If the need for a private jet in the day-to-day operations of your business is obvious, the next step is determining whether you should buy one outright or invest in fractional ownership.
Your course of action ought to depend upon how frequently you would use the aircraft, your corporate budget and the available aircraft.
Full jet ownership
Many think that full jet ownership is the only possibility when it comes to using and depending on private air travel. Obviously, if you or your company has full jet ownership, then it is yours, much like a car or house. Full responsibility for all aspects of the jet is yours, but you also enjoy having a private jet at your disposal anytime.
Fractional jet ownership
A condominium time-share agreement is fairly similar to fractional jet ownership. With this system, an individual or company pays a set amount and is then guaranteed a certain number of hours of use over a year or five years. In order to use the jet, fractional owners must confer with the other owners to be sure it is available.
Unlike owning a jet, having access to a private plane through fractional ownership doesn’t mean you can go anywhere in the world; not all programs offer international service beyond the Caribbean and Mexico. And if they do, some programs are so cost prohibitive that travelers often opt to fly overseas commercially in first class and then work with a charter if they want to fly to their final destinations.
Despite these limitations, the National Business Aviation Association reports that nation’s fractional aircraft market has made a turn toward what appears to be a period of sustained growth.
Several factors contribute to the increased interest in fractional ownership:
- Commercial airlines are offering fewer flights to smaller markets.
- Businesspeople consider the time savings of a private jet a great value.
- Companies that offer fractional ownership are sweetening the deal with perks like rollover hours.
- Creative membership programs increase availability to new parties.
A jet broker can walk you through the advantages and disadvantages of full or partial ownership of a private jet. Experienced private jet brokers can provide you with information regarding all of your options, as well as provide information about available aircraft, specifications and maintenance costs to help you make the best decision for your lifestyle or company.
Average jet prices are down and planes are on the market for shorter periods, so it may be a difficult time to find the right plane and the best price. A broker is in constant contact with the market and will be able to get the deal you need.