It has come time to find your personal private jet or for you to find the best deal for your company. Finding private jets for sale can be a daunting process, but here are a few reliable tips to consider when beginning the search for private jets for sale.
Finding Private Jets For Sale
Have you determined the type of private jet you need or require? Use our guide to find the basic idea of the types of private planes you will have the option of selecting from. After that, lets see what is on the market.
You Probably Shouldn’t Go At It Alone
The private aircraft marketplace is it’s own animal. You may have made millions or billions of dollars doing business, but we cannot assume to become private jet experts overnight. When finding private jets for sale, consider using a consulting professional with years in the industry. Try a reliable broker, dealer or acquisition specialist search first. Talk to, or interview your partner before hand. Like most buyers and sellers in this industry, you want to be able to build a relationship with your broker to get some honest, trusted guidance. Try starting here to find someone.
Considering Need Before Finding A Private Jet For Sale
You have already determined this, because you are here now, reading our article. But for review, consider this:
- Do you fly at least 350 to 500 hours a year? This is a great consideration for owning a private jet.
- Consider the hidden costs. Aircraft are complicated, sophisticated pieces of equipment. Consider insurance, inspections, repairs, maintenance and fueling. Your broker could help guide you to finding an aircraft management company to handle these things for you. The typical cost of these services are $50,000 per year to $300,000 per year depending on the aircraft.
- Parts are expensive. Precisely made, ultra tough and reliable. Consider $50,000 part costs a norm.
Take A Test Flight of your Private Jet
You have narrowed down your search of private jets for sale. You have finally found her. Now we need a test drive. Allow your broker to help facilitate this process, but typically, you will need to have some capital in escrow and money out forward to pay for the flight.
Inspections, Costs, Financing and Lawyers
Inspections are for two main reasons. Safety and cost. Cost is the one we need to focus on. Get a reliable service to inspect your aircraft so you may be made aware of any large costs necessary to get this plane in the air and insured.
When considering financing, typical rates are 5% to 7% for the first three years and loan terms range from 3-5 years. Longer for newer aircraft.
Consider a lawyer during the buying process. There as a new slew of taxes that you will be responsible for now as an aircraft owner. A reputable broker could help find that person for you.
The Private Jets For Sale Search Is Over, Now What?
Chances are, the broker or dealer you have worked with is also in the aircraft management field or can recommend you to one. Now that you own the jet, you need a captain, possibly a charter for your jet while your not using it so you can make a better ROI, fueling, travel plans, insurance and the like. An aircraft management team will find you a hanger and take care of the intricacies of jet ownership for you.