Treat Yourself to the Luxury of a Private Jet or How to Obtain Your Own Plane
The growing trend of private air travel becoming more popular was accelerated by the coronavirus pandemic in 2021. More and more passengers prefer the safety, flexibility and comfort that a private jet offers. Private flights are used by families with children on holiday, by business people or corporations as a way to get to meetings quickly and conveniently, and by other passengers travelling for entertainment, culture or sport. If you rent a private jet on a regular basis, it's time to consider whether it might be worth getting your own private jet. What to decide and what criteria play a role in this decision. The JetBee team has prepared detailed instructions for you.
A private jet is not an unnecessary luxury, but a functional solution
There are a number of people who could afford their own private jet, but still preferred to use the private jet charter. Often because they found it to be an unnecessary extravagance and an extra worry. As the situation has changed during and after COVID-19, suddenly private jet ownership seems much more like a pragmatic solution. Especially for business people, the time saving associated with check-in or transfers is very important and essentially means money saved. These can then be invested in the purchase of your own aircraft.
So if you are a regular frequenter of private flights, it might be more convenient for you to get your own aircraft or share it with other owners. There are many different aircraft on the market and there is no need to buy a presidential Boeing or a big Gulfstream right away. Smaller jets, light jets and jet aircraft are sold significantly cheaper. Moreover, if you wade into the secondhand market, which is quite common, you can acquire your own aircraft for a few tens of millions of crowns. Then there is the aforementioned option to buy just a share of the aircraft, which means you own a pro rata portion of it. This service is offered, for example, by NetJets, a company founded by Warren Buffett.
You also don't have to worry that your private jet will be sitting in the hangar and you will lose money on it when you are not flying. There is nothing easier than approaching an operator such as JetBee and renting the aircraft to them. The operator will make sure that your aircraft is used to the maximum and you have the chance to monetize your aircraft and get part of the cost back.
Breaking point – when it pays to buy a private jet
If you are only renting a private jet, the operator will try to find the most optimal solution for you, taking into account your needs and wishes and the best possible price. In some cases, you can also take advantage of empty legs, which are empty flights where the aircraft flies empty to pick up passengers or returns to its home airport. The ticket price is then a fraction of the original flight price. This is basically a last minute variant of commercial airline tickets, which offer unfilled seats before departure, but in the private aviation sector. In addition, empty legs have the advantage that it does not have to be a specific airport from where the plane took off and where it lands. If your destination is en route, a private airline can pick you up or drop you off there.
However, if you fly frequently, need to book a last-minute flight or do not know how many passengers will be on board just before departure, it is worth considering whether it would be worthwhile to book your own private jet. The moment you start thinking about your own aircraft is called the breaking point or also break-even. It's the first step when you realize that it will be more profitable for you to get your own private jet than to rent one, because it will primarily cost you less. In general, this situation applies to passengers who use approximately 400 or more flight hours per year. There are a number of questionnaires on the internet with specific questions to help you clarify whether buying a private jet is right for you or whether it is still worth renting a private jet. You have taken the first step and so what's next?
How to choose a private jet tailored to you
The moment you find out, either through a questionnaire or simply from your own experience, that it is worth buying a private jet, you have a number of other decisions to make. You can browse the internet, obtain brochures from aircraft manufacturers or contact your operator to help you choose the best aircraft for you. The JetBee team is fully at your disposal.
The destinations you fly to most often are a very important aspect of your decision. Do you tend to move around Europe or do your travels take you overseas? The type of aircraft and especially its range is determined by this. It also depends on who you fly with and how many people you fly with. A different type of aircraft will be suitable for you if you are a businessperson, manager and occasionally bring a few partners on board, fly with your family or have a whole team flying with you to meetings, or travel as a sports team with multiple players. In the first two cases, a six to eight-seat aircraft, such as a Hawker BeechJet, will do just fine.
Another criterion is comfort and your overall attitude towards flying. Will a narrow and low cabin (the smallest planes are about 150 centimetres high) suit you or will the space feel claustrophobic, especially if you are afraid of flying? Do you want to walk around the cabin, stretch your legs and straighten your back during your flight? These are all criteria you should consider when choosing an aircraft. Buying a private aircraft is affordable, but it is still a relatively large and, more importantly, long-term investment. It is therefore worth it to think very carefully about your choice. Once you have found the answers to all these questions, you will have a fairly clear idea of what category you are in and you can start choosing a specific aircraft model.
How to finance the purchase of a private jet
Few people have several tens or hundreds of millions in their pocket to pay for the aircraft and fly it right away, so to speak. It is much more common to finance private aircraft with a bank or loan. Both types are offered by special divisions of Czech and mainly international banks. This type of financing works on a different principle than conventional loans, leasing or mortgages. Its conditions are set so that the new private owner can dispose of the aircraft as he/she wishes and has a free hand in its operation.
Also, the screening of a customer asking a bank for money for a private jet is much more detailed and thorough than for a conventional loan. The customer must demonstrate financial credibility, a track record, solvency, and a guarantee, ideally in the form of a corporate sponsorship. In the past, it was possible to guarantee the value of the aircraft itself, but this no longer works today. There is also a general rule that in order to obtain financing for a plane, the bank will require you to make an initial deposit of at least 20% of the total amount.
Share ownership of aircraft as an alternative
There are some people who would like to own their own aircraft, but either do not have the funds or simply wouldn't be able to operate it and would be losing money. Then there's another option called fractional ownership of aircraft. As the name implies, the client does not buy the whole aircraft, but only a part of it. The client thus has a private jet at his/her disposal, but does not have to pay the full price. Another advantage is that this service is operated by companies with multiple aircraft in their fleet. Therefore, if two shareholders want to fly at the same time, the company will offer them an alternative in the form of another aircraft.
How to operate a private aircraft
The operation of an aircraft is a rather complicated process that requires a number of tasks, the cooperation of experts from specialized professions and the interaction of authorities and institutions. If you think that a pilot's licence will be enough, you are sadly mistaken. A private jet requires a lot more care than being able to fly it.
The operation of a private jet requires space to hangar the aircraft, cabin crew, regular aircraft inspections and servicing, handling and check-in at the airport, flight planning, administration and maintenance, permits, authorizations, administration and much more. It is simply not possible for one person to perform all these functions. Therefore, contact an operator who is familiar with this area and can help you with everything. JetBee provides all the services associated with the operation of an aircraft to its clients, including arranging transport to and from the airport, booking restaurants and accommodation or serving refreshments on board along with onboard service.
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