Why Businesses Might Consider Buying Private Jets Rather Than Hiring
If you are a business in Canada who regularly has to rent jets for corporate flights, maybe investing on your very own private jet might not be too crazy of any idea. Of course private jet charters flights Canada offer great service and performance, but for those who have stepped on to the next level of globalization, and needs to conduct business internationally on a daily basis, getting a company jet might actually be cost effective.
Bill Prince shares his experience and insights on the UK private jet market, and why some businesses are opting to have their own planes:
PRIVATE JETS: WHY YOU SHOULD BUY NOT RENT
On a harried Friday afternoon last autumn, I stepped into the cabin, or rather stateroom, of a converted Airbus private jet now operating under the nomenclature of an ACJ319 VIP where the sounds of my all-time favourite album were already snuggling their feet into the cashmere-soft carpeting. This, I thought, is how it must feel to possess one’s very own $100 million private jet, gassed up and giddy to fly me 11,000km nonstop in the kind of comfort more akin to a particularly sumptuous home.
Alas, the aircraft I’d boarded was a life-size mock-up installed in the operational headquarters of The Jet Business on Belgravia’s Grosvenor Place. A customary google had supplied the name of my favourite album, but everything else designed to entice renters, fractional owners and maybe, one day, the rest of us to buy their very own “PJ” is the work of Steve Varsano, the king of the “haute couture” end of the private-jet business, consisting of mid- and long-range, large-cabin aircraft. “We currently have 18 jets worth around $600m that we represent for sale,” he told me as the music dimmed and the clink of coffee cups took over. “To give you an idea, about 150 jets trade in the world each month. So on the average price we represent, we are No1.”
It’s not hard to see why when Varsano deploys his killer app, a one-of-a-kind programme that collates all the aircraft currently on offer and edits the list down depending on the buyer’s requirements in terms of aircraft usage, range, capacity and, finally, price. Although happy to represent a prospective purchaser wishing to buy new, “Probably 80 to 85 per cent of our business is selling pre-owned,” says Varsano, “because new prices are getting higher and the difference in technology isn’t really that great. Aircraft are going the same speed, plus or minus ten per cent, burning the same fuel and carry the same number of people. Airplanes that are ten, 15 years old can do virtually anything a new aircraft can and will cost you 20 per cent of the price.”
Private jet charter services have become increasingly popular in Canada, as becomes are becoming more and more globalized. You might not find it feasible to buy a private jet right away, but as businesses continue to grow, maybe you won’t be too far away. Just as the UK market is started to rise, if you are considering buying your very own company private jet, check out this article: