As airline security becomes more onerous, private air travel is becoming more and more attractive. However, purchasing an entire jet may not be the best option for most prospective owners.

Bombardier Learjet 45 XR

It’s said that 350 to 400 hours of flight time per year is justification for owning an executive jet, assuming that finances permit and that your time is sufficiently valuable to make the commitment worthwhile - this is something that seems quite difficult to define. However, for those of us for whom an entire jet would be unnecessary, fractional ownership may be the ideal solution. Even Warren Buffett, the world’s second richest man at the time of writing, has given up his much-loved private jet ‘The Indefensible’ (so named because he didn’t even try to justify it on a cost-benefit basis) for a fractional share or two through NetJets. Of course, he does happen to own the company, now…

Jet ownership comes with a price tag of roughly $6m to $50m for a new jet, and then there are annual costs for insurance, fuel, catering, and pilots (perhaps $100 000 to $200 000 per annum), together with the headaches associated with keeping on top of maintenance. Fractional ownership is not just more affordable in most cases, it’s more convenient too.

Fractional jet ownership is usually based on a buy-in payment, similar to the membership deposit paid by destination club members, with an entitlement to a certain number of flying hours (anywhere from 40 to 400 hours every year). Each of those hours will usually incur a fee. On relinquishing your membership, you will typically receive fair market value for your share, after a marketing fee is deducted.

Other options include:

• Fractional cards - a simple prepaid card option, with the ability to use a specific plane
• Charter cards - access an entire fleet, and prepay for charter flights
• On-demand charters - the ‘old economy’ model still works! Certainly worth considering as an alternative with no commitment

OTHER ARTICLES THAT MAY BE OF INTEREST

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• Timeshare vs fractionals vs PRCs
• Destination clubs - an overview
• Avantair taking care of carbon
• Is time the ultimate luxury?