How to Buy a Private Jet

Why mess around with grumpy TSA agents, obnoxious baggage fees, cramped seating arrangements and whiny babies if you don't have to? Buy a private jet. The process is simpler than you think, provided you've got the cash.

Do you really need a private jet? Private jets are expensive to purchase (most start at $3 million) and to operate. If you cringe when you fill up your SUV, you're going to flip when you see the cost of jet fuel. Plus you need to hire a pilot if you don't know how to fly yourself. And insurance -- you can't forget that. Private jets are also expensive to store; you'll need to rent hangar space. Also, according to experts at General Aviation Services, 300 to 400 hours of flight time is the minimum to justify jet ownership. If you do not fly this much, consider partial ownership or chartering private jets.

Research jets. Jets come in three basic sizes. Light jets carry five to seven passengers (including the pilot) and can travel 2,000 miles between fueling up. They run approximately $3 million to $8 million. Midsize jets cost $9 million to $16 million and carry up to 10 passengers, traveling about 3,000 miles at a time. Large jets can carry up to 12 passengers and cost $17 million to $45 million. These can travel more than 4,000 miles before fueling up.

Seek out a private jet dealer. Once you've determined what type of jet you want, find a dealer. Popular manufacturers include Cessna, Adam, Avocet, Embraer and Diamond. You can purchase directly from the manufacturer or from a dealer. Otherwise, if you're on a budget, seek out used jets. You can often find large discounts on used private jets that have been repossessed from dealers. If purchasing a used private jet, make sure it complies with Stage 3 federal aviation regulations; a plane must comply with these if landing at any U.S. airport. If it doesn't, don't purchase it. Retrofitting a jet that isn't compliant is costly -- you're better off purchasing it new. If you're nervous about this purchase, seek out a broker to help you in your quest for a private jet. A private jet broker can aid you in your purchase to make sure you get what you want.

Decide on the jet. Before signing the papers, take it for a test flight and get an inspection. The dealer will have a licensed pilot if you do not fly yourself. If you're not paying in cash, secure financing. This may be more difficult than you think, due to the state of the economy.

Look for a hangar. Before sealing the deal on the private jet, find an airport close to home and rent out hangar space. Usually you'll have better luck getting hangar space at a municipal airfield rather than a busy international airport. You can also purchase a hangar outright, if desired. You need to ensure you have a place to put this puppy before taking it home.

Buy the jet. It's yours! Enjoy the freedom of private jet ownership. Never have to take your shoes off for airport security, waste hours on a layover, listen to a crying baby during a flight, or otherwise meddle with the unwashed masses at the airport again!

Sources:

www.businessinsider.com/how-to-buy-a-private-jet-2009-9