Private jets are often seen as the height of luxury. Although there is no denying that this is a glamorous way to travel, you will also find that they often bring a great deal of convenience for those that use them. CEOs, professional athletes and entertainers spend a lot of their life travelling and private jets are a lot more convenient than flying commercial. Of course, this convenience comes at a cost, so is it better to buy or charter a private jet?
Buying
Private jet prices can vary greatly and are in the range of £1 million to £100 million. Obviously, this is an investment that will never be made lightly so people need to consider things like the amenities, range and whether it is new or second hand.
Buying pros
The benefits of buying are that you have no limitations and have complete control over the usage of the jet, which makes this a good option for those that spend a lot of time in the air. There are also financial perks of asset ownership, including taking a depreciation deduction.
Buying cons
Understandably, the cost of buying a private jet can be staggering and this makes it a drawback. In addition to the cost of purchase, the operating costs can also be massive and often up to £1 million annually. Therefore, they often are only economical if being used multiple times a week.
Chartering
Chartering has become a popular option in recent times and gives many that have dreamed of flying in a private jet the chance without costing a fortune. Chartering is still expensive, though, with costs depending on the destination, airway fees and crew.
Chartering pros
The main benefit of chartering a private jet is that it is affordable compared to buying new and allows people to only pay per flight. Often, you can get charter memberships that can help regular flyers to make savings.
Chartering cons
Although cheaper, prices have increased around 10% and many memberships have closed with more and more people flying privately since COVID-19. It will also be harder to book the exact flight that you want compared to owning the jet itself.
Summary
Overall, there are benefits and drawbacks to both ownership and chartering a private jet. Ultimately, it will come down to the preferences, budget and lifestyle of the flyer. For those that fly regularly and are in a position to do so, ownership could prove to be worthwhile while those that are less frequent flyers and don’t have the kind of money to buy will find leasing to be a good option.
Private jets are a luxury form of transport, but they can also bring a level of convenience that is hard to match. Additionally, the rise of private jet charter means that this is no longer a form of transport exclusively for the rich and famous.
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