Almost a billion people flood airports every year. That staggering amount of travelers more often than not cause headaches for people like you.
Long security lines. Passenger-induced delays. People shoving as they try to find seating at your gate… All of those nuisances are more than enough to make you wish that you could buy your own private jet.
Since you’re reading this post, maybe you’re done wishing. Maybe you’ve decided to actually figure out how to buy a private jet!
If that’s the case, you’re in the right place. Below, we break down everything that you should consider at every step of the jet buying process to ensure that you walk away with the perfect aircraft for your unique needs.
- Consider If Chartering Is an Option
News Flash: Private jets cost millions of dollars. If you don’t have that kind of money lying around, consider chartering.
There are a number of companies that allow you to pay to use a private jet whenever you need one. Chartering a jet rather than buying one can save you millions and will likely be more practical than owning, housing and maintaining your own jet.
- Look Into Co-Buying an Aircraft
Are you adamant about having your name on a jet’s title? If you are, consider having your name sitting next to a few other people.
Here’s the deal… Very few buyers that purchase a private jet are going to fly it enough to justify its cost. To have the flexibility of owning a private jet without having to pay for it to sit, co-buying is the way to go since you’ll be splitting payments/use with other hot-shots.
- Talk to an Agency
We’ve tried to convince you to modify your how to buy private jet ambitions in the last two points because spending millions of dollars on a jet is a big commitment. If you’re still thinking that you’d like to own a jet outright all by yourself despite our suggested alternatives, your next step is going to be to contact a buying agency.
There are a number of agencies that consult wealthy individuals on how to approach their jet buying ambitions. While you could buy a jet without the help of an agency, unless you’re an aviation expert, we highly recommend getting assistance.
- Decide on How Much Space/Range You Need
Private jets come in light, medium and large varietals. A light aircraft might be capable of transporting about 6 people over 2000 miles while a large aircraft can accommodate 12 people for roughly 4000 miles.
Consider your travel needs and note jets that tick your required boxes.
- Weigh Used vs New Options
Tons of buyers find great deals on jets by purchasing them used. With an agency’s help, you may even find a jet that’s hardly been used at all at a steep markdown because it has a few miles on it.
So long as your jet is new enough that it complies with modern airport standards, we believe that a well cared for used aircraft always represents a better value than a new aircraft. For those of you that prefer your jet be new, the pragmatic advantage you’ll enjoy is the warranty that your jet will come with (about 5-years).
- Think About Miscellaneous Expenses
You might look at the price of a jet and think to yourself that you can afford it. Can you really though?
In addition to a jet’s purchase price you’ll need to pay for insurance, fuel, inspections, an FBO service and will need to hire a pilot to transport you whenever you fly.
When you add all of those expenses to your jet’s base cost, you may find that what seems affordable is actually out of your range.
- Secure Financing
Now that you know the kind of jet that you’d like to purchase and what you can afford, before you hit the market, see if you can get pre-approved for financing.
With financing arranged, jet brokers are going to be more inclined to give you their time. Furthermore, getting approved for jet financing is a much more arduous process than what you might be used to from having gotten financing for property or cars.
Because of that, the more time you give yourself to secure financing before getting attached to a particular jet, the better off you’ll be.
- Start Shopping
You’ve done all of the leg-work. Now it’s time for the fun part – Shopping!
There are a number of online aviation exchanges that people use to buy and sell jets. Two of the most popular platforms include aerotrader.com and controller.com.
If you’re working with an agency, they should be able to line up aircraft for you to consider so you don’t have to go through the trouble of vetting online offers.
Select aircraft can be bought directly from their manufacturers.
- Don’t Buy Without an Inspection and a Test Flight
You’re likely spending millions of dollars on an aircraft. Therefore, it’s imperative that you have a third party look over your jet before purchasing it and that you like how your jet feels in the sky.
Understand that test flights will come out of your pocket and may be denied if a dealer feels that you’re not qualified to buy.
Just Because You Know How to Buy a Private Jet Doesn’t Mean That You Should
It’s easy to imagine flying around the world in a private jet and to sign on the dotted line to make that dream your reality. The truth is though, just because you know how to buy a private jet or can buy a private jet doesn’t mean that you should.
Jet ownership is pragmatic for only a small sect of people so think hard on whether or not it makes sense for you before investing your money.
For more information and advice on all of the things that matter most to you, browse additional content on our blog!