Executive jets an intro
Ever since the revolutionary introduction of the Learjet 23 in 1964, corporate chief executives and wealthy travelers have been flying in style on custom jet aircraft.
The business or executive jet has become so common that most passengers anymore are middle management types. In fact, the executive jet industry is now a buyer's market.
Do a cost-benefit analysis before you whip out the bucks for a private business jet , however . Aviation experts tell us that 350 to 400 hours of flight time per year is justification for owning an executive jet. If you are not flying the friendly skies that often, then you should look into fractional ownership.
Consider the hidden costs involved in ownership of a jet. In addition to a price tag that ranges from $6 million to $50 million for a new private jet, consider necessities such as insurance, fuel, catering, and pilots (and there aren't that many of them to go around for executive jets).
Aircraft management companies will take care of these needs for about $100,000 to $200,000 per year, depending on the size and usage of the jet. You will also want to determine the size and flying range you're going to require.
Light jets ( which cost in the range of $3 million to $8 million) can take five to eight passengers roughly 2000 miles; midsize executive jets ( which cost in the range of $9 million to $16 million) can take up to nine passengers from 2000 to 3000 miles; and large executive jets ( costing from $17 million to $45 million) can carry 2 passengers over 4000 miles.
When you're ready to buy, begin contacting private jet manufacturers and ask around about aircraft specifications and pricing. In addition, surf the Net and hit places such as CharterAuction.com which sell new and used jets, including repossessed aircraft at deep discounts.
If you feel that it is worth considering, the way fractional ownership works involves you purchasing a share in a jet plane from a management company , for which you get a tax deduction , and then paying a monthly fee and hourly operation costs. The management company sends out whichever jet is most conveniently located to service you, even on a moment's notice.
A used jet may not be such a great deal. For permission to land at many U.S. Airports, a jet must be compliant with Stage 3 Federal Aviation Administration regulations.
Converting a private jet to comply with regulations takes several hundred thousand dollars and many months of repair time, and most private jet aircraft repair centers already have more business than they can handle.
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