The general rule of thumb is that, if 300+ hours of business flights are going to be required per year, it is worth considering buying your own plane.
It can clearly be afforded, because you need it for your own professional and personal travel, and don’t want to (or can’t) be dependent on rigid flight timetables at airports you don’t even want to fly to, or because you then often have to use other modes of transport to travel onwards from there. It’s very annoying when you know there’s an airport right near your final destination, but you have to fly to another larger one further away.
Having your own business jet has lots of benefits
Plus there’s the fact that a business jet offers lots of other benefits: Your own crew, your “office, living room or bedroom” (or all of them together), your itinerary, your passengers, your luggage safely onboard with you, your specific catering, your standards, your security, your privacy, your flexibility and your saved time. So it’s no coincidence that many of the most successful companies have their own business jets.
But what about efficiency?
The capacities of modern jets are usually much greater than those you use for yourself. In the case of ultra longe range aircraft, for example, it is up to 1,000 hours+ per year. This raises the big question: Do I like the idea of total strangers romping around in my “living room” when I’m not using the plane, or do I value the fact that only I, my business partners and, in some cases, family and friends can use my plane?
Like so many other things in life, it’s also a matter of price: Are any resulting fixed costs (financing, depreciation, crew salaries, insurance, etc.) spread over my own (sticking with the example) 300 hours a year – which of course drives up the hourly price – or do I charter the plane out to third parties and thus significantly reduce my costs?
Aircraft not used enough result in additional expense
Something else worth thinking about: As the name indicates, we’re talking about aircraft here, not “land”craft. Planes and their systems are designed to fly, as this ensures things like the avionics and engines are warm and in use, evaporates any moisture (preventing corrosion), keeps seals intact, and circulates liquids (oil, gasoline etc.) within the system. It’s no coincidence that infrequently used aircraft tend to suffer so-called corrosion/storage damage.
Get expert advice
So the decision to charter out or not is really all up to you 🙁 ! But an experienced operator like Premium Jet can explain all the advantages and disadvantages to you in detail, and offer you critical support.
Just contact us, we will be happy to advise you on the best options!