Flying by private jet has many advantages for business and personal travel, including comfort, convenience, and privacy. But should you charter private flights or buy an aircraft entirely yours?
The answer varies, depending on your circumstances and objectives.
While owning your jet may sound attractive, it is still a significant investment not only in the initial purchase price and customisation of the aircraft asset but also in terms of long-term upkeep, maintenance and operating costs, including crew. Buying a jet can cost anywhere from $2 million to $100 million, depending on the aircraft model selected and customisations made, and that is only the starting price for the venture. Potential aircraft owners should also factor in annual operating costs between $500,000 and $1,000,000.
A general rule of thumb in business aviation is that if you fly fewer than 240 hours a year, it’s difficult to offset the costs of buying and maintaining your aircraft. Chartering flights as needed is a far better investment for those whose regular flight needs fall below this figure. Overall, if your annual spending for chartered flights is below annual aircraft operating costs, you are spending wisely, with all the benefits of a private jet and none of the pitfalls.
There is an additional advantage to chartering: instead of acquiring one aircraft type which may not suit all your flight needs, you have a fleet of different aircraft to choose from for each particular journey.
Key questions when pondering whether to buy or charter a jet:
All flight decisions require careful planning and knowledgeable counsel. Luna Aviation Group can help you if you are still determining what will work best for you in the long term. LunaJets offers convenient charter flights and expert flight coordinators who ensure you get where you need to be comfortably, securely, and on time.
LunaSolutions provides trustworthy broker advice throughout the aircraft acquisition process to ensure you get the most out of your aircraft investment.