The world of private planes has become serious business. For instance, in addition to an increased number of travelers, you will also find a greater variety of travelers. Because of increased demand, we also see many more options for planes. Today, manufactures such as Cessna, Raytheon, Bombardier, and Gulfstream coming up with unique options that make private travel better and more affordable.
One of the hottest trends seen is with what a system called fractional ownership. In this case, a person or corporation would purchase a certain dollar worth of travel, used when needed. For instance, a fractional jet card may have $100,000 worth of travel. When an individual or business executive needs to fly, they simply present the card, board the plane, and make their destination. Fractional ownership could range from owning one/eighth to one/sixteenth of a plane.
The benefit for someone who travels often is money in the bank. Additionally, fractional ownership means privacy, better amenities, and the elimination of problems often associated with commercial flights such as long lines, lost luggage, grumpy travelers, delays, cancellations, and so on. For this reason, private jets have become the means of travel for literally thousands upon thousands of people across the country.
To give you an idea of the various options associated with private jets, consider the following information.
This includes the full purchase of the plane, which may or may not include management and operation fees. In this case, the plane would be available when needed. The only downfall is price, which is high. Therefore, full ownership is typically associated with brokers and manufacturers.
For this type of ownership, you would purchase a five-year plan, owning a portion of the plane. The benefits include guaranteed availability, known pricing, and consistent service. The downside is that fractional ownership can be costly and you only have a five-year secured price and type of plane.
In this case, a 25 to 50-hour card would be purchased, which is simple, consistent, and flexible. Depending on the plane and company, the price could be high, although this is not always the case.
For this, you would prepay a block of flight time. The benefits are affordability, flexibility, and a wide range of fleet options.
Finally, you would bid for each trip taken. Obviously, this reduces flexibility and consistency of service.