How much hours do you plan to fly during the next year? This question, alone, should help start the discussion on whether to rent or buy your own private jet.
Although it’s true in a way that the more time you spend in the air, the more sense it makes to acquire your own private jet; there just are too many variables and fixed costs that go into the mix of owning a private jet to make it a no-brainer decision.
In essence, usually you will need to fly close to 300 hours a year to propel the idea of owning an aircraft to the cost-effective conversation. Why? Well, when you charter a private jet its owner and the operator (the charter company) is in a way financing your trip. When you own it, you have to run with all the costs.
Owning an aircraft is like having a whole new company to look after.
There are administration fees, pilot wages, and insurance and maintenance costs. And you still need to actually buy the plane and account for its depreciation. All the previous have been paid for when you charter a jet. Finally, you need to pay the fees for fuel, handling, and airport. The previous also needs to be purchased when chartering an aircraft, though.
The list goes on… Four weeks of programmed maintenance a year is the average in this industry; a whole month were your jet is grounded. And, as you may’ve heard, aircraft also suffer unexpected malfunctions and will need immediate repairs. So in the end you will possibly need to rent other aircraft in order to meet your travel needs.
So… where to charter? There is an extensive list of private charter companies such as Monarch Air Group, a company based in Fort Lauderdale International Airport which operates aircraft in the local and international business aviation field. As in every market, prices will vary as well depending on the aircraft, route, ground and onboard amenities.
Basically, from a pure financial perspective, purchasing a private jet will, in the majority of cases, be more unproductive that chartering one. But let’s be fair, if your assessment is not financially driven (although it almost always is), just recall the long checklist before you can enjoy your own exclusive private aircraft.