The world’s most luxurious jets carry price tags of several billion dollars and come complete with custom decor and thousands of square feet of interior space.
The average private jet doesn’t cost anywhere near that and while they don’t come cheap, in some cases a private jet can be a cost-and time-saving investment.
Can you justify the expense of owning a private jet yet? These are the tell-tale signs that it’s time.
1. You Spend Hundreds of Hours in the Air
Although private aircraft maintenance, storage, and running costs are no laughing matter, charter flights and commercial flight ticket costs add up too.
As a rule of thumb, industry experts suggest that if you spend over 200 hours in flight every year, private jet ownership could work out to be a cheaper alternative over time.
This is especially true nowadays where you can help pay for some of the costs by entering into ride-share agreements with airline cooperatives.
2. You Fly at Irregular Times
If you need to travel to out-of-the-way destinations at the drop of a hat, finding a commercial flight’s often not an option. Even charter flights can be a tricky ask in some instances and at certain times of the day.
Often a private jet’s the only answer for corporate travel when you need to leave at the drop of a hat, especially when there’s a major business deal at stake.
3. Owning a Jet Could Save You a Lot of Time
Time is money for busy top-level executives. In some cases, companies would have to hire another one or more executives to fill in the time spent waiting around in airports by their key personnel.
It’s not only the airport wait times that cause lost hours either. Time spent out of comms while airborne can eat substantially into the productive time of executives, especially on long-haul flights.
In the case where key personnel disappears off-the-radar for extended lengths of time during commercial flights, it’s often in a company’s best interests to foot the bill for a private jet instead.
4. You Like Tax-Deductible Expenses
The Tax Cuts and Jobs Act passed in 2017 brings some tax relief for business owners who crave a corporate aircraft.
If you buy a private jet and start using it for business before January 1, 2030, you can deduct the entire purchase price, minus any recreation-related expenses, from your tax.
This only applies to the first year of ownership and the deduction decreases by 20% every year until 2026.
5. You Can Afford a Private Jet
Bottom line, if you can afford a private jet, you should have one. Nothing beats the convenience of having your own set of wings for business and leisure, especially if you follow these tips for savvy aircraft budgeting.
You’ve worked hard to get where you are, and you deserve to enjoy the rewards that come with the territory. If owning a private jet adds ease, luxury, and joy to your existence, embrace it.
Back to Earth
Owning a private jet might be out of the league of most people but it’s great to find out more about the things we sometimes wonder about, nonetheless.
Whether you’re in the market for a private jet or wondering about replacing your household appliances, we can help.
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