Nothing beats the excitement of buying your first jet. Be it for business purposes or personal use, the purchase is a huge investment that requires careful consideration of various factors, such as specifications, amenities, and operational costs. Besides these considerations, there other factors that you must consider before visiting an aviation consulting firm or private jet company. To help make the process easy for you, this blog post takes you through steps to buying a private jet, from screening to the actual purchase from a Private Jet company. Let’s get started.
1. Estimate Cost of the Jet
Whether purchasing a jet or house, it is important to first estimate overall costs. The cost of a private or business jet can be anywhere between $1 million USD to $500 million USD. Besides the purchasing cost, you must also take other cost variables into consideration, such as maintenance, fuel, parking, insurance, pilot, and crew. Estimating the costs associated with your purchase helps you keep within your budget (if any) and better channel all your efforts.
2. Determine the right Jet Size
Determine the size of the jet as it will help you narrow down your options and determine other factors such as specifications and amenities. When determining the size of jet that you ought to buy, ask yourself a few questions such as whether the jet is for business purposes or personal use, how many people will be travelling, and the distances it will cover.
3. Hire a Lawyer
Purchasing a jet isn’t easy as it may seems. There are various laws, regulations, and tax liabilities that buyers must follow once they purchase the jet. As there are FAA-compliance issues and other legalities involved, it is advisable to secure the services of a legal advisor. Hire a legal advisor or attorney to help you understand the legalities and tax procedures, and save you from the hassles of dealing with legal paperwork and troubles down the road.
4. Test and Inspect the Jet
Jets are undeniably expensive and when investing such a huge amount of money, you would want to be certain about your investment. It is, therefore, a wise step to get the jet checked and tested before paying the dealer. Whether you’re buying a new or used jet, testing and inspection gives you a demonstration of the jet’s performance and reassurance on dealer’s promises.
5. Hire a Management Company
Owning a jet demands a lot of money and a management team. Before purchasing a jet, hire a management company that can maintain and oversee the operation of your jet. The management company will take care of the jet’s maintenance, fuel, insurance, and recruitment activities (for both pilot and flight crew), among other activities. In short, the management team ensures that you have a safe and smooth flight experience and derive optimum value from your investment.
When looking to buy a jet, it is always advisable to consult aviation consulting firms such as Leviate Air. Counted amongst the most reputable aviation consultancies, Leviate Air guides you through aircraft purchase or sale transactions and even arrange for the management of your jet. To get more information or hire a private jet, fill out our contact form. You can also call us at (877) 720-2770.