How to soar financially – how to afford the private jet of your dreams
Private jets have long been seen as the preferred method of travel among the elite, yet an everyday person can enjoy this luxurious form of transport at a lower cost than expected.
Instead of purchasing an entire plane outright, many individuals prefer fractional ownership – similar to timesharing – whereby purchasing a set number of flight hours each year upfront.
1. Calculate your net worth
Private jets provide many advantages, from convenience and luxury, but come at a steep cost; to afford one requires having a healthy net worth.
Calculating your net worth requires adding up all of your assets and subtracting all liabilities, which will give you an idea of what amount needs to be saved each month in order to reach your financial goals.
If you don’t yet have a net worth, start saving more than you spend and over time it will help you escape debt while creating wealth.
Private jet ownership can cost anywhere from a few million to more than $75 million depending on its age, type and features. Aside from initial purchase price, additional expenses such as fuel costs, maintenance and crew wages should also be factored into your budget plan; other potential outlays might include hangar fees and insurance premiums which add significant amounts to the total expense.
2. Estimate your expenses
Many are often taken aback when they discover the true cost of purchasing their private jet is not as affordable as they anticipated. Beyond its initial purchase cost, there are additional ongoing operational expenses such as fuel, maintenance fees, hangar fees, insurance premiums and crew wages to factor in.
Depending on the size and type of aircraft used, costs for chartering may range anywhere from $2,000 per hour for a turboprop or executive light jet up to upwards of $11,000 per hour for midsize or large luxury jets – not including international flight fees and airport charges that may come into play.
There are less expensive ways to enjoy the luxuriousness of private travel, however. One option is renting a private jet through a charter company like Wheels Up or VistaJet; these companies provide various jets, as well as empty leg deals — flights that return directly back to base after dropping off passengers — which may prove much cheaper than roundtrip flights and can often be charged directly against business rewards credit cards for maximum cost-cutting measures.
3. Determine your needs
Private jet ownership might seem like the ultimate indulgence, but it can actually be more cost-effective than you imagine. The key is understanding which features are necessary and which are simply extravagances.
Consider what type of travel and usage patterns will need your plane for, such as vacation plans vs business travel. Also keep in mind that long journeys with many passengers require larger aircrafts.
Prices depend on various factors including model, maker, range and customization features of each plane; typically new planes cost more than used ones.
Some owners sell seats on their flights as a way of offsetting the costs associated with owning private jets, such as XOJet’s offering of empty leg flights for sale on its website. This relatively recent trend emerged as travelers looking for alternatives to commercial airlines during the COVID-19 pandemic sought alternatives; but its emphasis was more on schedule convenience over privacy. Furthermore, several companies provide private jet shares similar to stocks or bonds which may also be purchased.
4. Explore your options
Private jet travel can be an excellent way to impress clients and demonstrate that you value their privacy, yet it can be expensive and require substantial ongoing expenses, including flight crew salaries/fees, maintenance/repair expenses, hangar rental/insurance fees and more.
One option you may wish to explore when purchasing a plane is taking out a personal loan. Although getting financing for such an expensive aircraft can be challenging, many lenders offer loan programs which may be more accommodating than you realize.
Another option for traveling groups and trips of any kind is chartering a private jet, with rates typically ranging between $2,000 and $11,000 per billable hour depending on group size and trip type. Many companies provide apps that match you up with private jets that fit your destination and travel dates; you could even look out for “empty-leg flights,” which travel without passengers onboard and offer savings up to 75% compared to regular flight costs.
In conclusion, you must take into account numerous prices and have a well-thought-out financial plan if you want to benefit from the comfort and elegance of flying in a private aircraft. As you choose whether to buy or rent a jet, you should also consider what features and kind best fit your needs. You should also consider what terms and conditions you could be eligible for with various financing alternatives. You can get the most out of your luxury vacation experience by following these suggestions. In terms of which is the fastest private jet, the Gulfstream G650ER is the speed champ, able to reach up to 704 miles per hour.