Important Questions to Ask Before Buying A Private Jet
Buying Private Jets
With high-class jets available anytime, it’s not a farfetched dream to take a ride from Dubai to the meeting in London or to go shopping in Paris. Everything is reachable in a matter of minutes.
A few years back, when people think of private jets, two things naturally sprang to mind: unaffordability and lavishness meant for royals and celebrities only. However, flying private in your jet isn’t necessarily for the bourgeoisie. Everyone can now fulfil their wish of owning one because aviation companies in UAE are flooding the market with new aircraft at spurring deep discounts.
Starting from Scratch
Buying your private jet is a noteworthy milestone and significant accomplishment. Some people own their aircraft because they have far too many business meetings outside of their hometown. Others simply want to avoid the hassle of flying on commercial airlines ever again. No matter what the reason is, getting a private jet means you are going to experience ultra-luxury travel every single time.
Of course, you have to make a prudent financial investment, but there is a lot more to consider when buying an aircraft than the price tag. Ask these questions before you take a plunge!
Do You Need A Private Jet?
The destinations to which you are intended to fly as well as the timetable and the frequency of your visit plays a significant role in determining whether or not you should own a private jet. If you are flying at an average rate of 200-400 hours per year, it might make sense for you to buy an aircraft.
Having said that, you have to remember the hardships that come with owning a private jet. The crew, maintenance costs, fuel expenses, and permits are some of the issues you’ll deal with. Moreover, there’ll be times when your jet needs maintenance, therefore, it will have to remain on the ground for some days. Don’t think that it will be available for you whenever you need it. However, owning a private jet will add convenience to your life.
Have You Carried Out Research on Your Broker?
It’s very pertinent to scrutinize your broker’s reference and level of experience. If a broker is making only a single type of aircraft, he would probably try to convince you to buy one. Therefore, avoid such situations.
Who Will Pay the Broker’s Fee?
You need to remember that a broker is a middle man and that you should always ask this question that who’ll be paying his fee. Know that the broker is responsible for delivering full services throughout the whole process.
From the purchase of the jet to the initiation of the operations, it all depends upon the broker. Since they will receive the fees from both sides, consider their intentions as to which side they are inclining. Will they choose to change the price? If you decide to pay a certain percentage on the sale price, how would they handle it?
Will You Lose Money Once You Sell It?
The decision to change the jet is as natural as you plan to buy it in the first place. Since demands for physical dimensions and cab internal equipment varies from person to person, the expenses you’ll be paying for the maintenance gain importance at this juncture.
It’s vital you must pursue professional support about the expenditures you’ll face when you’re renewing the cabin. Selecting reasonable design products will eventually minimize the selling price of your jet.
Should You Buy A Second-Hand Jet?
There are many private jets for sale available in the market. In case you are considering which one to buy i.e. a second-hand jet or a new one; there is no such big difference. The former may even be more profitable especially if the jet needs renovation.
However, there is just one thing that you need to give attention to – the manufacturer. Your jet might be abruptly prevented from taking off if there is a problem in manufacturing.
What If You Lease Your Jet for Charter Flights?
In case you lease your jet for charter flights, you could make more money when you’re not using it. That said, you should be aware that the operator, who is conducting the charter flight may make more money than you. Depending upon how often your jet is used, it might surge your maintenance costs. In the end, it’s your call.
In all, there is no better way to lessen travel time, maximize productivity and have eventual control over your travel schedule than to buy your own private jet.