Time To Invest In A Private Jet?
Flying on a commercial airline can be a frustrating experience at times. Even if you fly business class or first class, you will find yourself waiting in lines, having to comply with the airline’s schedules, dealing with flight delays from time to time, and constantly constrained by baggage limits. You will also have to deal with any irritating passengers on the flight every once in a while!
One solution for avoiding the frustrations of flying on a commercial provider is to buy or lease your own private jet. Whilst this is an expensive solution, the amount of freedom, productivity, and privacy obtained may make it worthwhile, particularly if you are a busy entrepreneur.
Understanding the benefits of using a private jet
For business people, the benefits of owning a private jet are immense:
You can be extremely productive on a private jet, making phone calls, teleconferencing, and working whenever you feel like it, without any interruption from passengers or flight stewards. You can choose when to work or sleep without being interrupted, making the most of your time on board. You will have a large private space that you can set up to be extremely practical and productive. There are no other passengers to worry about, so you can just concentrate on getting things done or catching up on 40 winks.
Having access to a private jet allows you to fly when you want to. You will not be dependent on a commercial airline’s schedule or suffer interruptions to flight cancellations. Flights can be arranged to accommodate the tasks in your busy schedule, perfectly timed to minimise their impact on your busy life. If you have to travel urgently, the plane will be immediately available to take you there. You can go virtually anywhere at any time!
Being able to relax in your own private space is a key benefit of owning a private jet. You can eat, sleep and drink when you want to. You can have guests aboard the plane and be as loud, (or quiet), as you like! Having a high level of privacy can turn flying from a mundane activity into an exciting and rewarding activity that you enjoy.
Knowing when is it time to invest in a private jet
Whilst the benefits of owning a private jet are incredible, when do you know it is time to invest in your own aircraft?
You are flying very often
If you find yourself flying on a weekly basis, or you are in the air for more than 400 hours a year, a private jet is likely to be a worthwhile investment.
Your typical travel routine also plays a role in deciding if a private jet is worth the investment. If you frequently fly one-way, you will have to think about the cost of sending the plane back to the departure destination or the cost of accommodating the pilots and crew. Make sure to include those costs when considering the financial burden of owning a private jet.
Your business and family can benefit from having a private jet
If your business associates and family are flying regularly, they may also be able to obtain some benefit from having a private jet. A private jet can even increase the profit potential of your business and can pay for itself if used appropriately. A private jet may be incredibly useful for your family, who could use it for everything from holidays to medical emergencies.
You have calculated all of the costs and it remains an affordable option
You should only invest in a private jet if you have carefully calculated all of the costs, finding it to be an affordable and worthwhile financial investment. Do not get caught up on the prestige of owning such an incredible vehicle, make sure it is a financially sound decision.
Consider the expense of repairing, maintaining and insuring the jet. On top of that, you will face expenses for hangarage, crew salaries and fuel. It is common for a private jet to have in excess of £300,000 in running costs each year.
You have weighed up the other options
Before investing in a private plane, you should explore the other options that are available. One option is to charter a private plane throughout the year as you require it. This is a less flexible approach, however, you can still obtain many of the advantages that owning a private plane brings.
Another option is to explore a partial ownership, where you share the expenses with other people. You can minimise the expense of the jet while maintaining most of the benefits.
Owning a jet is a dream for many people, but make sure that it is a financially viable decision before committing to a purchase. Carefully consider how often you will use the jet and whether this solution will really be advantageous in the long run.