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Marketwatch.com declares that private jet owners have an average income of about $9.2 million a year. Fine, your income comes no where near that bracket, but don't give up just yet. There are other options to getting your own private jet. Although many of them will see actual production within a few years, VLJs (very light jets) have hit the market. Priced between $1.0 M to $3.0 M they're way cheaper than most of their predecessors.
Still a little too much for you? Aha, maybe not, enter fractional ownership. Fractional ownership is like resort time-sharing. Many of you buy the same unit, pay for it's operational costs and other expenditures, and a company (usually the one that sold you the unit) manages the amount of time each of you can have with it. Being that most of us don't really need to fly everyday, just like most of us can't vacation the same way, it all works out. And with the prices new low prices of VLJs a private jet is now more affordable than ever.
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In a nutshell, you basically purchase a portion of a particular jet aircraft and are charged a purchase fee, a monthly maintenance fee, and a per hour flight time fee. You might say, hey my resort timeshare doesn't charge me a per day fee why should jet fractional ownership. Well, jets burn a lot of fuel, and I mean A LOT. So its only fair that "he who flies most, pays the highest" since he consumes more fuel. Though some manufacturers may provide fractional ownership, mostly are companies like Net Jets, FlexJets that don't make their own planes.
Here’s how it works
- Acquisition Fee: a one-time purchase fee. The fractional fees generally start at 1/16th for 50 hours of flight time per year and can cost a minimum of over $400,000.
- Monthly Maintenance Fee: a set monthly fee to cover general aircraft operating costs such as hanger fees, license, maintenance, support, and crew.
- Flight Time Fee: a set per hour flight cost to cover the flight fuel, maintenance, catering, and airport landing fees.
- Other Charges: fuel surcharges, Federal Excise Tax on flight hours, and fees associated with international travel.
- Contract: there is generally a term agreement of at least a five year commitment.
The Players:
NetJets
FlexJets
CitationShares
FlightOptions
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