Wednesday, October 28, 2009

Buying Your Own Private Airplane With A Fractional Ownership

By Chris Channing

The money required to buy a private jet, and keep it maintained, is massive. Only the wealthiest of individuals will be able to do so. For those who aren't as wealthy, but do need a private jet, there is an option in fractional ownership. Essentially, you share the jet and cut the costs.

There are businesses you can give your time, of which will find other possible share holders in a private jet you have interest in. Once a good amount of shareholders are arranged, you can start determining what type of sharing model should be implemented. The two most popular are the calendar model and the time model. Under the calendar model, you get certain dates out of the year to use the plane. Under the time model, you get a set amount of hours at any time.

You obtain a lease once you decide to go through with a fractional ownership plan for a private jet. The lease can be determined by the parties involved, but is often done through the provider. It is average to have a lease of five years or so. After the period is up, shareholders are allowed to sell off their share in the private jet or continue with another contract.

A business will either offer you a contract that offers you access to a variety of jets, or a single jet to be shared amongst others. If you are given access to the entire inventory of the jet charter, you will have better options in flying to discrete locations, picking a fuel efficient jet, or picking a jet with a wider range of travel. A single jet contract is more constricting.

Know that if you are looking for a fractional agreement to save money, you might be paying more for such a service than other methods. Jet charter services today have dropped in cost, and are in direct competition with the timeshare model discussed. You are still liable for fuel charges, hourly and monthly rates, and so on if you choose a fractional model.

Private jet charters are a great alternative to the common commercial airliner. For some celebrities, it isn't even a question as to whether or not to obtain a private jet, but a question of how and under what circumstances. Commercial airliners can be dangerous, have poor conditions, and getting through security can be tough. A private jet is the best option for those who can afford the price.

Final Thoughts

Private jets are the symbol of luxury. Knowing you have a private jet at your command is an amazing feeling, as you know you can go virtually anywhere at almost any time of the day or night. Start calling around to see who has a good deal for the budget you had in mind.

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