Have you grown tired of having to charter other planes? It may be time to buy your own and add one more jet to the 2,000 that are currently registered in the UK. This will give you direct access to all the benefits associated with owning a private plane.
Jet ownership, however, is vastly different to private plane rentals. There are a lot of factors to consider before purchasing and we want to make sure you’re fully prepared.
Our article includes the biggest considerations you’ll need to make as a prospective private jet owner. Read on to find out whether ownership is the best route to take.
The benefits of owning a private jet
The first thing to consider is the benefits and whether they’re worth the high cost of ownership. Some of the biggest private jet ownership advantages include:
The financing options available
Next, decide how you will complete your purchase. Paying in cash is a popular method for those who have access to the funds. Alternatively, you could use a high net-worth mortgage as a tailored financial solution that meets your needs.
The cost of owning a private jet
Buying your own private jet can cost as much as £60 million, which is a huge investment. However, private jet ownership costs keep rising after you initially buy the aircraft.
Maintenance costs, fuel prices and hanger fees mean you’ll be paying a premium throughout your ownership. It’s important to do your research on these features to guarantee that you can afford to keep it.
The different jet types
Jets come in all shapes and sizes depending on what they’re being used for. Shorter hall flights use a much lighter jet than long hall, so you’ll need to choose one that fits your desired plans. Your options include:
Potential financial losses
You should also consider the potential losses involved with owning a private plane. Along with the ongoing costs like maintenance and hangers, you should be aware that jets can depreciate, so you most likely won’t see a return on investment.
Factors like age, amount used, wear and tear, and market demand can also contribute to the final price you get when you eventually sell it.
If you still believe private jet ownership is for you, then start the process today. You’ll soon be flying around the world in the comfort of your own aircraft.
