Why Rent a Private Jet Instead of Buying?
If you charter private jets frequently and see your mileage starting to add up, at some point, you might begin to consider purchasing a jet of your own. It's true that having a personal plane in your hangar seems convenient and fun — over the next decade, multinational companies and private purchasers are expected to add almost 8,000 new private jets to their collections. However, buying a plane has its own set of pros and cons, and many people realize the extensive responsibilities that come along with owning a jet only after they've made the purchase.
Is it better to rent or buy a private jet? If you continue to charter private jets, how can you gain the most value from your mileage? Let's take a closer look at the answers to these questions.
Why You Should Consider Renting a Private Jet
Renting a private jet is a desirable option because of the financial advantages and convenience it offers. Here are several benefits of renting a private jet instead of purchasing one:
- Cost savings: Renting a private jet is significantly more economical than buying your own plane. When you charter, you'll pay only for the flights you use, rather than for the entire purchase price of an aircraft that may spend much of its time sitting in the hangar. You'll be free from upkeep, staffing and insurance costs, potentially saving thousands of dollars.
- No maintenance: To ensure safety, private plane owners must pay thousands in preventative maintenance costs for their planes every year. All that maintenance also takes time, keeping your aircraft grounded instead of ferrying you effortlessly through the sky. When you rent a private jet, the company takes care of all the maintenance, and you'll always have a plane waiting to take you where you need to go.
- Versatility: When you fly by private jet, you may need different aircraft models for different needs. To get from Boston to Cape Cod for the weekend, you might rent a small, single-engine jet to minimize expenses. For a cross-country flight for a ski trip with the whole family, you might charter a luxurious airliner that easily accommodates a large group with mounds of gear. If you rent, you can easily make the changes that best suit your travel needs.
- Ease: Owning a private jet isn't always as easy as it seems. You'll need to figure out where to keep it, how to staff it, how to get the insurance and inspections the law requires, what food to bring on board and how to have the meals prepared and fresh for your guests when you fly. When you rent, a reliable charter company takes care of these logistical hurdles for you. You'll experience the privacy, luxurious food and spacious interior of a private jet without the challenges of ownership.
- Freedom from management responsibilities: Many people who buy private jets end up renting them out to defray the costs of empty legs and help recoup some of that sky-high sticker price. If you go this route, you incur management expenses and significant drains on your time and energy. When you rent a jet, you can enjoy the benefits of flying private without the burden of these responsibilities.
Costs of Owning a Jet
Jet ownership entails high costs that often make jet rental an easier, more economical and more sensible option.
Let's start with the purchase price of a private jet. These prices vary wildly with the type of jet, the capabilities and features it offers and its age and condition. Nevertheless, the purchase will likely run you millions of dollars. If you're happy with a modestly-sized, gently-used turboprop, you might get it for a sticker price of a mere $2 million. A brand-new luxury airliner with beautiful bedrooms and furniture, on the other hand, might run you $60 or $70 million.
The cost of buying a jet is hardly the only expense associated with jet ownership. You'll also need to contend with aviation-related expenses like these:
- Renting hangar space
- Purchasing aviation insurance
- Paying for required inspections
- Hiring pilots to fly the jet — or obtaining your private pilot's license yourself
- Staffing your plane with flight attendants
- Purchasing meals, snacks and beverages
- Investing in the regular maintenance required for safety
- Refueling between trips
- Upgrading your avionics and connectivity as improved technology becomes available
- Getting your empty plane back at the end of a one-way trip
- Hiring a management company if you decide to rent your plane out to recoup costs
None of these essentials come cheap. Routine maintenance on a private jet can run you hundreds of thousands of dollars. A major repair could set you back a million. The other necessary expenses add up substantially, potentially costing you millions of dollars every year.
These hefty expenses for ownership make renting a private jet an attractive option. You'll gain the convenience and flexibility of dependable jet travel while incurring more budget-friendly costs.
Private Jet Membership Plans
One additional benefit of renting a jet is that private jet companies often offer competitive membership plans for their clients. At GrandView, we provide two — our Altitude Miles Program and Altitude Plus Miles Program.
Altitude Miles Program
Our Altitude Miles Program is a free rewards program that lets passengers earn points toward rewards like flight credits and in-flight catering. Once you sign up for the Altitude Miles Program, you'll gain the flexibility to cancel and reschedule your chartered flights as needed, and the flight cancellation fees automatically go back onto your account as credits for future use.
Signing up for the Altitude Miles Program is a no-risk way to start earning miles, receiving perks and saving money on future trips with us.
Altitude Miles Plus Program
Our Altitude Plus Miles Program gives you even deeper savings with more investment upfront. With this program, you'll pay an initial $150,000 to receive an automatic 10% off all flights you book. This benefit applies even if only one member of your enrolled group is on board the flight.
As you fly, each trip earns you miles you can put toward additional flight purchases, catering and other in-flight perks. For every day of flying on a GrandView jet, you'll receive a $200 catering credit you can use on a future flight. As with the Altitude Miles Program, you'll also gain the flexibility to cancel and reschedule your chartered flights, and the flight cancellation fees automatically go back to your account as credits toward future trips.
These combined benefits often make the Altitude Plus Miles Program an excellent investment if you plan to fly with us frequently.
Rent a Dependable Luxury Jet From GrandView Aviation
The next time you need to travel by air, trust GrandView Aviation to get you where you need to go.
Our sophisticated Phenom 300 fleet offers you the best in luxurious private air travel. You can fly in comfort and privacy, surrounded only by trusted family, friends or business colleagues. You'll also be able to take advantage of our spacious interiors, fully reclining leather seats and delicious gourmet cuisine, snacks and beverages.
Most importantly, we make your safety in the air our number-one priority. We're a Part 135 FAA Approved, Argus Gold, Wyvern Wingman and IS-BAO Stage I operator, and we operate all our trips as dual-pilot flights. When you fly with us, you know your flight will be safe, timely and enjoyable.