Today, the dream of private flight is more accessible than ever. For those who have achieved that dream, many find themselves wondering if it makes more sense to use charter services or to purchase and own. Today, we’ll take a look at the pros and cons of both options based on our 30+ years in the business of flight.
Private Jet Ownership – The Pros
Ultimate Convenience
Owning a private jet means having the freedom to fly on your own schedule, whenever and wherever you need to do so. No commercial airline timetables or long security lines or crowded airplanes.
Privacy and Security
For high-profile individuals or those seeking ultimate privacy, your own private jet offers a secure and secluded space away from the prying eyes of the public.
Customization
Ownership means you can customize your jet to suit your tastes, needs and wants. From luxurious, custom interiors to advanced technology, the aircraft becomes a tailored extension of your lifestyle, your business and you.
Cost Predictability
While the initial investment is admittedly substantial, owning a private jet can mean better cost control over time. You can build a budget based on your own travel history and plans so that maintenance, crew salaries, and other expenses can be predicted, planned, and allocated appropriately.
Private Jet Ownership – The Cons
High Initial Cost
Clearly, for most people and even businesses, the most significant barrier to private jet ownership is the considerable upfront cost. Purchasing an aircraft, along with organizing its maintenance, crew salaries, and operational costs, is a substantial financial commitment that must be carefully considered and planned.
Maintenance Expenses
For safety and performance, all aircraft require regular, scheduled maintenance. This ongoing expense can be significant, and any unexpected repairs can add to the financial burden.
Limited Utilization
Sometimes the “want” outweighs the “need” for someone to own a private jet, leaving owners to realize that their dream is often underutilized, leaving their asset sitting on the tarmac for extended periods. Unfortunately, even while sitting, these technically advanced wonders cost significant money to manage and keep in good repair.
Private Jet Charters – The Pros
Cost Flexibility
Chartering provides the freedom to pay for flights on an as needed basis, without the hefty upfront investment associated with ownership. Depending on your potential usage plans, this can prove to be a much more efficient choice.
Variety of Aircraft
If you’re someone with varying needs from flight to flight, chartering gives you access to a diverse fleet of aircraft so you can choose the most suitable type for any given trip. This flexibility is especially valuable if your required passenger counts fluctuate based on each trip or if you travel both long and short haul distances.
No Ownership Responsibilities
Chartering relieves individuals of the responsibilities associated with aircraft ownership such as maintenance, crew management, and hangar storage. Not your plane, not your problem! Just make sure you choose a reputable charter service.
Global Reach
Depending on equipment, charter services often have a broader reach than individual private jet owners, providing access to a global network of destinations.
Private Jet Charters – The Cons
Scheduling Constraints
While chartering offers a lot of flexibility, availability can sometimes be limited, especially during peak travel times. Securing the desired aircraft type for a specific date and destination can prove challenging. Having more than one preferred charter service can help alleviate this problem.
Limited Personalization
While you will most likely be treated well and given premium service, chartering doesn’t necessarily provide the same kind of exclusive experience that ownership does, with the ability to customize the aircraft and service model to your personal preferences.
Potential Security Concerns
As we said earlier, choose wisely when you select a provider. Although charter companies do prioritize safety, there will be differences in how varying companies manage their aircraft and communicate with you, which may leave you less informed and ultimately concerned regarding the security measures in place for any given trip.
To own or to charter? That may be the question but only you can decide the answer. For some private jet ownership offers unparalleled luxury and convenience but comes with a significant financial commitment. For others, chartering provides flexibility and cost-effectiveness but may lack the personalized touch of a privately owned aircraft. Ultimately, the choice boils down to finding the right balance between convenience, financial feasibility, and the unique experience each option offers.