Should You Buy Or Rent A Private Jet?

Posted by on 04/11/2014

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As commercial air travel continues to be a stressful and time-consuming experience, many people are looking for alternatives. If you travel frequently and you are looking for the best way to get around, you should consider jet travel. When you decide to invest in a jet for your personal or company use, one of the most important things you have to consider is the cost. Cost considerations will determine if you should buy or rent and you can decide if the investment is worth your while.

It is important to ask yourself how much it costs to own a private jet. If you are planning to make several regular flights, you need to know that the cost will differ depending on the locations. If the jet is for company use, it is important to be able to justify the cost to avoid investing in an aircraft that will hurt the company profits. The cost of the craft will differ depending on the type of jet that you want to get. If you are planning several local and international trips, you need to establish the best aircraft for your needs and determine how many people will use the jet.

The cost of ownership

Owning a jet is a huge investment and it is important to consider all the issues so that you can make an informed decision. You need to establish the cost of ownership and this goes beyond the initial purchase or rental price. If you decide to buy the aircraft, you need to establish whether to buy new or used. This will depend on your budget and your long term needs. You also need to establish the operating expenses. The expenses that include fuel, maintenance and pilot and staff wages will often translate to more money in the end and should form the basis for your final decision.

The cost of renting

If you are looking to have a jet at your disposal without actually making the huge investment, renting the aircraft is a good option. There are jet companies that lease out jets and you can get exactly what you need for an agreed time. When making the decision to buy or rent, you need to establish your needs and decide if you want to lease with the option of buying the craft. If you need a jet for a couple of trips in the year, renting one is the best option. The cost of hiring will depend on the type of aircraft that you need as well as the charter company that you deal with.

Research the options

Before you go out and buy the first jet that you see, it is very important to do some research. You need to understand what is available out there so that you can make an informed decision. There are many aircraft models in the market with new ones appearing in the market every day. The more information you have about the aircraft, the easier it will be to make the decision. Just like with cars, you might have a favorite aircraft model, but it is important to establish if this is the best choice for you. Remember that you are making a huge investment and you need to ensure that you get value for your money.

Get a good broker

When you decide to invest in a jet, it is a good idea to hire the services of a broker. This agent will work on your behalf to get you exactly what you need. If you do not have much experience about aircraft and the industry, it is imperative that you get someone knowledgeable to help you with the process. Make sure that you get a reputable broker so that you can get the best deal. The broker should be able to help you to negotiate for the best deal and you can get a jet that will suit your needs and your budget. Sit down with the broker and discuss what you are looking for in terms of the size and model.

Chartering a jet

When you decide to rent or charter a private jet, you need to find out the cost and the fees schedule. Many companies rent out the crafts on an hourly basis but you can get different terms depending on your needs. If you want to hire the jet for more than a single trip, you can get better deals for long-term hire. Talk to the charter company about your needs and remember that the size of the aircraft will also determine the cost. The jets are often classified into three categories; light or small jets, medium and full size or heavy jets. Consider how many passengers you have on your trip when hiring the jet.

Chartering a jet is usually the best option but if you decide to buy one outright, consider how much you have to spend. Remember that you can always get a good quality used aircraft at a discount.