Why should you charter a private plane and not buy one?
Yes, owning a jet comes with pride, a status symbol and reflects a life most people can only dream of but it can’t always be the right thing to do. Here are the key factors that highlight why renting a jet is often a better choice:
- Cost considerations
- Elimination of hassles
- Increased flexibility
- Environmentally responsible
- Ease of accessibility
- Risk management
- Customized experiences
- Private plane: The purchase of a private craft comes with a hefty price tag that goes to tens or hundreds of millions of dollars. It involves significant ongoing costs like maintenance, fuel, pilot salaries, insurance etc. Also, it’s not actually an investment because its value depreciates over time.
- Charter plane: Renting a personal jet doesn’t require a substantial upfront investment. You only pay for the flights you take which means it’s more cost-effective. Plus, there is no burden of an asset losing value over time.
Elimination of hassles
- Private plane: To buy a private craft means being responsible for managing the crew, scheduling, regular maintenance and compliance with aviation rules. There’s a lot of unavoidable administrative workload.
- Charter plane: The comfort lies in the fact that all logistical and operational parts are not for you to handle. You are only going to have a great time traveling with no such responsibilities.
- Private plane: Ownership restricts you to the same aircraft type and limits your options for different travel needs. And if your jet needs any repair work when you need it, you would need to reschedule due to its unavailability.
- Charter plane: You can choose from a range of aircraft to rent according to your trip without having to worry about aircraft maintenance since it’s on the company if you rent and not buy a private jet.
- Private plane: Private planes tend to have higher emissions per passenger mile compared to commercial flights, especially the older models. Hence, owning one raises concerns about your impact on the environment.
- Charter plane: Because they fly frequently, charter companies keep adding newer models to their fleet and new models obviously have better fuel efficiency with a lesser carbon footprint.
Ease of accessibility
- Private plane: Personal jets are not allowed in all the airports which can be another problem. International navigation becomes complex because there may or may not be clearances for such crafts.
- Charter plane: Renting means having access to even smaller and more convenient airports. The international clearances and regulations are taken care of by the charter companies.
- Private plane: Like a luxury car, this luxury asset also loses its value over time. The owner has to bear the risk of its decreasing value that happens over time due to market fluctuations or industry changes. To maintain it, there are further expenses involved.
- Charter plane: Since you’re chartering, there is no financial burden on you. You know your costs involved and be relaxed about the unexpected expenses there can be.
- Private plane: To buy a private jet is one expense and customizing is another. Also, it’s too time-consuming. But you can’t avoid it because the interior becomes outdated over time.
- Charter plane: Since chartering service providers take care of your customization requests, you are only supposed to sit back and relax. Enjoy the latest in luxury and technology that comes along.
Costs of owning vs. chartering a luxury private jet
A bunch of huge financial commitments and responsibilities come with owning a private aircraft. The following table outlines the key cost categories involved when you buy a jet and contrasts them with the cost-effectiveness and simplicity of chartering.
|The Cost Involved||Buying a Private Plane||Renting a Private Plane|
|Initial cost of acquisition||High cost. Ranges from tens to hundreds of millions||There is no significant upfront investment. Just the cost of hiring/chartering|
|Ownership expenses||Maintenance, insurance, fuel, crew expenses||You pay only for the time you use the private plane services|
|Depreciation||The value of the jet decreases over time||A matter of concern for the charter company|
|Maintenance responsibility||Responsibility of the owner||The upkeep is not on you since you didn’t buy a private jet|
|Operating costs||Pilots, hangar fees and regulatory compliance||All inclusive in the charter fee|
|Upgrades and customization||It’s an additional expense||You can customize as per your liking|
|Resale concerns||Difficult to resale and there might be potential losses||No such concern involved while chartering|
Private jet: Choose to charter over ownership
As we discussed in the above points, chartering is a cost-effective, convenient, flexible, and a relatively eco-friendly way of luxury flying. Apart from that, you’re also free from long-term commitments and other burdens of ownership.
You can get customized facilities, complete privacy and a range of aircraft to choose from. To conclude, you can enjoy a seamless and enjoyable journey without having any fixed capital involved and without having to buy a private jet.