The thought of traveling the world in your very own private jet truly sounds like something out of “The Lifestyles of the Rich and Famous.” Despite the belief that only the exorbitantly wealthy travel in this manner, purchasing your own jet for your travel needs may actually save you money in the long run. It sounds like the stuff of fiction or fairy tale, but it is actually true. The thing of it is, you need to be honest and in touch with your actual needs, have the funding to make the purchase, and have help with all of the filing necessities with the Federal Aviation Administration (FAA) and International Registry in order to make this fantasy a reality.
Do You Need Your Own Plane?
For those who travel a lot, be it for business or another necessary reason, flying on commercial planes can seem as though it takes an eternity. The fact of the matter is, having your own plane will save you a lot of time as you will be able to board and get on your way faster than a normal, commercial flight. This is not a time to be unrealistic though. According to Wiki How, flight experts agree that only those individuals who fly 350 or more hours per year would find this kind of purchase truly cost-effective. There are other options, such as having fractional ownership of a private jet, which would allow you to pay for the time you need it without having to worry about the cost of maintaining the plane.
Buying a plane is in the consumer’s court right now as well. According to Barron’s, private plane prices are down 20 to 50 percent from what they were in the early 2000s. If you do decide to purchase a plane, consider what size plane will meet your needs. You should not purchase a plane larger than what you actually need, so you need to consider how far you will be traveling and how many passengers the plane will be handling.
Cross Your T’s and Dot Your I’s
Buying a plane can be a bit of a hassle. There is a lot of documentation that is needed and just because you have the means to make this purchase, doesn’t mean you are well acquainted with all of the requirements from the FAA or International Registry. Not only that, the plane you purchase will likely need some improvements in order to meet all safety standards. Having an experienced professional help you through the purchase, filings, and escrow of the jet will greatly improve the ease of the transaction as a whole.
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John Shelton is a business owner that utilizes his down time by giving advice to future and current business owners.