Summary
- Owning a private jet is increasingly popular, with more people willing to splurge on their own aircraft despite the price tag.
- Buying directly from aircraft manufacturers allows for a fully customized and personalized aircraft.
- Aircraft dealers and brokers offer advantages such as trade-ins and purchase assistance, while online marketplaces provide a broader range of choices and negotiable prices.
Although flying via private jets used to be associated with grand luxury and utmost exclusivity, the business aviation industry is becoming more popular than ever, with over 3.5 million private aircraft take-offs last year. While private jet charters, rentals, and memberships are at the forefront of this rising trend, outright owning a private aircraft is still the option some people take.
Despite the higher price tag compared to the other alternatives, more and more people are willing to use additional finances to purchase their very own business aircraft. Given how this isn’t necessarily an easy purchasing decision, what are some of the best ways to buy a private jet? Let’s find out.
1 Aircraft manufacturers
Assuming the financial budget isn’t a significant constraint, and a brand-new, fully customized, and personalized aircraft is preferred, an ideal way to purchase a private jet is to deal directly with the aircraft manufacturer of choice. For example, Embraer has recently noted that many previous charter clients have switched to dealing directly with the company to buy their own aircraft.
As with any other manufacturers, like Bombardier and Dassault Aviation, Embraer boasts a wide range of private jets suitable for all types of clients, from entry-level for cautious first-time buyers to mid-sized and long-ranged aircraft for those with long-haul needs. Buyers get rid of the middleman process when dealing directly with aircraft manufacturers, and purchasing their choice aircraft is likely faster.
2 Authorized aircraft dealers
Often defined as legitimate businesses that take in aircraft for trade or proactively buy inventory for resale, seeking a personal private jet through an aircraft dealer is often advantageous. This is especially true for buyers with an existing aircraft of their own they wish to trade in for something else. Aircraft dealers are mostly always interested in pre-owned private aircraft for trade-in, so the process is usually smooth-going.
Another advantage of purchasing through an aircraft dealer is that they typically have original equipment manufacturer factory affiliations, which allows buyers or traders to buy a relatively brand-new aircraft, albeit at a higher price, considering these businesses are essentially authorized resellers. But for those who seek a tighter timeline with no budget, it’s still a good option aside from dealing directly with the manufacturer.
3 Aircraft brokers
Compared to authorized dealers, brokers are more the type to assist buyers with aircraft transactions – similar to being a real estate agent but for aircraft. When dealing with aircraft brokers for a purchase, the business or individual usually offers a sort of purchase assistance with an upfront broker’s fee, as they can shop openly across their vast network of connections for what the buyer requires.
Photo: Ryan Fletcher | Shutterstock
Depending on the state or country, buyers typically prefer brokered aircraft for tax credit exemptions because the aircraft is the final transaction between the buyer and the aircraft broker. But since aircraft brokers are like real estate agents, it’s crucial for buyers to specifically detail the price range, type of aircraft, manufacturer brand, and much more to avoid a very lengthy process of waiting with no results.
4 Online marketplaces
Shopping online for private jets has never been easier, as more listing websites from private sellers, brokers, and dealers have sprung up in recent years. These listing websites often highlight the aircraft model and various details like maintenance records and prices, making it convenient for buyers to filter through the wide variety of choices and quickly search out what they seek.
Photo: Angel DiBilio | Shutterstock
Besides a broader range of available choices that shortens the waiting time, online marketplace channels can be friendlier on the buyer’s budget as well since the listed prices are almost always negotiable, and mediator fees are not typically required. Chances are, private sellers, brokers, or dealers on the marketplace will also share their maintenance contacts once the aircraft is sold, providing a win-win deal.
5 Auctions
Although the chances of walking out of these empty-handed are usually higher, auctions are yet another way for buyers to get their hands on all types of private jets, from pre-owned to vintage and, sometimes, even brand-new aircraft. Prices during the auctions can usually be much cheaper than the other options mentioned above, but, of course, how low prices get depends on how competitive the bidding crowd is.
For example, Elvis Presley’s private jet sold for less than $300,000 at an auction earlier this year – which was quite the steal. At the same time, others have purchased their private jets at prices shy of $500,000, including commission and fees. The downside is that since the choices are usually more towards pre-owned and vintage, the shipping, maintenance, and overall revamping cost falls on the buyer.