Mid-size jets

So You Want to Buy a Mid-Size Jet? Here's Everything You Need to Know

Private jets are increasingly popular, with increasing numbers of people and businesses discovering the benefits of private jet travel. And for those who are thinking of buying their own mid-size jet, here’s a blog for you.

What Is A Mid-Size Jet Anyway?

Mid-size jets have 6-10 passengers and 1,500-3,500 nautical miles.

That makes them perfect for short-term stays in continental U.S., Europe or most of Asia. Mid-sized jets are bigger than VLJs (for 4-6 passengers) but smaller than heavy jets that can take passengers abroad or for 15+.

The top midsize jets include the Cessna Citation XLS, Embraer Phenom 300 and Bombardier Challenger 300. The fast jets will take you almost anywhere in small regional hubs and offer creature comforts such as fully reclined seats, on-board WiFi and private restrooms.

Is Midsize Jet Right for You?

To purchase a private jet, the first thing you have to do is decide what size jet you will need. Here are some things to keep in mind:

• Number of passengers: Are you flying alone, with someone, or will you be taking extended family/work colleagues? Small jets are fine for 2-8.
• Flight duration: Mid-size jets do great up to 4 hours. You will be traveling more often overseas so a heavy jet will be better for range.
• Airport needs: The bulkiest business jets demand runways only at big airports. Smaller local airports can be used by midsize jets, getting you close.
• Cost of flying: Bigger airplanes are way more expensive to own and fly. Budget for the maintenance of the jet you get.

In our experience, get a little cabin space bigger than you really need. This is flexibility, and for when you need to take more guests onboard or have onboard meetings.

How Do Operating Costs Compare?

Mid-size jets have the right combination of cabin space and lower operating costs compared to heavy jets.

So let’s have a quick look at the costs relative:

• Purchase price: $3 to $10+ million for midsize jet, $20 million+ for heavy jet.
• Fuel: $700 - $1,200/hour on a medium jet, $2,000+/hour on a heavy jet.
• Repairs: Allow $300,000 to $500,000 per year for a mid-sized jet repair. Double or more for a big jet.
• Salary of Pilot: You'll have 1- 2 pilots on a medium-sized jet, plus 2- 1 fully certified captain-rated pilot on a bigger plane.
• Insurance: Rates range from $50,000-$100,000 per year for liability coverage on a midsize jet and go up from there.

Heavy jets are great range and capacity, but they’re expensive to run, and that doesn’t happen for most purchasers. Midsize jets offer all of this at a snippet of the cost.

What to Look For When Buying A Mid-Size Jet?

There are so many out there, it can be difficult to figure out which mid-size jet would be best for you. Below are some points to think about:

• Cabin Size: Just like we have mentioned above, check if the passenger capacity and cabin size are right for you.
• Frequency: Look at how frequently and long you take flights. Ultra-long range jets bring flexibility but with a higher price for fuel.
• Accuracy: Speed, runway requirements and climb depend on each. Advanced jets open more airports.
• Year and condition: High-end models have all the advanced aviation and luxuries. But a vintage, in decent condition jet goes for a lot less.
• Running expenses: Estimate fuel consumption, schedules, engine oil changes, and insurance rates.
• Brand Support: How long is the OEM warranty or support? This effects satisfaction over time and resale value of the aircraft.
• Package deals: Some popular models such as the Phenom 300 are waiting lists for new jets. If you choose an available used jet, you get your plane earlier.

Popular Mid-Size Jet Models

Just to give you a general idea of what the different types can offer, here’s a rundown of the most common mid-size private jets and their major features:

Cessna Citation Excel/XLS

• Passengers: 7-8
• Range: 1,950 nm
• Max Cruise: 453 mph
• Price: $3-7 million

FYI: Cessna’s traditional mid-size jet that’s solid in terms of performance and comfort on a well-respected airframe.

Embraer Phenom 300

• Passengers: 6-8
• Range: 2,010 nm
• Max Cruise: 453 mph
• Price: $9 million new

Embraer’s light jet is an enviable ramp presence with a roomy club-seat cabin. The Phenom 300E gets more sophisticated avionics.

Bombardier Challenger 350

• Passengers: 10
• Range: 3,200 nm
• Max Cruise: 459 mph
• Price: $20 million+

Super mid-size Challenger 350 A quantum leap forward in cabin luxury and capability, it’s the dream of Fortune 500 air force departments.

Gulfstream G280

• Passengers: 10
• Range: 3,600 nm
• Max Cruise: 488 mph
• Price: $25 million

The most-received midsize jet from Gulfstream provides excellent range and a cross-section of the cabin that is oval for comfort.

The Mid-Size Jet Buying Process

After you find the perfect aircraft, here’s how you buy it:

1. Choose an aircraft broker - Authentic brokers have long listings and can match you up with the specific jet you’re looking for at an attractive market price.
2. Get pre-approved for financing - Most people finance new aircraft with 70-90% loan. Jet Financing is available from banks and aviation specialty lenders.
3. Preconditions of sale - Under the broker’s supervision, submit your proposal and contract out the final purchase agreement.
4. Do your homework - Go over maintenance records and logs, and have an independent mechanic look at the jet. This is very important for used aircraft.
5. Finish the deal - Lender funding, registration and insurance transfer are the closing process.
6. Delivery - It’s time for the first flight! Some buyers prefer to have the new jet flown in by ferry pilots to their airport.

The process is long (expect a few months), but there is nothing quite like having your own mid-size jet designed to meet your exact needs. And after reading this blog, you’re all set to shop for the right plane and fly with the buy button on.

Hope this helps!