Private jets

What It Takes to Buy Your Own Private Jet

Owning private jet is awesome. However, there are a ton of things you must consider before purchasing one.

Which jet you should actually buy? How much does it cost? So what does the entire experience entail? Don't worry, I will guide you through everything in this guide.

What Qualifies as a Private Jet?

Private jets are not gigantic airliners designed to carry hundreds of people, but rather small customized aircraft intended for a select group. They come in various sizes and varieties:

Very Light Jets
Let's start small. Typically anywhere from 4 to 8 seats, and 1,500 miles of range before you need to land for more Jet-a, these are very light jets.

They are the cheapest, but also quite tight. It can be hard to get up and move about.

Light Jets
We have midsize jets which are larger than light jets in terms of passenger capacity and range. Standard ranges from 2,000–3,000 miles and seating capacity for 6-10 passengers is common.

Examples of midsize private jets include the Bombardier Challenger 300 and Cessna Citation XLS.

Mid-size Jets
Super midsize jets bridge the gap between midsize and large cabin jets. They typically have a passenger capacity of 8–12 and can fly transcontinental distance. Examples if this type are the Bombardier Challenger 350 and Gulfstream G280.

Large Jets
Personal private jets with large cabins have the greatest comfort and performance. Giving them the unique ability to carry passengers with such high-level comfort in seating for 10-18, bedroom suites and a global range of travel. Both the Gulfstream G650 and Bombardier Global 7500 are among the most coveted of large cabin bizjets.

Airliners
If you're not only loaded but also have a taste for recycled clamshells, you can purchase airliner conversions as private jets. These VIP configured airliners, based on commercial planes like the Boeing 737 or Airbus A319, have space for dozens of passengers and worldwide range.

How Big of a Jet Do You Need?

The first decision in purchasing a private jet is choosing the right size. Take into account the following points:

• Number of Seats - Are you travelling alone or with family and employees? As always, go for the jet with enough seats.
• Range - Which distances do you have to cover? Trans-continental USA range or intercontinental / global range?
• Cabin Features - Do you want a big galley, bedroom, walk-in shower, and so on? Bigger is better when it comes to jets amenities
• How Often You Travel - If you travel often, then a larger jet with global range may be in order. Those who fly occasionally, may choose a smaller jet.
• Budget – The size of the aircraft is directly related to purchase and operating costs. Go ahead and pick a jet that your bank account can live with.

General advice on choosing a size:

• Light jets for 1-4 passengers on regional trips
• Midsize jets for domestic/short international trips with 5-8 passengers
• Super midsize for cross country with 6-10 passengers
• Large cabin for global travel with 8-16 passengers
• Airliners for groups of 20+ requiring international range

How Much Does It Cost?

Investing in a private jet is not only expensive on the initial purchase, but they are also very costly to operate. Here's a general back of the envelope breakdown:

Buying the Jet

• Light jets – US$3 million+
• Medium jets — $5-10 million+
• Large cabin jets — $25–60+ million
• Airliners — $5-100+ million (just wow, okay then)

Operating Costs Per Year
Expect something like $1 million or much more a year for:

• Fuel
• Repairs and maintenance
• Crew salaries
• Licensure and education
• Hangar/parking fees
• Insurance
• Provide catering and amenities
• Landing/ramp fees

Yeah, yeah, I can hear you fainting from all those costs. But, Toasts aren't cheap by any means so this is where the seat of a luxury private jet stems from. Just make sure you can handle the funds before signing on.

Finding Your Dream Jet

Now, private jets come in every make and model imaginable. With countless options out there, how do you choose the best aircraft for your requirements? Here are some things to think about:

• Brand reputation — Stick to names in the aviation industry that you know are reputable for high quality products.
• Safety record — Check for accident history Earlier models generally seem to perform worse.
• Performance—Range, capacity, speed, necessary runway length and all other specs you require.
• Cabin layout– Define the best cabin plan for your interior, with maximized seating, bathrooms, bedrooms, galley etc.
• Luxury choices – Identify on comfy seats, entertainment systems, connectivity, premium finishes and features.
• Fuel efficiency - It costs less to operate more efficient jets.
• Maintenance issues – best to purchase hangar queens, not maintenance nightmares.
• Resale Value - Choose popular makes and models with better value retention over the long term
• Pilot experience – If you have pilots on staff already, find jets they are familiar with.

A Comparison of the Most Common Private Jet Types

Now, without further ado, let us take a high-level overview of the private jet market and subsequently compare some of the most popular and desirable models by each of the key categories.

Best Light Jets

Cessna Citation Mustang - 4 seat, 1150 mile range, and a cruise speed of 390 mph gives the Mustang solid all round performance in the light jet category. Approx — Used Price: 2,000,000 USD

Embraer Phenom 100 - Hooks right into a little bit of a rival to the Mustang, the Phenom 100 features a somewhat roomier cabin supplying better selection (1,178 miles) but less quickly cruising speed (361 miles). It begs $2.5 million ballpark used.

HondaJet Elite - The unique HondaJet has over-the-wing engines and a cabin that can accommodate up to 7 passengers. Boasting of a 1,437 miles distance and a max speed seat of 489 mph. $4.5 million+ used.

Cirrus Vision Jet — This single engine jet has side-by-side seating for 5, a range of greater than 800 miles and a top speed of 345 mph. The cheapest jet on the market at under $2 million pre-owned

Best Midsize Jets

Cessna Citation Excel/XLS - Seating for up to 8, and a range of 1,800 miles help make the Excel an attractive balance of comfort and capability. You can buy them used from around the $2 million mark.

Learjet 45 - Weighing in with a max distance of approximately 1840 miles and maximum speed of 506 mph, the fast Learjet offers seating for about 6–8 passengers. You can pick up models from the late-1990s for $1-2 million.

Embraer Legacy 450 - A newer design with first flight in 2012, the Legacy 450 seats up to 9 and has a range of about 2654 miles. Expect to pay $4-6 million.

Bombardier Challenger 300 - Considered by many to be the most successful midsize jet in history, the 300 seats up to 8 and offers a transcontinental range of 3,200 miles within a spacious cabin. Used jets are priced starting at about $4 million.

Best Super Midsize Jets

Bombardier Challenger 350 - Following the success of its predecessor, the 300, the Challenger 350 features a longer range (3,200 miles) and higher quality furnishings inside. Used: $7 million-and-up range

Gulfstream G280 - Gulfstream's super midsize entry. The G280 can carry as many as 9 passengers for nearly 3,600 miles at a swift cruise speed of 485 knots. Pre-owned G280s are on the market for $10 million+.

Dassault Falcon 2000LXS - French-designed, 4,000 mile range, top speed of 447 mph, seats up to 10 Second-hand examples are priced from roughly $10 million upwards.

Best Large Cabin Jets

Gulfstream G550 - One of Gulfstream's workhorse large cabin jets, the comfort and performance-oriented fuselage melds together a 6,750 mile range with an impressive 514 mph cruise speed and an eight to eighteen passenger seating Awash in Class Used G550s available for purchase run in the region of $15 million.

Bombardier Global 6000 - The largest player in the ultra-long range large cabin category. The Global 6000 can take up to 11 passengers out at a blistering pace of.92 Mach for up to 6,000 miles. It goes for $25 million+ second hand.

Gulfstream G650 - The Gulfstream G650 is the gold standard of business jets right now, with a 7,000 mile range, Mach. 925 knots, and beautiful cabin interiors. For used G650s, that's a $40 million+ price tag.

Dassault Falcon 8X - The other French beauty on the list, something around for up to 6,450 miles with seating for as many as 16. In the used car market, it is valued at approximately $30 million for a combination of comfort, capability and technology.

The Aircraft Purchase Process

When you know the exact kind of private jet you'd like to acquire, these are in essence the standard successive steps in the acquiring course of action:

• Prequalify - Lenders will verify if you can afford to finance for what you're looking to buy.
• Locate a seller - get in touch with credible and so witnessed jets dealers as well as dealers. Filter down to the most relevant options
• Check maintenance records - Look at logs to see if regular repairs and/or maintenance is performed. Look for accidents too.
• Do a demo flight yourself in the actual jet - ALWAYS test fly the jet Now that you have your aviation advisor or pilot on speed dial.
• Negotiate price - This includes some negotiation on price based on condition, specs and demand for that aircraft. Don't overpay.
• Obtain financing - Set a loan (if needed) and documentation.
• Jet inspection - before you purchase your new aircraft, your mechanic should perform a pre-buy inspection.
• Close the deal - Sign contracts and transfer funds.
• Registration - You register your file, legally taking ownership of it.
• Protection - Obtain coverage for your jet Comprehensive aviation insurance
• Accept delivery - Fly your new plane home!

You would be wise to have both an aviation attorney and a CPA on your side during the acquisition.

What’s Next?

On various levels, it is a phenomenal investment. Avoid rushing into anything.

It is always prudent to do your own research and become as educated as possible so you can make the right choice for your personal aviation requirements and budget.

Some suggested next steps:

• Speak to existing owners with a number of hours in their log books.
• Gather with well-known brokers to shop around for any year, make and model.
• Get a jet training course to learn operations.
• Get details on banking and lending options for aviation financing
• Look beyond just purchase costs and estimate your total annual budget.
• Begin placing money in your own separate jet fund
  Take your time!