Fractional jet ownership refers to the shared ownership of a private aircraft. In other words, instead of buying an entire jet, several people can join together and share the costs. The individuals who own part of the plane get a certain number of hours of flight time per year, allowing them to use the jet whenever they want.
It’s More Affordable
The cost of buying an entire private jet can be quite high. Depending on the model, purchasing and maintaining a private jet can range from hundreds of thousands to millions of dollars. With fractional ownership, however, individuals only need to pay for their portion of the plane. This means that instead of spending a large sum upfront for an entire aircraft, you could simply buy a few shares and split the costs among several people. For instance, if you and five others each purchased one-sixth of an aircraft, the cost would be much more manageable.
Fractional jet ownership also offers a convenient way to access a private aircraft. You’ll have guaranteed access to the jet anytime without waiting long periods or making any prior arrangements. For instance, if you have a meeting in another city or need to attend an event, you can simply book your flight and be on the way. You’ll never have to worry about not having enough space or dealing with last-minute cancellations.
Picture this: You’re planning a trip but are unsure of the exact date. With fractional jet ownership, you don’t have to worry about booking flight months in advance and potentially changing it later. Fractional owners can adjust their bookings with flexible terms, allowing them to switch flights around without any penalties or fees. This is great for those who need a certain amount of flexibility and convenience when planning trips.
On top of that, fractional owners also pick the aircraft they want to fly on. If you’re dealing with a reputable provider such as Stratos Jet Chaters, the top Van Nuys private jet charter company, you can choose from various planes and get the perfect one for your needs, making travelling more enjoyable.
Maintenance Costs are Shared
Maintenance costs can really add up when it comes to owning a private jet. With fractional ownership, the cost of maintenance and repairs is shared among all the owners, drastically reducing the burden for each individual. This makes it a great option for those who want to own their own plane but don’t want to be solely responsible for the costs.
It’s Not Cheap
Although fractional ownership is much more affordable than buying an entire jet, it isn’t cheap. Depending on your chosen company and the aircraft model, you could spend thousands of dollars for a few hours of flight time. Usually, you’ll have to pay a one-time entry fee and then an hourly rate for each flight.
It’s Hard to Sell Shares
If you decide to end your fractional ownership agreement at some point, it may be difficult to sell the shares that you own. This is because there are limited buyers for fractional ownership, and the demand is inconsistent. So if you’re looking to get out of your agreement, it may take some time to find a buyer willing to purchase your shares.
It Has Restrictions
Fractional jet owners usually have restrictions on when and where they can fly. Depending on the company, you may only be able to fly within certain regions or times of the year. This can greatly limit your freedom in flying and make it difficult to get where you need to go.
You Don’t Own the Jet
Fractional ownership gives you access to the jet, but you don’t actually own it. That means you can’t modify or change the jet without consulting with other owners first. Furthermore, depending on your contract, your chosen company may have the right to use your aircraft for other purposes, such as giving rides to customers.
Fractional jet ownership has its pros and cons. Although it is more affordable than buying a whole aircraft and offers flexibility and convenience when booking flights, it also comes with restrictions and can be quite expensive.