Shopping Tips for Businesses and the Independently Wealthy
Frequent travelers are abandoning commercial airlines in favor of flying privately, either through a company offering this service, or by purchasing their own aircraft.
Flying privately comes with major perks, including privacy and security; flexibility of flight schedules; and, for business executives, productivity while in the air.
But today’s competitive jet market makes it tough to find an aircraft for sale that meets your travel needs and budget. The internet is fraught with misleading listings, scams, and unethical practices that can leave shoppers frustrated and despondent.
For the smoothest jet-buying process, your search should center on reputable listing sites and help from an honest aircraft dealer or broker – plus following these steps to get you there.
Step One: Determine How Much You Can Afford to Spend
Make no mistake: there are far more costs associated with aircraft ownership than simply the purchase price of the jet.
Associated costs, including insurance, hangar fees, fuel, crew salary and training, airport fees, maintenance, refurbishment, and more, all must be paid each year. And as the jets you’re looking for increase in size, so, too, do these fees and the purchase price. Work with an accountant well-versed in net present value and cost-benefit analyses before adjusting your budget for the purchase of an aircraft.
Most individuals and companies who purchase private jets of their own do so because they’re flying more than 300 hours per year – the industry-accepted cut-off utilized to justify the purchase. However, if you’re flying fewer hours than that, it may be better for you to invest your money in a different aspect of private aviation, such as fractional ownership, a jet card program, or charter flights.
Step Two: Partner with an Aircraft Dealer
Purchasing a private jet is a complex process that you cannot complete on your own. You must rely on a reputable aircraft broker or dealer to navigate each step of your aircraft acquisition. Not only will this ensure your transaction goes smoothly, without hiccups, but it also will protect your investment from any legal woes.
You can choose a dealer to partner with from thousands worldwide, but you should understand that only a handful of them, under the International Aircraft Dealers Association, are obligated by a strict code of ethics in their dealings with buyers and sellers. Many private aviation industry experts will suggest partnering with one of these dealers to get the best deal on your purchase and to receive a client-first experience.
Step Three: Browse Authentic Listings of Jets for Sale
In the private jet industry, bait-and-switch tactics and misleading listings are a major problem, particularly on websites in which anyone can upload a jet for sale.
When browsing for used private jets, avoid websites that let you make an account or post aircraft without proving their credentials. Your time is valuable, and having to sift through subpar listings is not worth it, especially when there are better alternatives.
For better results, look for aircraft listing websites that require proven aviation industry credentials for dealers and brokers seeking to post ads for the jets they’re selling. It’s even better if the website is overseen and managed by a respected industry organization. Carefully read the “About” page for the listing website to determine whether you find it trustworthy before dedicating hours to looking through their listings.
Step Four: Follow the Long Process
Purchasing a private jet doesn’t happen instantly. It’s not like buying a car, where you can pop into a dealership, sign some paperwork, and leave with keys in your hand. In fact, purchasing a preowned aircraft can take a year or longer, thanks to legal and regulatory requirements.
This process includes you having to prove you can afford to purchase the jet you want and that you have obtained the multiple required insurance policies to protect it and your passengers. If you’re planning to fly outside of your own country’s boundaries, you’ll need to complete additional international paperwork and processes before finalizing your sale.
Your broker or dealer will work diligently in the background to move the process along, collaborating with other industry services to complete the acquisition. This is why it’s so important to choose a dealer you can trust.
Completing the Acquisition Process
Experienced jet owners know that following this lengthy purchase process and shopping for business jets online from only reputable listing sites results in the biggest reward of them all: a new-to-you aircraft that suits your needs in-flight and carries you where you need to go, without having to traipse through crowded public airports, stand in a security line, or surround yourself with other travelers at an airport gate or lounge.
The privacy and peace flying privately lends is unmatched – but it takes skill to find the right aircraft for sale online. Bon voyage!