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Flying private offers an unrivaled travel experience. From providing you with the flexibility to travel whenever you want to delivering pedigree service catered entirely to your needs, nothing compares to flawless private jet service. Therefore, it is no wonder that many private jet travelers begin to wonder if purchasing a private jet is feasible and practical for their travel needs.
So is owning a private jet right for you? Below we have compared and contrasted some of the high-level aspects of jet ownership vs. chartering to help you determine which option is best suited for you.
Owning a private jet certainly has its perks. Just imagine, whisking yourself off to another destination wherever and whenever you like. After all, your own private jet gives you the freedom to call all the shots because you do not have to work with an outside company to accommodate your travel needs.
With that said, there are some factors you will want to keep in mind before investing in a private aircraft of your own. For one, if you only have one jet, your trip may be limited to where your aircraft is currently located, unless you want to pay a repositioning fee. Also, you may find yourself grounded if your aircraft needs to undergo maintenance.
This differs from renting a private charter. With a private charter, you would have more flexibility with your travel, especially if you needed multiple jets or flights from different origins.
You are probably wondering about the cost of owning a private jet. Of course, the upfront cost of the asset alone can be well into the millions. Some prospective buyers will look into secondhand aircraft options, but the newer the model, the higher the price tag will be.
Another major financial aspect of owning an aircraft is that you are not done paying for it once you cover the cost of the jet alone. You will also be responsible for covering the salaries of your pilot and flight crew, along with the cost of jet fuel, hangering your aircraft, safety inspections, aviation insurance, and any maintenance or repairs on your aircraft. These are just a few of the additional costs you will be expected to cover. Unlike when chartering a jet through a management company, when owning a private jet, you do not pay hourly rates.
Some argue that renting a private jet charter actually provides you with more freedom than owning an aircraft. While you might not have complete control over your flight itinerary, there is a good chance you will experience more flexibility. When chartering with a company like Charter Flight Group, we work with your schedule to accommodate your needs. You can easily reserve multiple flights at once, from different locations, and take off from virtually anywhere.
This flexibility is particularly helpful if you need to transport several employees to different business locations at once. Or, as another example, if you owned an aircraft and you were located in New York City, but your jet was in Miami, it would be a challenge to reposition your personal aircraft in NYC before even transporting you to where you need to go. Alternatively, when you rent a charter, it is much easier to acquire an aircraft in NYC because you are dealing with a whole fleet of jets at your disposal.
So how much to charter a private jet? While the actual price will vary depending on the charter company you choose and your specific travel needs, the private jet charter cost is typically charged at an hourly rate. The private jet charter cost per hour can be anywhere upward of several thousands of dollars. Note that it also takes into account the model and type of aircraft you are chartering. For example, the larger the jet and the newer the model, the higher the hourly rate may be.
When you rent a charter, you do not have to concern yourself with financial aspects such as paying the flight crew or dealing with maintenance fees. Everything is covered in your hourly flight rate.
When chartering with Charter Flight Group, you can take advantage of certain perks that can lower your travel cost. For one, we offer an elite Jet Card membership that rewards you with major benefits, such as free jet upgrades and complimentary catering allowances, which are perks that you would otherwise have to pay for. Another advantage is our Fixed Route Program that allows you to lock in the price of a bundle of flights. In other words, if you frequently fly the save route, this program lets you pay one set fee for multiple journeys.
There are certainly pros and cons associated with both owning and chartering aircraft. At the end of the day, it really comes down to what best suits your travel needs. If you are still determining which is best for you, consider how often you fly, how many aircraft you tend to need at one time, and what kind of flight routes you typically desire.