First steps to fractional jet ownership

Aircraft shares make it much more affordable to enjoy the regular, reliable use of a private jet. If you'd like to take advantage of what fractional jet ownership has to offer, it's smart to study how buying aircraft shares actually works. By having a basic understanding of the various aspects of fractional jet ownership, you can make a more effective decision. Although the basic concept of fractional jet ownership is clear enough - it involves buying a fraction of a jet in order to enjoy its use on a regular basis - there are many finer points that you should know. These are outlined below.

Typical aircraft shares

Most of the time, aircraft shares are doled out in specific, set increments. If you were to buy a 100 per cent share of a private jet, you would be purchasing 800 hours of flying time per year. More commonly, people buy in at the 1/8 level, which gets them 100 hours of use; the 1/16 level is also quite common and will get you 50 hours of in-the-air time per year. You'll pay twice as much for a 1/8 share as you would for a 1/16 share; you'd pay more still for a 1/4 share, and so on.

Using several jets

While you technically purchase a portion of a specific jet when you buy aircraft shares, you'll often end up using a different jet from the same fleet. That's because you are guaranteed access to a certain model of jet within a specific amount of time. No matter where you are - or which airport is nearby - you should be able to gain access to your aircraft within four to 48 hours, depending on your agreement. A single jet can't be everywhere at once, so you'll often end up in jets other than your own.

Interchange formulas

One of the most important parts of buying aircraft shares is choosing the right jet. It's important to do plenty of research; make sure that the jet that you choose can accommodate your everyday needs. If you end up in a situation where you need a smaller or larger jet, however, you can use an interchange formula to enjoy the use of a different model of jet on a one-off basis. Various fees will apply, of course, but having access to so many different options is one of the most compelling things about fractional jet ownership.

Understanding your contract

Finally, it's important to understand your contract when buying aircraft shares. Typically, such contracts cover five-year periods. At the end of that period, you will have the option to renew your contract or to sell out your share. In either case, you're sure to find the process to be simple and intuitive. Many people renew their fractional jet ownership contracts again and again, since they get used to the convenience of having ready access to top-notch private jets. Either way, you are sure to be pleasantly surprised by how easy it is to purchase aircraft shares.