Options and Strategies for Acquiring a Plane
There are a variety of strategies that can be utilized when acquiring a plane, but the financial implications for each option are inevitably going to be determined by how many hours you intend to fly each year. Assessing the various methods of plane acquisition may be wise and beneficial in the long run, but the first thing you need to do is to determine how often you are going to fly.
The frequency and number of hours is going to give you a decent ballpark idea as to which method of acquiring a plane is going to be best for your needs on an individual basis. Once you have an estimation in terms of frequency, you will be more adept at analyzing the options and choosing which method is best for your pursuit of acquiring a plane. Here are a few of the mainstream methods that people use to accommodate their personal flight needs.
Chartering
This is a great option for anyone that is looking to fly less than about fifty hours per year. Chartering is a means of utilizing a private plane but avoiding the financial costs that come with maintaining and storing a plane. If you decide to charter a plane, you are essentially avoiding the headaches that come with owning, operating and maintaining a plane. If you need a plane for a handful of flights each year and do not want to jump through all the hoops that come with owning and maintaining an aircraft, this is hands down going to be your best option.
Many people who have a frequent need to fly but do not want to fly on a commercial plane go this route. If you think chartering may be right for your flight needs, consider utilizing the services of Stratos Jet Charters, which is a viable option for anyone looking to charter.
Fractional Ownership and Leasing
Fractional ownership of an aircraft is going to be an option suited to individuals who have a higher frequency than those looking to charter a plane. The costs of chartering a plane can rack up and can outweigh their benefits when you fly past a certain amount of times each year. You should think about fractional ownership if you are flying over fifty hours per year and certainly if you are going to double this figure. You can think of fractional ownership in the same way you would think about owning a time-shared property. You are essentially buying a fraction of the available hours and are going to be a partial owner of the plane.
This will give you the ability to utilize the plane when you need it but not incur the entire financial burdens that come with being a solo owner. For those that do not want to share an aircraft and deal with the conflicting schedules that may arise from such a situation, leasing is a viable option. Leasing is going to give you the ability to have access to the aircraft whenever you need it, but you are inevitably going to pay a higher price.
Owning a Plane
The path of ownership is fantastic for anyone that is going to be flying all the time. However, there are some burdens that are going to be present and costly when it comes to outright ownership. While this will afford you the ability to use your plane as you please, you are going to be financially responsible for the upkeep and storage of the plane. This can get quite costly and can become a headache for those that don’t have the financial means to embark upon such an endeavor. However, you should think of ownership of an aircraft as a financial investment in certain instances.
If owning a plane, despite the costs of storage and maintenance, is going to increase your ability to earn income, which is the case for many people, this is hands down the best option. The costs associated with acquiring a plane vary dramatically based on the frequency of intended use, so it’s very important to truly know how much you are going to be flying. Once you have this figure, you will be able to consider the options and figure out whether chartering, becoming a fractional owner, leasing or purchasing an aircraft is going to be best for your given situation.
