The Process of Purchasing a New Business Jet
By Wildcatter Aviation, LLC.
Whether you are looking for a convenient transpiration mean that will help you get anywhere, or you have a growing business that requires fast and reliable transportation, buying a new business jet could be your best option. With that being said, knowing the process of purchasing aircrafts is vital. This could be a stressful and time-consuming experience, but if you know all the details, the important factors, and aspects you must take into consideration, you will be able to make an informed decision, facilitate the process, and before you know it, own your own business jet.
Carefully Consider What You Need
First and foremost, you have to carefully consider whether a jet fits your business purposes and perform a cost to benefit analysis. According to experts, a minimum of 350 hours of flight time per year justifies a purchase of a jet. If you need one, then you must also figure out what kind of business jet you require - a small, medium, or a big one in regards to traveling requirements and expenditure limits. A small jet could cost anything between $3 million to $8 million, while a large one would cost you between $17 million and $45 million, depending on the additional features and number of seats.
Purchasing the Jet
Once you've identified what you are looking for, you should search for one that fits your needs. You don't have to go through this process alone; you can significantly facilitate it by hiring a broker or aviation expert. Either way, you will have to choose a manufacturer, and this is really important. Dealers usually offer a selection of jets and even though there are standards that every jet manufacturer is obliged to follow, some simply offer better aircrafts than others. You could also consider the fractional ownership option, which allows you to acquire a share of a jet from a management company and pay a monthly fee to use it.
Finding Financing and Hiring Experts
If you don't have all the money required, you must also find proper financing. The standard loan terms are either 3 or 5 years, but you could always look for financing from a bank if that doesn't suit you. In addition, owning a business jet requires a lot of tax planning, complex insurances, and aviation laws, so hiring an expert is always a good idea. Once you've purchased your own business jet, you will also need a management company that will help you maintain it, choose pilots and crew; coordinate your flights, etc.
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