Benefits of fractional jet ownership

Fractional jet ownership is a system for sharing the purchase and use of a jet among a group of like-minded owners. The service is typically provided by a company that owns a fleet of jets, which are available for immediate dispatch to fractional owners. To participate in the programme, owners buy a share of a plane, rather than purchasing an entire plane. The share represents hours of flight time. Unoccupied flight time, such as ferrying the jet to the owner for use, is free.

Although fractional jet ownership guarantees the availability of a jet, it does not always guarantee the same jet every time. That is due to the proximity of similar jets, maintenance schedules or other requests for the same type of jet.

In most cases, a private jet sits more than it flies. Hangar fees and maintenance costs mount up quickly on parked jets. Although there are surcharges and monthly fees, shared jet ownership cuts the cost of jet ownership significantly.

The owner of the share is guaranteed that a plane of similar class will be available for use within a call-out period ranging from four to 48 hours, depending on the terms of the contract. The owner also has the option to interchange into a different type of plane for a particular flight if necessary.

The benefits of fractional jet ownership are numerous. Owners can fly on their own schedule, avoiding check-in times, over-bookings and connecting flights. This results in more efficient use of time for the owner, with less time in the air and more on the ground.

While in flight, a private jet is an effective atmosphere for conducting business meetings, which would be nearly impossible on commercial aircraft. It's also an ideal environment for entertaining or impressing a client, new friend or love interest.

More airports are available to private jets than commercial aircraft, expanding the potential destinations significantly. Private jets are handled away from the main traffic, providing a privacy buffer. Security on private planes is more robust, as well. A thorough background check is performed on each crew member, each of whom must have proper identification on hand at all times. Private jet ownership also offers a fast, easy departure in an emergency or unpleasant situation, such as a riot or revolution.

Most plans have some restrictions governing the minimum length of a flight; the area in which the owner may fly; the cost of providing service to a location out of the owner's area; or travel during holidays and peak times.

Typically, an owner buys a share that lasts for five years. At the end of that period, the owner may either renew or sell their share to another owner for fair market value at the time of the sale.

Fractional jet ownership is an effective way to have a private jet on call without actually buying it outright. While it may not be the cheapest way to fly privately, it is certainly the most carefree.