If you are thinking of buying a private jet, it’s a good idea to do some research on the different types that are available within your price range. For those who don’t know roughly how much does a private jet cost? This very much depends on the year, make and model of the private jet that you want. But it can set you back anywhere from $200,000 to $50,00000. However, there has been recent tax code changes that (reported in the Wall Street Journal) mean that you can “deduct the entirety of a corporate-jet purchase”.
Owning a private jet is a wonderful thing if you can afford it. Popular with millionaires, businesses and celebrities alike, it is a luxury mode of travel that, once you have flown privately, will make you never want to get back.
If you are still unsure as to whether or not buying a private jet is the right decision for you, here’s a list of some of the pros and cons of owning one:
Firstly, here are the pros:
- You can fly at any time: a great benefit of buying your own private jet is that you are not restricted on when you fly. An annoyance of flying commercially is that you have to stick to specific flight times. But with a private jet, it is at your beck and call whenever you need it. You don’t also have to wait for boarding, queue up with fellow passengers and can head through a separate entrance – all benefits of a private jet that will make you feel exclusive. The worry of getting to the airport on time will be a thing of the past.
- You can take a direct flight: one annoying thing about commercial flying is when you have to have a stopover on the way to your destination. Eating up time that you could have spent getting to your destination sooner, the inconvenience of them sometimes makes flying a burden. But with owning a private jet, you won’t have to worry about these delays. Fully fueled, they can travel far distances without having to stop.
- They are far more private and spacious: yes, this might be in the name. But, owning a private jet gives you the freedom to enjoy a flight to yourself (or with business associates/family members). If you want to conduct a meeting mid-flight, you can do so without having to worry about fellow passengers distracting you. The space that a private jet gives you means that you can bring all of your business belongings with you on the trip, without having to worry about baggage allowance (all things you need to consider whilst preparing for a business trip)
And now, here are the cons:
- The cost of a private jet: as mentioned above, if you are thinking of buying a private jet, no doubt you have the money to do it. But, it’s not just the upfront cost that you need to consider. You will also be responsible for the maintenance, upkeep, insurance, fuel and paying for the crew. All of these costs, of course, add up and all have to be considered when looking into buying a private jet.
- They are only beneficial if you fly a lot: if you fly consistently throughout the year, whether it be for business or pleasure, a private jet might be the way forward. But if you rarely fly, you have to think whether or not the hassle of buying and the upkeep is really worth it. If you aren’t sure whether you need a private jet – if you don’t fly that often, for example, it might be worth hiring a private jet when you need it instead.
- The flexibility can sometimes be limited: although generally, you can fly when you wish, owning a private jet may come with some time constraints. Not only will any repairs take up weeks in which you might have wanted to travel, but the pilots and crews need a break too. They aren’t robots, after all, so they will want (as anyone would) to also spend time with their friends and family. Yes, you can always employ a backup pilot, but if you have spent a lot of money on the aircraft itself, doing it up the way that you want and on the other costs that come with owning a plane, this might not be possible.
So, there you go. There are some of the pros and cons that come with buying and owning your own private jet. No matter how wealthy you are, a private jet is a large expense. This alongside the downsides will have to be considered when you are looking for one. However, as made clear from above, there are many pros that come with them. Therefore, you should compare these when you are purchasing one for yourself.