At Multiflight, we pride ourselves on helping clients make informed decisions regarding private aviation. Whether you are considering purchasing a private jet to accommodate your travel schedule or chartering one to suit occasional or singular trips, understanding the pros and cons of each choice is vital.
Key considerations for private jet use
Before diving into the specifics of buying versus chartering, it’s essential to consider the various factors that influence this decision.
Frequency of Use
One of the most significant factors when deciding between buying or chartering a private jet is the frequency with which you plan to fly. This can be one of the foremost deciding factors when choosing whether to purchase or rent a private aircraft for a number of reasons.
Buying
Owning a private jet makes the most sense for individuals or businesses that fly frequently. If your travel requirements are such that you need to travel multiple times a month, owning a private jet ensures that you have immediate access to an aircraft whenever needed.
This is particularly advantageous for high net worth individuals, executives, or business owners whose time is valuable and whose travel is frequent.
Chartering
If your use of a private jet is occasional, perhaps only a few times a year for specific business meetings or leisure travel, chartering is likely the better option.
With chartering, you pay only for the flights you need, gaining flexibility without the long term commitment and significant costs associated with ownership. Chartering is ideal for individuals or businesses that do not require regular private aviation access.
Cost
The financial commitment required for private aviation is another significant factor to consider. It goes hand in hand with frequency of travel, as you may need to weigh the cost of ownership against potential return on investment.
Buying
The initial purchase price of a private jet can be substantial, with costs ranging from hundreds of thousands to several million pounds, depending on the model, age, and features.
In addition to the purchase price, owning a private jet incurs ongoing costs, including insurance, maintenance, storage, crew salaries, and fuel. For those who fly regularly, these operational costs can be more manageable, but for less frequent flyers, the costs may not justify the expense.
Chartering
Chartering a private jet involves no upfront costs, and you pay only for the flights you take. Charter fees vary based on the aircraft type, the distance flown, and the duration of the flight, but for infrequent travelers, chartering is significantly more affordable than ownership.
This is a more cost effective option as it eliminates the need for long term financial commitment and operational management.
Depreciation
Depreciation is an important consideration when purchasing any asset, and private jets are no exception.
Buying
Like any other high value asset, a private jet will depreciate over time. The rate of depreciation varies depending on the aircraft’s age, maintenance, and market demand.
Typically, the value of an aircraft decreases the most in the first few years of ownership, and this depreciation can impact the resale value should you choose to sell your jet.
Chartering
When you charter a jet, you do not bear the responsibility of depreciation. Since you don’t have ownership of the aircraft, you simply pay for its use when required.
This allows you to enjoy the benefits of private aviation without the financial concerns related to the declining value of the jet over time.
Maintenance and Operating Costs
Proper maintenance and operational costs are an ongoing responsibility when you own a private jet.
Buying
As an aircraft owner, you are responsible for all maintenance, repairs, and operational expenses. Regular inspections, engine servicing, and ensuring compliance with aviation regulations are just a few of the maintenance responsibilities.
Additionally, you must cover costs for fuel, hangar storage, insurance, and the salaries of the pilots and crew. These expenses can add up significantly, especially if you do not use the aircraft frequently.
Chartering
One of the key advantages of chartering a jet is that the charter company takes care of all maintenance and operating costs.
As the passenger, you do not have to worry about ongoing management and upkeep of the aircraft. Chartering companies handle everything from routine maintenance to staffing, cleaning, insurance, catering and even chauffeur travel, offering a hassle free experience when you choose to fly.
The benefits of chartering
Chartering a private jet offers several additional advantages that should be taken into consideration when making your decision between charter and purchase.
These include:
No long term commitment
Chartering is an excellent choice for those who do not need to fly regularly. With no upfront costs and the ability to choose flights based on specific needs, chartering allows you to avoid the long term commitment and financial burdens of owning an aircraft.
Access to a range of aircraft
Chartering provides access to a broad selection of aircraft, from smaller jets to larger, more luxurious planes. Whether you need a quick, regional flight or a long haul international journey, you can select the aircraft that best suits your needs for each specific trip.
This can be particularly useful for corporate flyers who may require their aircraft for a wide variety of purposes such as attending business meetings and entertaining clients. Each of these require different amenities and seating arrangements that can be accessed through the convenience of private jet charter.
Lower operational costs
Because the charter company handles all maintenance, insurance, and staffing, you avoid the substantial operating costs associated with ownership. You only pay for the flights you need, with no concerns about fuel costs, crew salaries, or upkeep.
Flexibility in scheduling
While chartering does depend on aircraft availability, it still offers a greater level of flexibility compared to commercial flights. With chartering, you can adjust your schedule, and flight times, and even choose departure locations that suit your needs.
In comparison, purchasing a private jet may offer greater flexibility than chartering because you will have no scheduling conflicts with your aircraft and can schedule flights that work with your calendar.
The benefits of buying
For frequent fliers, businesses with high travel demands, and those who desire full control over their aircraft, buying a private jet offers significant advantages.
Unrestricted access
As an owner, you have access to your jet at any time.
There is no need to wait for availability; your jet is ready whenever you need it. This level of convenience is invaluable for those who require constant access to private air travel.
The only stipulation is that you must make sure the company that manages your aircraft is available at the time of flight. However, with effective management and advanced notice, they will be able to accommodate your requirements should last minute travel be necessary.
Customisation
When you purchase a private jet, you have the opportunity to customise it to your exact preferences, from luxury interiors to advanced technology and comfort features. You have complete control over the design of your aircraft.
Long term investment
For individuals or businesses that travel frequently, owning a private jet may ultimately be more cost effective in the long run. The cost per flight can be lower than chartering, especially if you fly regularly.
Additionally, the aircraft may hold its value over time, depending on the model and market conditions.
Privacy
Owning a private jet provides the ultimate level of privacy. You can select your crew, schedule your flights, and ensure your travel is tailored to your specific needs.
Which is best for me?
Choose to buy if you:
- Travel frequently
- Need immediate and unrestricted access to your aircraft
- Desire full control over your flight operations
- Are prepared for the long term financial commitment
Choose to charter if you:
- Fly occasionally
- Need flexibility in aircraft selection
- Prefer a cost effective solution
- Don’t have the capacity to front the responsibilities associated with aircraft ownership.
At Multiflight, we take pride in offering a seamless private jet charter service and being based in Leeds, we cover Manchester, Humberside, Teesside and beyond. When you fly with us, you will be able to experience the luxury and comfort that a private air charter has to offer with flexible flight schedules to suit your availability. Our chauffeur will pick you up from your home and deliver you to our dedicated on-site team who ensure you have everything you need for the journey.
Hire a private jet with Multiflight today.
