Buying a jet comes with tremendous advantages, whether you are buying for business or personal travel. The freedom and ease of transportation that comes from a private aircraft greatly impacts individuals time management and efficiency.
Let’s look at some key advantages in detail:
- Efficiency – Key executives can more efficiently reach scattered destinations, allowing them to improve productivity.
- Privacy – The ability to have control over one’s immediate environment allowing confidential conversations.
- Security – Private aircraft security protocols are much more efficient. Thus, allowing additional time savings in the airport environment. For instance, you can skip baggage and TSA lines.
If you have routine obligations scattered across the country, buying a jet may be right for you, however, it is a significant investment. There are several key factors to consider, whether you are a first-time buyer, or a seasoned jet owner.
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Key Decisions While Buying a Jet
New vs. Used
Many aircraft buyers perceive used aircraft to be a better value than new aircraft, and often times that is the case. Many factors must be considered in the value equation in addition to purchase price. Items such as maintenance cycles, regulatory issues, WIFI connectivity, and residual value considerations must be taken into consideration.
New product development drives the new aircraft market. Avionics and engine development are key components that drive new aircraft model introduction. Often times, it is not economically feasible to upgrade an older airframe with newer technology engines or avionics.
Where is the Jet in Its Maintenance Cycle?
Another key component to the purchase of a jet is considering where it is in the maintenance cycle. It’s not unlike buying a piece of commercial property or buying a home. A jet will likely be one of your organization’s key assets. Knowing when you’ll need to put money into upkeep will play a key factor in which jet is right for you.
If an airplane is within a few months of a major maintenance event, what feels like a significant bargain today may become costly fast. Sometimes the sale of a used jet simply pushes hidden or unforeseen costs down the road.
Wifi Connectivity
Wifi connectivity can be crucial for a private business jet. It’s what will allow your executives the freedom and flexibility to continue their critical work as they travel. If the jet you are looking to purchase isn’t currently fitted with Wifi, the costs can quickly add up, however.
Your choices are satellite or ground-based, with upfront costs that begin at $150,000 and monthly subscription costs that can rival fuel charges.
Working with an Aircraft Brokerage
As you can tell the process of buying a jet can be complicated. There are organizations and individuals who try to navigate this process on their own and may pay the price for it in unexpected maintenance or unforeseen costs.
Stories emerge in the media regularly about celebrities who spend millions on private jets only to find out later there were major issues with corrosion, or significant unforeseen repairs. These overlooked issues can quickly sideline a significant investment – rendering it unusable.
An experienced aircraft brokerage can help you navigate these complicated issues and put you in the best position possible to make a purchase that will benefit you in the long run. They can help point out unforeseen details in the complex process and make sure that your interests are aggressively represented from start to finish within the transaction.
If you’d like to know more about my services, and how I can help you through the process of buying a jet, contact me today!
