've looked into how to buy a private jet, connect with a private jet dealer. A dealer will help you learn about pricing and specifications of aircraft. In addition, search online sources for private jet dealers who sell new, used, and repossessed aircraft at huge discounts. However, a used jet is not the best route as a large number of U.S. airports require a plane be in compliance with Stage 3 regulations imposed by federal aviation. Not only would it take several hundred thousand dollars to make your private jet federally compliant, but private jet repair centers are mostly backlogged.
- Buy a private jet from reputable manufacturers such as Cessna or Boeing, to name a few. Cessna Citation X Aircraft, Boeing Business Aircraft, Learjet 45 Aircraft, Gulfstream V Aircraft, and Dassault Falcon 2000 Aircraft are jets General Aviation Services has had experience in. General Aviation Services is one of the best brokers you will discover on the internet with a rich library of information when you're researching how to buy a private jet.