Perhaps you’ve always dreamed of owning a private jet, but the reality is it’s simply too expensive. For the vast majority of people the cost of owning a private jet is prohibitive, but that doesn’t mean your dream has to be out of reach. Things like fractional jet ownership, private jet charters, and private jet memberships are becoming more popular as people realize that they can use private jets without paying the full cost to own one.
Fractional Jet Ownership
Similar to shared ownership for a home, fractional jet ownership is an arrangement created by several people who agree to share the costs of owning, operating, and maintaining an aircraft. Rather than singular ownership where the aircraft sits in storage for months on end, pitching in and sharing with a group makes it more affordable and also ensures the aircraft is used more frequently. It’s a great solution for everyone.
Cost & Flight Time
Each fractional owner will have a specified number of hours that they can use the aircraft either each month or each year. If everyone owns equal shares in the aircraft then the hours will be split evenly. However, if someone purchases more shares than the other owners, they may be granted more hours due to them owning a larger percentage of the aircraft.
The typical costs include:
- The capital or acquisition fee
- Monthly maintenance fee
- Occupied hour fee
- Other associated costs, like a monthly management or storage fee
The costs depend on what type of aircraft you want to jointly own, so please contact our team who can help you understand which costs are associated with which aircraft.
- Privacy and convenience: Flying via commercial airports is stressful and you’re often subjected to cancellations and delays. Fractional jet ownership allows you to enjoy the privacy and convenience of flying private without being responsible for the full cost.
- Flexible availability: Last-minute change of plans or taking a trip with short notice won’t be a problem when you jointly own an aircraft. Buying a plane ticket at short notice isn’t always guaranteed because of availability, and last-minute tickets for commercial flights are extremely pricey.
- Tax deductions: When you own an aircraft, even if you own it jointly, you might be able to claim depreciation deductions on your federal tax return.
Chartering: Private jet charter is always an option, and while it may cost you more upfront, you won’t incur any of the costs associated with being a fractional aircraft owner. You can charter a private jet through a broker or contact us to learn more.
Private jet memberships: A private jet membership allows people to access private jets by paying a monthly membership fee. If you fly often but don’t want to purchase shares of an aircraft, a private jet membership is an ideal option for you.
For more information about fractional jet ownership, or if you have any questions, please contact our team at Monmouth Jet Center today. Discover why so many people come to us when they have questions about sharing the cost of a private jet. We look forward to hearing from you.