The process of buying a private jet is not as straightforward as buying a car. You need to invest a considerable amount of time and money to own a private jet if you really want one. In the acquisition process of owning a private jet, you will need to leverage the services of a team of specialists, such as aviation lawyers, technical advisors, escrow agents, etc. This team of specialists will help you handle critical matters like regulation, tax, insurance, risk management, potential finance etc.
If you are intent on buying a private jet any moment from, you need to be aware of the following so that your private jet purchase process will be seamless and convenient:
Decide Your Travel Needs
The first point to consider when buying a private jet is to determine the kind of jet you need that aligns with your travel needs. Do you need a private jet for business or pleasure? How often do you need to travel? How many passengers will you have per flight? How far is your flight distance? How much luggage will you and/or your companions frequently carry? Will the aircraft be used to host business meetings or presentations? These questions are what you need to evaluate to know the right aircraft. Aircraft come in different sizes, functionalities and specs. So to buy an aircraft that will be a waste of investment will do you no good. Speak with an aircraft advisor to determine the right aircraft that fits your needs.
Decide Your Budget
Remember, private jets are usually worth millions of naira. Your travel needs will determine your best-fit private jet, and will in turn determine how much you would need to pay. Bigger private jets are usually more expensive compared to smaller ones. To cut costs, you might consider buying used (pre-owned) private jets. Asides from the upfront cost of purchasing a private jet, you should also know that there are other recurring important costs you need to keep paying over the years. These include;
- Regular maintenance
- Replacement of parts
- Cost of pilots & crew
- Fuel costs
- Parking & ground fees
- Airport landing fees
- Interior & exterior upgrades
- Operational fees
- Legal fees
You Need An Aviation Lawyer
Unlike owning a car, there are stringent FAA Compliance regulations and tax-related legalities that you must adhere to when buying a private jet. This is why you need an experienced and competent aviation lawyer. It’s best to go for a lawyer that has hands-on experience together with a degree in aviation law. Aviation law covers many facets of aircraft ownership such as maintenance, pilot licensing requirements, aircraft navigation and air traffic control safety. Usually, regulation of aviation law and policies is usually at the Federal level. In the process of acquiring your private jet, ensure you employ the services of an experienced aviation lawyer.
Make An Offer
Once you have narrowed down on a preferred private jet and you have a team of experts by your side including an aviation lawyer, aircraft acquisition advisor; then make a compelling offer to receive the most favourable terms of purchase from the selling company. Once this is done, then negotiate and review the Aircraft Purchase Agreement and who pays what. Following the advice of your competent experts, you can sign the Aircraft Purchase Agreement.
Testing And Inspection
Once you have decided on which aircraft you want to buy, then you need to look into testing and inspection. It’s best if you carry out this step with one or more experienced aircraft engineers. Testing, most often, involves approximately 2 hours of flight whereby your engineers will be there to observe the aircraft and other technical issues.
Inspecting your private jet will require you to know the maintenance history ( if you are buying a used one) or what kind of maintenance is needed to be performed initially, along with what maintenance will be due and when. You also need to inspect the private jet for corrosion, over usage, wear & tear and damage of parts. You also need to inspect the damage history of the private jet, as this can impact the resale value and other potential expenses that might come up with the airline in the future.
Find A Good Management Company/ Operator
You need to have a management company to help you oversee your private jet. A good management company will have experienced mechanics specific to your type of aircraft, such that they can assist in servicing, maintenance and overall safety of your aircraft. The management company you choose can affect your entire flight experience, the operational cost efficiency and may even impact the re-value of your aircraft. In most instances, you will also need a fueling contract at the management facility. This will ensure you get the best fuel and discount offers for your aircraft needs.
Buying a private jet requires that you have the right kind of knowledge and experts so that the acquisition process will not be tedious and stressful.
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