Growing up in the private jet industry I would hear my father answer this question a lot, to both potential clients and to friends. When I was working in the industry I was questioned about this a lot on this topic as well. Overall it just depends on what your lifestyle is like. Are you an individual that values your time where every minute/second of your day is precious? Then flying private is worth it, but it does have its drawbacks. Let me explain…
PROS:
If you are a high net worth individual and you can’t afford to waste time in lines to board or de-board a plane. You can literally pull right up to you the FBO, exit your vehical, and walk right into your aircraft that has been ready to take you off.
You have the ability to conduct business meetings in a private space while traveling to your next destination.
Leg room for days.
The wow factor and showing an image of wealth and success.
CONS:
Maintenance. This would hands down be the biggest expense. Most people do not realize that when it comes to maintaining a private jet that there is a long checklist of maintenance checks from the FAA that have to be complete.
Hours on the engines before they need to be overall. Typically this ever 3,600hrs
Paint and Interior. Wear and tear is an issue no matter what vehicle you ride in. For planes its the same, just a few hundred thousands dollars more.
12 month, 24 month, and 48 month inspections by the FAA
Avionics and Pilot training.
Fuel
Hanger Fees
Overall do I think owning a private jet is worth it? Unless I have millions and millions of dollars in the bank and I’m some crazy high net worth individual who needs the time, the privacy, and wants to look good then sure I’m all for it. BUT, I’m not. Chartering a private jet or buying a seat on one would make more sense to me.
I look at it like this. Never go out and buy a boat. Go find a friend that has one and use his/hers. It’ll save you the headache.
What are your thoughts? Anything I missed?