Can You Still Afford a Private Jet?

By Earl Ayrford

The economy is certainly bumping along and for many who purchased a private jet when economic conditions were high, the luxury of having a plane at your disposal might now seem a bit distasteful when compared with other costs of the business, especially if you're scaling back. However, hard times in various industries don't necessarily mean that your business must struggle as well. There are many industries that have made it through with nary a scratch from the economic downturn, and yours might be one of them.

Initial Costs of Ownership

The biggest bulk of money for a private jet comes upfront. Even if you lease or buy a plane using installments, you must put a tidy sum of money down. The same is true in fractional ownership programs. If you have funds for the initial payment or you've already paid these funds, you're in a position to continue or start to own a jet. Companies or individuals which need those funds to cover other areas of the business during hard times would do well to wait a bit for ownership, but if you have the funds, this is an excellent time to own a jet.

Aircraft Selection

A luxury item, private aircraft sales have decreased along with many other luxuries as the global economy waits to recover. Companies that are struggling might consider offloading their jet to others making it a buyer's market in many regards. Those who continue to own or are ready to buy have more aircraft to choose from, and might be able to negotiate better rates on certain planes. The most popular designs won't have much bargaining room, but more common aircraft, especially those that are pre-owned, might be a terrific deal.

Fuel Prices are Low

Fuel prices have fallen tremendously since last summer, and low fuel costs mean low operation costs. Flying a plane can be expensive with costs for crew, maintenance and fuel, but fuel costs were easily the largest consideration for those who travel frequently. Lower prices mean you can fly your plane for far less than you could just months ago.

Availability of Talent

While you don't need many employees when you have your own jet, the scaled back travel industry might mean that you can land better crew for your aircraft than you could otherwise. The decreased number of jets purchased also means that the company you choose for airline maintenance will also be in a better position to offer you superior service.

The Power of Success

If your business is successful in hard times, the perception is you must be doing everything right. A private jet is a very outward and visible sign of your success. Those who have remained steady through the downturn are more trusted by others. If you can afford a jet, others can afford to work with you - and all you have to do is fly to make such a solid statement.

For more information on all aspects of selecting, purchasing, operating and maintaining private jets be sure to visit Private Jet Charter at privatejetco.com
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