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Could you imagine experiencing the comfort and style that flying private provides? Ah just look at that interior, it'd be like flying in my living room (actually that's definitely nicer than my living room). However, I need to get back to reality because I can't afford to own a private jet as it is only plausible for those with sky-high net worth. Private jet owners have an average annual income of $9.2 million and average net worth of $89.3 million. If you own a jet, kudos to you.
Aside from dreaming about winning the lottery, I never stop thinking about how nice it would be to afford this luxury. How can you and I afford to fly like millionaires and billionaires such as Steve Wynn, Sergei Brin, Larry Ellison and Paul Allen? Whether you already own a jet or win the lottery tomorrow or need to charter an aircraft for your next business trip or a friend's bachelor party, this guide to booking a private jet should help you. Billionaire, millionaire or not, flying private is more prevalent and affordable than ever.
What changed? While chartering a plane may not be cheap, companies have begun demystifying the private jet business through more consumer-friendly approaches, there are more planes, more competition, new business models and the costs to fly are at an all-time low. How could an industry stung by the recession and increasing fuel prices evolve into a growth industry over the past few years? Owning a private jet is just like any other investment or luxury, you have to justify its' return or ownership given the economy. In the past, jet owners were reluctant to renting out their $50 million trophies but they have loosened up quite a bit in recent years making more aircraft available for chartering. Companies are also taking small steps in making it easier for the occasional customer by adding online reservation systems.
So what does it cost? The main variables in chartering a private jet are the number of passengers and the distance(s) to your destination(s). These determine what type of aircraft you'll need and how much fuel is required. Your quote should include an hourly rate for the flight(s) and specify additional charges such as crew costs, landing fees, FBO fees, overnight fees, aircraft repositioning fees (largest item) and a 7.5 percent federal excise tax. Expect a Denver-L.A., round-trip on an 8-passenger super-midsize Cessna Citation X to start at $30,000; a Denver-Miami, round-trip on the same type of aircraft to run $42,000; and a Denver-Cabo San Lucas, round-trip on large 16-passenger Bombardier Global Express to run $82,000.
Are there deals? Yes, a great amount of charter business is finding passengers to fill empty legs which are otherwise passenger-less trips where companies need to pickup other customers or jet owners. Finding an empty leg will dramatically reduce the price of that segment if you find a match. I've recently seen empty leg opportunities for as low as $999 for a 12-passenger Gulfstream G450 from Salt Lake City to L.A.
What you get? Convenience, efficiency, safety, anonymity and virtually anything else you request... I won't bore you because we've mentioned this many times - click here for the details.
How and when to book? To be honest, booking a private jet is a huge pain and it's hit or miss. Most companies do not have a streamlined process like the airlines and most of the time, you have to sit and wait for a quote/contract to be emailed to you. There are very few operators providing real-time quotes on their websites and a handful let you actually secure the aircraft upon having your credit card authorized (costs you an extra 3.5% in processing fees). My recommendation is to do your homework online and then pick up the phone to confirm your charter needs. Also, I'd avoid brokers because they want to find you the best deal and forget about the value and experience of flying private.
Notable players? TWC Aviation, Clay Lacy Aviation, Avjet Worldwide and XO Jet.
What now? If you're not a private jet owner or worth upwards of $90 million or one of the average jet setters that spends $90,000 per year on alcohol (wines & spirits), we're in the same boat. However, I still have an itch to fly private every once and awhile (especially when I'm sitting next to a crying baby on a Frontier flight). It's more about the convenience and efficiency of flying private than the luxury, which has help fuel our vision at Fresh Jets to evolve the way you and me fly.
By Timmy Wozniak
Timmy is the Co-founder and CEO of Fresh Jets, an app that aggregates private jet schedule and pricing information and matches inventory to the travel needs of businesses and individuals instantly.