How to Purchase a Private Jet

For people that are constantly flying all over the world, whether due to business or leisure, a small private plane may be a necessity. With airfare always on the rise, the continuous money spent on plane tickets can add up to be an expense that just doesn’t make sense. Combined with all the downsides of a commercial flight, including the tight space, loud noise and regulations, purchasing a private plane may be a logical decision.

Moving forward with that decision can lead to confusion. After all, it isn’t every day that someone purchases a small private plane. In such instances, jets are usually the way to go. They fly fast because of their light weight, and although they’re small and can only hold a limited number of people, they’re perfect for getting from place to place. Whether you’re flying the plane or enjoying the ride, a small private plane or jet is a welcome way to get to where you need to go.

The price should be viewed as an investment. Instead of buying an expensive plane, you’re paying for all your airfare upfront. Best of all, that amount will be considerably less than the airfare you would regularly pay at the airports. Being able to board your private jet immediately, without all the airport hassle, can be considered an added bonus. 

Luckily, planes are not as expensive now as they once were. The process of purchasing a plane is one that should not be considered lightly. A good thing to do is to hire an aircraft management company or consultant to guide your purchase, including informing you of your choices and carrying out the transaction. Although an added fee will ensue, you may end up getting a better plane than you ever could have imagined. 

The first thing to do is to look at your budget and manage your money. How much are you willing to spend? To get a reasonable and accurate price, do your research before venturing into the market. Figure out and know your objective. Seek out models that fit your needs. This is a huge thing to consider because you don’t want to end up with a plane that is either far too big for what you really need or far too small for what you desire. Will the plane be for business only or for added entertainment purposes? Will you be the only one flying or will there be additional passengers?

Even the smallest planes can fit five to eight passengers (at a cost of $3-8 million). Larger planes can carry twelve to fifteen passengers (at a cost of anywhere between $17 and $45 million). Don’t underestimate the cost and make sure you can afford what you’re buying. Payment can be done upfront or through a payment plan, common to a house or car. You can purchase either new or used; don’t immediately discount used planes. The word “used” does not automatically mean lesser-quality. Of course, if you plan on using the plane a lot, a newer option might be the best way to go.

Upon doing your research, go shopping! A consultant will best be used during this process, as he/she will know where to take you and will help you search for the right kind of plane. Shopping can be done online, but you should never purchase a small plane before first seeing it in person. Testing it is even better. Whether flying it or riding it, go up in the air with it. This is the only way to get a real good feel of the product – spending time inside. You wouldn’t, after all, buy a house or car without first going inside and testing it out. A plane is a major purchase that should be given full attention to detail and interest. 

For a better idea of how the plane holds up, an inspector familiar with airplanes can give you his/her honest opinion. He/she can recognize any major maintenance or mechanical problems that could be pertinent to your safety. A financial expert can guide you in the right monetary position and provide you with information regarding payment. Once you have picked out your plane, going over the contract and paying attention to the most specific and tiniest of details is extremely important. Having a lawyer look over the contract is in your best interest.

Once everything looks and feels right, make your purchase, settle the details, tie up the loose ends, and begin to enjoy your brand new private plane! Design and furnish the inside of your plane and hire a management team, including pilots, flight attendants, a maintenance crew, flight coordinators, etc. Ensure that all TSA standards and requirements are met before taking your plane on its maiden flight. 

Purchasing a private small plane is a major investment that could lead to a tremendous amount of money saved in the long run. Money aside, the personal benefits are huge. No more airports, no more crowds, no more commotion, no more stress that flying on a commercial flight can entail. By keeping your most careful attention on the transaction at all times, from the initial research to the contract signing, you’ll be up in the air with your personal private plane in no time.