Dreaming of owning your own private plane? You’re not alone. According to the National Business Aviation Association, more than 10 percent of American households have some level of interest in owning a private aircraft, and nearly 25 percent would consider using one if given the chance.
That’s all well and good, but if you’re serious about buying a private aircraft, there are a few more things you need to know before your dream goes airborne. Here are five of them:
Not all airplanes are created equal: When it comes to buying a private airplane, there are two basic types: piston and turbine. Piston-powered planes – like the Cirrus SR22 – cost less to buy and maintain, but they burn more fuel, have slower cruising speeds and don’t fly as high as turboprop planes or jet aircraft. A midrange turboprop or light jet can cost anywhere from $1 million to $10 million. A large business jet can cost up to $50 million or more. But prices vary widely depending on the make, model, age and condition of the aircraft.
You’ll need fuel: If you’re flying on an empty stomach, that’s OK; but if your plane is on empty, you’ll want to fill it up as soon as possible
If you’re considering buying a private plane, it helps to have some basic knowledge before you start the process. The first thing to know is that there are many different types of private planes, so the cost will depend on which type is right for you and how you plan to use it.
The second thing to know is that the operating costs for a private plane can vary a lot. There are several factors that affect the cost such as fuel prices, maintenance, hangar fees and pilot salaries.
The third thing is that if this is your first time buying a plane, it will be helpful to work with a professional who has experience with private aircraft transactions. They can help guide you through the process and make sure you get the best deal on your new plane.
The fourth thing is that financing is available from banks, credit unions or other financial institutions for aircraft purchases. You may qualify for an attractive rate or even special financing if this purchase qualifies as an investment property under IRS rules (contact your accountant).
The fifth thing to know when buying a private plane is that there are many different types of aircraft available to buy such as jets and turboprops (turbine-powered propeller planes). Each type offers advantages over another depending on what your needs
If you’ve finally decided to buy your own private jet, it’s likely that you’re looking for a combination of luxury and convenience. Private jets can come with a slew of additional amenities and the ability to head to any location in the world on your own schedule.
But if you’re considering buying your own private plane, there are a few things to consider before taking the plunge. Here are five things to know about buying a private jet.
1. Maintenance Costs Are High
Even if you buy a used plane, there will still be significant maintenance costs associated with owning it outright. Planes require maintenance checks every few months and, depending on your operating costs, you may need to pay for gas or foot the bill for any necessary repairs or upkeep. If you have your own plane but don’t fly often enough to generate extra revenue, the cost of maintaining it can quickly become too high.
2. You’ll Need To Fly Often To Make It Worthwhile
While owning your own plane has plenty of benefits, one downside is that they’re expensive – especially if you don’t plan on using them regularly enough to make up for their costs in other ways. If you only plan on flying once or twice a year, it’s probably not worth investing this much money into your
If you’re thinking about buying a private plane, here are five things you should do before purchasing one:
1. Get a medical exam
2. Visit an aircraft sales and service center
3. Take a lesson in the type of plane you’d like to buy
4. Rent a plane for a few hours (if you can afford it)
5. Learn as much as possible about flying and aircraft ownership
If you’re thinking about buying a private plane, you probably know the many reasons people are drawn to private aviation: greater efficiency, flexibility, and convenience. But before you buy a plane, there are several things you should consider.
Whether you’re new to private aviation or a veteran, here are five tips on how to buy a plane.
1. Determine why you’re buying a plane
The first step in the process of buying a plane is determining your reason for purchasing one. This can help determine what type of aircraft to buy and where to start looking for it. If you’re looking for more time with your family — flying them to see their grandparents in another state or getting them to soccer practice on time — then you’ll want something that’s easy and practical to fly. Or perhaps you’re looking to upgrade from your current aircraft because it’s starting to cost too much money in maintenance and repairs? You’ll need an aircraft that’s more reliable with lower upkeep costs.
2. Decide what type of aircraft is right for you
The next thing to do is figure out what kind of aircraft will suit your needs best. To get an idea of what’s out there, we recommend browsing through our Aircraft for Sale listings by category: Piston Aircraft,
Private planes can be a cost-effective way to travel, but the process of buying one has several steps.
When it comes to getting from point A to B, the vast majority of people have three options: take a bus or train, drive themselves, or fly commercially. Thanks to their cost and convenience, commercial flights are by far the most popular option for most travelers. However, not everyone’s needs and schedules allow them to fly commercially all the time.
If you’re someone who frequently travels with groups or must get to remote locations that don’t have an airport nearby, flying yourself in a private plane might make more sense than flying commercially.
Buying a plane is an expensive endeavor that requires a significant amount of research and financial preparation before you even begin looking at aircraft models. There are many things you need to consider before making your purchase, such as maintenance, storage and licensing. Here are five tips to help you get started on your journey toward becoming a private plane owner.
1. A private plane can fly you to places that commercial airlines can’t land.
2. You’ll get to the destination faster.
3. It’s possible to book a flight from Teterboro to Palm Beach for less than $1,000 on Victor, an app that lets private jet users find empty seats on planes for sale (you’ll need to be a member of one of these jet charter memberships).
4. The cost of owning a plane is about $1 million a year, according to Bloomberg Businessweek, and that doesn’t include the cost of buying the plane, which is usually between $3 and $90 million.
5. Private jets are often used in business and are treated like a company car by some executives who use them for personal travel as well.