Buying Or Chartering A Private Jet. What Is Better?
The trend of traveling through private aircraft is increasing lately. A study shows that aviation companies are planning to add up to 8000 new aircraft to their collection owing to the high demand. Business travelers look for various feasible and fast means of making their routine traveling easy and comfortable. That is why private jets are becoming more prominent and frequently in demand than commercial flights.
Private jets, which offer fast travel, have become a symbol of luxury which everyone wants to attain owing to the onboard amenities and an opulent interior. Private jet charter Saudi Arabia companies and other aviation companies around the world offer private jets for charter in different sizes and packages for everyone to enjoy a private flight with utmost comfort and luxuries.
Having said that, buying or chartering a private jet is a hard decision to make. Both options have their advantages, and the decision relies on your needs and budget. Let’s discuss buying and renting private jets.
Private Jet Charter Vs. Buying A Private Jet
Let’s clear the difference first. Buying a private jet gives you complete ownership of the aircraft. You can use it the way you want, and it is accessible at the time you need it.
On the other hand, renting an aircraft requires less money compared to buying one. So, if celebrating flying in private jets fascinates you, by chartering a jet, you can enjoy the same sense of luxury.
Benefits Of Buying A Jet
Let’s discuss the benefits of buying a private jet in detail for a better idea.
1. Profitable Investment
Private jets can prove to be a potential investment in the longer run. As new models continue to enter the market, you can sell them at a good price if you want to buy other models. Furthermore, some owners rent their private jets to make more money. So, buying a private jet can be profitable if used properly.
2. Escape From Flight Restrictions
Although offering less hassle, renting a private jet still has restrictions you are supposed to follow. You need to make sure to deliver the jet in the same form you rented. Likewise, you cannot be as comfortable in using a rented transport as you will be by traveling on something that is yours completely.
3. Customize It The Way You Want
If you wish, you can change the interior, or customize the part of the jet you want as you are the owner and free to make changes. Nevertheless, you do not have such an advantage in renting a jet.
Drawbacks of buying a Jet
Buying a private jet has the following drawbacks:
1. Expensive
Undoubtedly, you need a huge sum of money to buy a private jet which is why it is not suitable for everyone.
2. Maintenance Cost
Spending money on buying is not enough. You will get the cost of maintenance and liquidation in the future, which doubles the amount you have spent as time passes.
3. Parking Place
You surely cannot park the private jet in the garage of your home due to its huge size. So, you will need a specifically designed hangar for parking. In some cases, the area needs government approval before using it for parking purposes.
Benefits Of Chartering A Private Jet
Buying a private jet has a set of advantages and disadvantages. Chartering aircraft is not different. It comes with a set of benefits and drawbacks. Let’s discuss the benefits first:
1. Flexible Payment Plans
Unlike buying aircraft, you do not need a big investment in renting a private jet. Aviation companies offer flexible payment plans like wet lease and dry lease. You can also rent a jet for a single day. Buying a jet will be suitable for frequent travelers, but renting one is a better option for people who do not often travel.
2. No Maintenance Cost And Versatile Options
Unlike buying an aircraft, you do not have to bear the maintenance cost of a private jet charter.
3. Liberty Of Changing Model
You can switch to different models and sizes as per your need. For instance, a small jet is quite enough for a single passenger, and a large jet is appropriate for a group trip.
4. No Liquidating
No need to take the hassle of liquidation as aircraft charter companies are responsible for liquidation and other responsibilities.
Drawbacks For Chartering A Private Jet
Renting an aircraft has fewer disadvantages compared to buying one. Let’s discuss them briefly.
1. Restrictions
Unlike buying a jet, you are not the owner in case of renting one. You have to follow the rules and restrictions imposed by aviation companies.
2. Expense On Every Trip
You have to keep paying whenever you lease a private jet which can be a problem for frequent travelers.
In all, buying and chartering a jet has some advantages and disadvantages. The choice depends on the budget and needs. Keep the aforementioned points in consideration and have a thorough analysis of what benefits you more in the long run to make the right choice.