While buying a private jet, it is ideal to consult an expert before finalizing your selection, especially if one is not intimately familiar with aeronautics and aviation.
There are several firms that can assist in choosing the right aircraft as well as other peripherals like maintenance and hanger management. Here are a few factors that you need to be aware of while browsing for the right aircraft.
1. High Price Range and Other Overheads.
A business jet may cost you anywhere between 3 million and 70 million USD; with the added customisations the price can come close to a billion dollars. Although cheaper, second hand jets will set you back a minimum price of 1 million USD. However, there are also other expenses to consider, operating and fuel costs, regular maintenance checks, insurance, parking, storage, airport fees, and more. So, depending on the size of the aircraft, your budget would change.
You may choose to pay the full purchase price in cash. However, if you choose not to select this payment mode, it is prudent to compare interest rates before planning to take a loan for the aircraft.
3. Insurance and Taxes
It is good to check out the hull and aircraft liability insurance for the plane you choose to buy. These two insurance policies have high premiums, which also vary depending on the type and value of the plane. Do remember to take into account how much tax you would need to pay whilst buying the aircraft by checking the yearly tax bracket you would need to pay for.
4. Aircraft type and Range
Do you need a short-range plane or a long-range jet? Are you planning for personal trips like sightseeing at close by spots or business trips across the globe? The type of flight you most often take would, in turn, determine the aircraft that you would need to buy.
5. Aircraft condition
Another important consideration especially while planning to buy a used plane. If you decide to buy second-hand, you should get a comprehensive pre-purchase evaluation. Remember to check out the maintenance logs and damage history.
If you decide to go in for a used aircraft, remember to check out the flight hours, the time before overhaul (TBO), and life expectancy.
7. Exteriors and Interiors
You should inspect the condition of the flight control surfaces including elevators, landing gear, rudder, spoilers, and more. Also, check out the corrosion levels, and whether the plane would need a paint job, which is quite costly in itself. The condition of the interior is equally important, so do check out the cabin refurbishment, as the costs for refurbishing could get really expensive.