Skipping the trouble of passing through security lines, waiting for delayed flights and dealing with other passengers is a dream for many of us. The most obvious solution is known to everyone but seldom considered, as a private jet is believed to be a privilege reserved only for the mega-wealthy.
However, this may no longer be true for frequent travellers. In some instances, those who fly more than 150 hours per year might find private jets to be a more economical option than flying commercial. Make no mistake – it’s still far from budget-friendly. But it’s worth looking into what it really costs and how to make it viable for you.
Buying a Private Jet
A brand-new private jet will effortlessly set you back anything from £2 million to over £100 million. Just like luxury cars, they’re subject to rapid depreciation, which can make it a far better option to buy your private jet used. Don’t forget that the purchase price represents only a fraction of what it really costs to own one, though.
Maintenance and repairs alone can cost hundreds of thousands to millions of pounds per year. Fuel is another factor to consider, and that’s not even mentioning crew salaries, hangar space, and aircraft insurance. This is why most multimillionaires can’t even afford to own a private jet outright. Fortunately, there are alternatives.
With fractional private jet ownership, you’re essentially paying to own part of a certain aircraft. With it, comes a specific allocation of time for which it’s yours to use. This ranges from 50 to 400 hours depending on the size of your share. While shorter periods are available, fractional ownership is usually a five-year commitment.
Costs include initial capital fees, which are usually in the hundred-thousand-pound range, monthly maintenance fees, occupied hourly fees and miscellaneous expenses like fuel charges. It’s far more affordable than buying a private jet for yourself, but it’s hardly cheap.
Chartering or Renting a Private Jet
So, let’s say you don’t have millions of pounds lying around in the bank. The good news is that you can still fly in style and comfort – without someone kicking the seat behind you. The most affordable option is to charter or rent a private jet whenever you need one. In this case, you typically pay an hourly fee.
The fee is influenced by factors such as the size of the plane, length of flight, number of passengers and jet club membership in the case of chartering.
Private jet rental is often regarded as the most flexible and convenient option. This is offered by companies in the UK like JetApp, a private jet app with a variety of aircrafts on offer. You can book your own flight plan for business or leisure through their app and choose from either entry-level, midrange or top-tier aircraft.
So, you don’t have to be a billionaire to jet your way around the world in style and comfort. With chartering and rentals, in particular, it can work out to be reasonably cost-effective while still affording you all the luxuries of private jet travel.