Tycoons can splash their hard-earned money on private or business jets, like super mid-jets or light jets. However, they must understand the extensive process of owning a private jet in 2023. Regrettably, some moguls have fallen prey to fake brokers and lost millions of US dollars.
Fundamental Steps of Owning a Private Jet in Many Countries
1. Contact a Jet Broker
A private jet broker knows thousands of owners selling private or business jets. In some cases, these brokers represent world-renowned plane-selling companies such as Boeing. Therefore, a potential buyer should reach-out to them to be linked with any such seller.
2. Conduct a Test Flight with Your Pilot
The second step of owning a private plane is to ask your private pilot to do a test flight. This step is essential as it enables the captain to evaluate the airplane to find-out if it has any design or technique problems.
3. Conduct thorough Jet Inspection.
Buyers should hire an aeronautical engineer to inspect the flight control section, fuselage, and engine. Unfortunately, jet spare parts like fans, filters, and cables are too expensive. Therefore, a new buyer can’t afford to buy a faulty plane.
4. Agree on the right Price.
Another step is to sit down with the vendor to haggle till they reach a similar price. The cost of a private jet depends on factors like flight time, airplane model, and handling fees. On average, the cost of a new private plane ranges from $4.5 to $250 million.
However, pre-owned private jets may cost $1.5 to $100 million, depending on the type of plane.
5. Conduct all the paperwork.
A buyer should contact a lawyer to draft a sales agreement with the payment plan and disclosures. Both parties must take part actively, as this document is legally binding to them.
Factors that Affect the Prices of Private Jets
1. Total flight time
People would prefer an airplane with the least flight time for understandable reasons. However, such airplanes are costlier than pre-owned private planes.
2. Manufacturer
Most airplane companies set varying prices for their private jets. Airbus and Boeing are known for selling the most expensive jets that can cost $200 million and over.
Conclusion
Owning a private jet may be costly, but it guarantees good merits like safety and convenience. Additionally, it warrants privacy as a businessperson can conduct a private meeting during the flight. However, a buyer should only buy an affordable private jet based on their financial might.