If you're looking for that touch of luxury to add to any holiday or trip, look no further than a private jet. You'd join an elite list of entrepreneurs, celebrities, and multinational companies if you were to buy one.
But you're probably wondering where to even start if you wanted to purchase a private jet. Do you buy new, or used, and what are the different options available to you?
You're in the right place to find out. Keep reading as we give you a definitive guide on how to buy a private jet.
The Private Jet Market Fluctuates With the Economy
You need to understand the market cycle before you buy a jet. The private jet market is cyclical, and jet prices tend to rise and fall based on the overall economy.
If you buy during an upswing, you could pay too much for your jet. That’s why it’s best to buy when there is a downswing in the market. It’s also important to know when you should sell your jet so that you can maximize your profit or minimize losses.
Luckily, this knowledge is pretty easy to obtain: just keep track of whether the current year's sales are better or worse than last year's sales.
Due to typical fluctuations in the industry's economic cycles, we have seen that these spikes and crashes tend to occur every five years—which means our current downswing has lasted for more than five years.
Keep your ear to the ground and look into trends and analysis so that you can pay the best price.
You Don't Need to Be a Billionaire
As long as you understand your options, there's no reason why you can't get a piece of the flying pie yourself. Your own circumstances will determine whether you buy a brand new, or a used jet.
If you're looking at buying an aircraft that's all-new, your options are growing every year. Major manufacturers such as Boeing, for example, offer both their standard version of the 737 and their lower-priced version (the 737NG) which is made specifically for private use.
These planes come with everything from first-class seating to flight attendants and are mostly used for business travel in the upper tier of economy class airlines.
If you don't want to pony up big bucks for a brand new plane outright and still want to fly in style, consider buying one of the more commercially available used jets.
Jets purchased from the 80s onwards are sometimes still flying and have been through many owner changes since then—especially those made by Airbus (such as the A320).
These planes often have low mileage but can be less expensive because there's no guarantee that they'll last forever.
Buy an Existing Aircraft, or Have One Customized For You
It's important to know that the cost of purchasing a private jet will vary depending on the model and size of the aircraft you're looking for.
If you can find an existing aircraft or have it already been customized to your needs, picking up a used jet is often the most cost-effective way to purchase your own.
Even though used aircraft offer some risks (such as damage from years of use), this is one way that many people are able to afford their own private flight.
Private Aviation Brokerage Services Can Help You on Your Way
A private jet purchase is a major decision, and not one that should be taken lightly. Some questions you may want to consider before beginning your search include:
What aircraft type do I need?
How much can I afford to spend?
Where will my aircraft be based?
How often will I fly the aircraft?
Will I hire a captain or fly the aircraft myself? (In other words, are you a pilot?)
Once your questions have been answered and you've determined what type of aircraft you're interested in buying, it's time to start talking with private aviation brokerage firms.
When you hire a brokerage, they handle everything from finding the right plane for you to assessing market conditions before you buy, negotiating the best price, helping you sell your existing plane if necessary, and even assisting with hangar selection and locating insurance for your new baby.
Seek an Expert Before You Sign the Dotted Line
When shopping for a used private jet, it can be easy to miss details that might indicate the aircraft has suffered considerable wear and tear.
It can also be easy to be fooled by sellers attempting to hide those same details from you. You might even fool yourself into thinking there's nothing wrong with the craft, when in fact it's a ticking time bomb of mechanical problems.
One way to avoid these pitfalls is by enlisting an expert inspector who can evaluate the craft in person.
This professional will know exactly where to look for signs of damage and can also investigate whether or not there are any issues with the engine, airframe, or other systems that could cause you trouble down the road.
If You're Not a Jet Enthusiast, It's Easy to Lose Track of Important Details
For all its beauty, an aircraft is a complex machine. It's packed with unique parts, and each one requires careful attention.
If you want to be the owner of an aircraft that'll make a big impression on your customers and friends, it's crucial to learn about maintenance, insurance, financing, inspections, and more. Take some serious time to learn as much as you can before taking the plunge.
Once you've done this research, it'll be a much easier journey from here on in and you'll reduce the risk of getting caught out further down the road.
Now That You Know How to Buy a Private Jet, Will You Do It?
While buying a private jet is a huge investment, it can also be an enjoyable process if you're prepared for the long-term commitment. The way you approach this major purchase will determine whether or not you enjoy the experience.
We hope you've found this article useful, and that you now know how to buy a private jet.
If you're looking for a taste of the life of private jet ownership, consider chartering with Presidential before buying. Find out more about our chartering services or explore the rest of our blog.