PJP 012 | Is It Time To Own Your Private Jet?

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Should you own your private jet (vs. charter, lease, or jet card access)? Find out in this episode where you'll learn the three factors to consider when considering jet ownership.

Private Jet Ownership – Why?

The first factor is actually a question. It goes like this: “What's important about owning my jet to me?” Possible answers might include time savings, convenience, or privacy. Speaking of time, it's the only commodity we can't buy more of. Always keep in mind that your jet is a time machine… helping you capture time that would otherwise detract value from your quality of life or your business success (i.e. staying in airports for hours or hotels for days). For many, time is the tipping point factor when considering private jet ownership.

The Math Metric Behind Jet Ownership

The second factor is math. If rental cost vs. ownership costs were graphed against number of hours flown, the lines will cross around 225 to 250 hours per year. In other words, if you're flying more than about 225 hours a year, full private jet ownership may make sense… from a mathematical standpoint. Also, add in about 10% of the aircrafts purchase cost for annual operating cost. For instance, a $10,000,000 might require $1,000,000 a year to operate.  Each plane has a different set of numbers that go with it.  Consider salaries, depreciation, and taxes… and the numbers get confusing fast.  Enter TravelSense, a program designed to help you weigh all these mathematical variables and better decide if private jet ownership makes sense for you, by the numbers.

Emotional Points For Your Private Jet

Finally, the third factor is emotion. How does private jet ownership align with your life or business vision, mission, and/or strategies? This is all about executing on your “why,” the one single motivating purpose behind your passions. Perhaps it's important to provide private transportation for your family. Maybe, as a story I once read, you've invested in a business and feel the enterprise needs a jet to meet its profit goals. Or, sometimes it's comforting to have your plane, your staff, and have everything be your show. We don't rent our management teams, why should we rent our flight crew, flight attendant, mechanic, and administrative experts? It feels better that way.

Takeaway

Private jet ownership can make sense, if you consider your why, your numbers, and your gut.

 Mentioned In The Show

The VanAllen Group (trustworthy private jet ownership advice)

TravelSense (calculate cost and time savings)

Equipment Expectations (Private Jet Podcast Episode 5)

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Question For Comment:

Why do you own, or are considering owning, your private jet?

Leave your comment below, on the listener line at 586-330-0802, or email me at tom (AT) privatejetpodcast (DOT) com.

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