This article is not just for multi-millionaires, it’s also for brokers, for aviation geeks, for people who plan in future to buy or hire a private jet and if you’re first-time buyers, it can be a little bit difficult to know exactly what you’ll need. Let’s focus on the most important things that you must know before you decide to purchase a private jet.
This first question, how much is your max budget?
you should know that it’s not just the initial price tag you need to think about. You should also budget in the fact that you’ll pay for a maintenance crew, operating costs like fuel, oil hydraulic, landing fees, air clearance, and for other charges like insurance, hangar parking, as well as for routine/non-routine checks you will need a punch of consumables like rivets, bolts, gaskets…etc and some of the major components if needed as well as for OH cycles.
-If your budget lower than one million starts by looking for jets like HondaJet, piper700A, or Cirrus SF50, that can ferry four passengers around 1,800km without refueling!
-For a two or three millions budget, you can get light jets like hawker400x, Cessna, or Embraer phenom 300
-For 10-20 millions you can get a really cool midsize jet like Gulfstream 150, hawker 800xp, falcon50!
Well, the second question is what distances do you typically fly? , and how many people do you fly with?
Well, first of all, the average flight of a private jet is two-three hours with three or four passengers on board so if this is your need you don’t need to spend more than $10 millions. Try and be smart and think about what you actually want.”
*Ensure a clear title and transfer ownership
In order to protect yourself, you must initiate an Aircraft Title Search. You will need to fill out FAA Form 8050-2 and you will need a bill of sale.
NOTE: *”Under [Federal Aviation Regulations] Part 47, it is the buyer’s responsibility to make sure the aircraft is registered.
When making a purchase of this amount you want to be sure you get a chance to have it professionally tested and inspected by an engineer before you make your final decision. You never know what kind of maintenance may need to be performed, especially when purchasing used. Any potential maintenance costs may also be grounds for re-negotiation on your contract.