They say one of the first things one should ask themselves prior to buying their own corporate aircraft is probably one of the simplest questions of all.
You ready for it? How much time are you spending flying a year already?
Suggestions hold that if you’re going to do more than 350 – 400 hours of flying each year, then it’s pretty well justified as an expense. Few are going to take a plane up for an hour a day, but you can quickly get the idea. There’s a fair amount of flying in the future and we’ve already spelled out the benefits in time savings from having one’s own plane. If you’re not flying this much but still want the benefits of a private aircraft, there are an array of options out there, including partial ownership.
Just like in owning a car, there are up keep costs to owning one’s own aircraft. Insurance, pilots’ costs, fuel, etc. all add on to the cost of owning an aircraft. The costs depend on location and which company used to help manage this end of operations. While most who are actually in the market for owning an aircraft are less concerned as others might be about these additional costs, they are there and something to be aware of when it comes time to purchasing such an investment.
Like everything else, there is an array of options when it comes to purchasing a jet. Are most of your trips short domestic hops with a relatively short rage–say 2,000 miles and just as few as five or eight people, or are you planning on more passengers, say 12 or so, and the ability to fly as far as 4,000 miles? There are different planes and different levels in costs to keep in mind as well.
No matter what level one considers the options to owning ones own aircraft are many and over time quickly balance out the value of the investment.