Private Plane Cost to buy

The reason why renting an aircraft before purchasing it is a wise financial decision.

The purchase of a private plane is a big choice. Not only because of the important start-up capital outlay ( dozens of million dollar per jet), but also because of the cost of it. Indeed, there is a core barometer that warrants the purchase instead of a year' charter; the number of lessons you will actually use your aircraft.

About 250 to 350 hrs are needed to make the purchase of a private plane a smart investment, an important amount that most corporate travellers do not reach. Further expenses to be considered are planned and unscheduled service, FBO expenses for each take-off and land, aircraft hanger expenses, propellant, insurance, food and beverages and crew.

If you are chartering an airplane, all these expenses are within the reservation cost, without having to take into consideration the different arrangements of each of these variable, which is a large amount of work. Aside from the cost of the charters, there are a number of factors to consider: dimensions, reach, cabin sound, overall convenience and service protocols, to name a few.

"Future homeowners realize that the only way to make the right choice is to test a particular private plane several different ways and under different conditions. Other airlines take their decisions to a different plane by reserving a fistful of planes on the same flight to benchmark their operating capacity. However, for most private jets travellers and businesses using this facility around the globe, charters are much more convenient, cost-effective and less unsafe than having an airplane or charter a car, especially if someone is new to the shop.

Indeed, companies that choose to move their leaders from meeting, for example, from first-class to business aviation, should first move into the charters industry before attempting to upgrading one or more jets. "Privately owned chartered jets should always come before you own a plane, because it is the right way to get to know the industry and really the only way to fully warrant such a large capital expenditure if you want to buy a plane after enjoying the convenience of the charters segment," Gitman concluded.

Monarch's clients include Fortune 500 companies, top business leaders, government authorities and the world's top NGOs.