Whether you have finally made up your mind about purchasing that private jet you have been eyeing for months or you simply wish to familiarize yourself with the process, you’ve come to the right place. Buying private jets seems to be all the rage these days and it’s not surprising considering the rise of globalization and the need of businesspeople to be halfway across the world in the blink of an eye. If you’ve decided to hop on the bandwagon, it’s important to fully educate yourself beforehand. Now is actually a great time to purchase an aircraft as prices have plummeted by 20 to 50 percent compared to a few years back. Without further ado, let’s get started. Here’s how to buy a private jet:
- Don’t attempt to do it all by yourself. Unless you are a foremost expert in the airline industry, it’s probably best to enlist some help to avoid making unnecessary mistakes or wasting precious time. Jets are fairly intricate contraptions and you want experts on board to lend a hand. Take the time to conduct sufficient research on an aircraft management company or buying consultants that can provide assistance with coordinating the purchase and maintaining the plane once the transaction has been finalized. Of course, all of this will come at a price but not to fret, it’s sure to be well worth paying.
- Determine your needs. There are three sizes of private jets that you can choose from. These include small, medium and large. With regard to size and flying range, a light jet costing $3 million to $8 million can carry five to eight passengers for about 2,000 miles. On the other hand, a midsize executive jet setting you back by $9 million to $16 million can carry nine passengers at best and will take you up to 3,000 miles through the skies. Lastly, a large executive jet that costs $17 million to $45 million is able to accommodate up to 12 passengers for over 4,000 miles.
- Be resourceful. Scour through different aviation exchange websites if you aren’t on the prowl for a Gulfstream or a Learjet. Have a look at http://www.controller.com or http://sing-jets.com/.
- Take the plane out for a test spin. No matter how confident you are about your purchase, it’s ideal to take the jet out for a test spin just so you can get a personal feel of what it would be like to be on board the jet on a regular interval. It is standard for a demo flight arrangement to take place once the money has been escrowed by the buyer. In this case, the manufacturer will typically offer demo to help you build confidence in your investment.
- Obtain financing and secure an inspection. Due to the 2008 recession, it’s now more difficult to obtain financing but it’s certainly not impossible. Lastly, have the plane inspected to ensure that you are getting your money’s worth and that it’s in excellent flying condition.
Whether you have made up your mind about purchasing a private jet or you’re simply interested in knowing the cost of one for future reference or just out of curiosity, you’ve come to the right place.
Without a doubt, a private jet is a very serious investment and it’s extremely important to know what you’re getting into before making a final decision on which one to purchase and how much exactly it will cost you.
There are myriad reasons why people purchase private jets. Some people purchase private jets simply because they can afford to or just so they can go on holiday on a whim. On the other hand, many individuals and private companies also choose to purchase private jets because of necessity. Owning a private jet affords one the privilege of crossing time zones in record time or avoiding the hassle of long lines at baggage or security. Another foremost reason why people choose to purchase private lines is for privacy. Unlike with commercial airlines where you have zero control over who gets on board the plane with you, this certainly with the case with a private jet. You get to choose every single person who rides the plane – from the pilot to the person who will be seated next to you.
Overall, it is crucial and practical to carefully assess whether purchasing a private jet is the right choice for you. In a nutshell, the prices of private jets vary greatly depending on their size, functions, furnishings and capabilities. To give you an idea, a light jet that can accommodate five to eight people will set you back by $3 million to $8. For a midsize executive jet, be prepared to shell out $9 million to $16 million depending on your choice. You will be able to board nine passengers at the most. Last but certainly not the least, a large private jet will cost between $17 million to $45 million. You will be able to transport 12 passengers.
Of course, the cost of a private jet will plummet significantly if you choose to purchase one that is pre-owned as opposed to a brand new one. If you have your mind set on buying a brand new jet but have a limited budget, consider more conservative models such as the Super King Air Turboprop or the Beechcraft King Air. The aforementioned plane models will cost between $4 million to $7.5 million.
On the other hand, if budget is no object, then why not conduct some research on the Dassault Falcon, Bombardier Global Express XRS, or the Gulfstream V-SP? All of the said plane models are top of the line in the world of aviation and you surely will not regret purchasing them. To give you an idea of the price range, the Dassault Falcon will cost $50 million to $300 million.
At the end of the day, the choice of whether to purchase a brand new or previously owned private jet is yours. What is important is that it suits your needs and budget.