“Vintage Aviation News staff did not write this article; the content comes via our partners who wish to help support our website.”
Previously, private jets were a luxury item that was available only to the richest people in the world. But today the situation has changed significantly. Current trends are such that this way of traveling is becoming more and more popular and accessible. Over the past few years, the number of charter flights has increased significantly. Therefore, it is time to figure out why this is happening and what are the main reasons.
Top 5 Reasons for the Increase in Demand for Private Jets
The reasons presented in this review are relevant for two issues at once: why the demand for
private jets for sale
is increasing, and the reason for the increased interest in ordering such flights. Not everyone can afford to buy their own private jet. But a fairly large number of people have the means to order a personal flight for one or several hours.
Pandemic
Due to the pandemic that began in 2019, commercial flights have become less attractive. This is due to several factors:
- Huge queues at airports;
- Strict restrictions;
- Risk of infection;
- Increased requirements for passengers and luggage.
At the same time, private jets have become safer, more flexible, and faster. Many passengers found it difficult to return to regular commercial flights, and they continued to use private jets.
Saving Time
One of the most valuable resources of a person is time. Businesspeople and businessmen value it especially highly. Therefore, it is much easier and more profitable for them to order a private jet. In this case, you do not need to stand in lines or wait for your luggage. In addition, small planes are more mobile and can land even at small airports.
Personalization
Even when renting a private jet, it becomes your property for a certain time. This means that you have the right to create your own schedule, change the route during the flight, and go through border control without leaving the plane.
Development of the New Market
Many modern companies that are engaged in air transportation of passengers offer new, unique services. For example, you can subscribe, semi-own, and charter using the jet-card system. This allows you to significantly expand the range of potential customers, since the service has become more accessible. Semi-own is an excellent opportunity to purchase a certain share of an aircraft (from 1/16 to 1/4), and fly 75-150 hours per year. As for the jet-card, in this case, the client has access to aircraft at a fixed cost per hour of flight.
The Growth of Fractional Aviation
Large companies and politicians are increasingly using private jets to make international and regional trips. This makes it possible to reduce maintenance costs and rates for taxpayers. Obviously, the importance of business aviation has increased significantly in recent years.
Cost of Private Jets
When studying the issue of cost, you need to understand that such an aircraft can be purchased as property or ordered as a charter. In the second case, the cost is determined per hour of flight. The price per hour depends largely on the type of aircraft, so let’s look at the most common options:
- A very light jet will cost about $1,700-$2,500 per hour;
- Light jets cost between $3,500 and $5,000 per hour;
- A super mid-size jet will cost the client $5,000-$8,000 per hour of flight;
- Ultra long range costs from $8,000 per hour;
- To order an airliner-sized aircraft, you will have to shell out $10,000-$15,000 or more.
As for buying a private jet, there are two main options: new and used. It is difficult to name exact prices for used models. But we can provide several examples of prices for new aircraft:
- Phenom 100 costs at least $3.6 million;
- Phenom 300 model will cost the buyer $8 million;
- Citation CJ3 Gen2 will cost around $11 million;
- Citation II can be purchased for $30 million.
For comparison, it is quite possible to find a used version of Citation II for $6-7 million.
Additional Costs
It is important to understand that purchasing an aircraft is only a part of the expenses that the owner will need to cover. Additionally, it is necessary to take into account the following:
- fuel;
- maintenance;
- crew salaries;
- rent of a hangar for storage;
The total cost of operating expenses is from 5 to 20% of the cost of the aircraft each year.
What Affects the Demand for Private Jets
There are several main factors that influence the active growth of demand for private air travel and the purchase of aircraft:
- development of technologies;
- Implementation of autonomous landing systems;
- installation of electric motors on aircraft;
- requirements for the use of SAF gasoline;
- carbon neutrality;
- market expansion.
Nowadays, even middle-class travelers can afford to order charter flights. And this trend is only getting stronger.
Final Thoughts
It is obvious that the demand for private jets has been actively growing in the last few years. This is due to the impact of the pandemic, time savings, the desire for personalization and independence from commercial flights, and increased business and VIP needs.
“Vintage Aviation News staff did not write this article; the content comes via our partners who wish to help support our website.”
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