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Questions You Should Ask When Buying a Private Jet

Looking for a private jet for sale in Dubai? Whether you’re buying it for the first time or you’re just adding one more to your existing fleet, there are many things that you need to know before finalising the deal. Apart from the obvious details of how frequently you’ll travel or how far you’ll be going, there are several other in-depth inquiries you should make about the plane you’re planning to buy.

To help you in your quest for finding the perfect plane, we’re going to share some important questions that you need to have answers for. Continue reading to know all about them.

Questions to Ask Yourself

Before you proceed ahead, ask yourself some important questions pertaining to the purchase of aircraft. Some of these are:

Do I really need a private jet?

You must be wondering why are we even suggesting this question, right? Well, there’s a difference between wanting to buy a private jet and actually needing one. You should only buy a private jet when you actually need it. It’s a thumb rule to check how many hours a year you fly. If you fly more than 200, 300, 400 hours or more, you can consider buying a plane. Likewise, if you fly less than 200 hours a year, you should stick with chartering one.

Experts believe that whether you should own a private jet or not is more than just total flying hours. Buying a plane isn’t only about getting yourself a fancy jet, it’s more than that. You need to hire a proper crew for looking after it as well as for flying it. So, you should ask yourself are you willing to maintain the aircraft, cabin crew and even pay for the hangar rent. 

One more thing worth mentioning here is that private planes are not liquid assets that sell quickly. You have to keep in mind that it can take at least a year to sell off a plane.

Should I buy a new one or a pre-owned one?

Most buyers think that buying a plane is just like buying a car and they are determined to buy a brand-new one. However, when you ask any seasoned broker, they will suggest that you should consider pre-owned jets, too, along with brand-new ones. A pre-owned plane will cost you less than half of the price you need to pay for a brand-new one. Likewise, as the plane’s value has already seen depreciation, it won’t give you much loss when you try to resell it.

Without any doubt, the old plane will require a complete makeover and refurbishing. Still, it’ll cost you less than buying a new counterpart. However, if you’re concerned regarding safety, then rest assured that pre-owned planes are super safe. According to a report, even 10 to 20 years old pre-owned planes are as safe as the brand-new ones if they’re well maintained.

Therefore, before choosing any plane to buy, consider all the available options. And go for the one that meets your needs as well as budget.

Do I really need extra features?

If you’re a regular traveller, you must be aware of the extra features that these planes come with. Therefore, before you begin your search for the right aircraft, discuss in detail with your broker what features you want and which ones you don’t. Talk it out with your broker about the options available and how much they’ll cost you. For instance, if you’re tall and don’t like ducking, you can go to a stand-up cabin. But the question is are you willing to pay a 30% extra just to avoid ducking? Do you hate ducking that much?

So, before going for extra perks and premium features for your plane, do take into account the extra price. Is it really worth paying? Moreover, you should also ask your broker how much value that feature will add to the plane’s worth.

Can I charter my plane later?

Almost a decade ago, chartering planes was the main job of a broker. However, now, most aircraft buyers believe that they can reimburse their aircraft cost by renting it out for charter flights, but it’s not always the case. Experts believe that chartering a plane is more beneficial to the charter company than directly to the owner. Like every other plane, a private jet also has a limit and flying extra miles means pushing its engine to overhaul. Moreover, flying extra hours may trouble you as your plane won’t be available when you are needing it.

Therefore, to be on the safer side, it’s always good to be a little cautious. Before you consider chartering your plane, take into account your travelling schedules and layout a plan that’s suitable for you.   

Questions to Ask Your Broker

After asking yourself some important questions, it’s time to actually take the plunge. However, before starting your search for finding the right plane, you must consider the means of how you’ll be doing that. Are you going to buy the aircraft directly from the company or through a broker? After deciding on the medium, interview the broker or advisor to see they’ll be suitable for you or not.

Ask these questions before turning to select the right plane to meet your needs.   

Who will pay the fee?

Ask your broker or aircraft advisor, who will be paying their fee. Mostly, brokers and aircraft advisors work just like real estate agents i.e., they get paid once the deal is done. It’s normal for them to take a fee from the seller for selling their aircraft. Likewise, you can also engage a broker to help you in steering through the buying process smoothly.

Remember that a reputable broker will be transparent about their charges and disclose all the details related to the purchase. This way, you will be clear about the amount you need to pay for buying the plane. Being straightforward in the beginning will save you from any trouble later on so don’t hesitate and openly ask the broker about fee and commission details.

Do you deal in specific aircraft or ownership options?

It’s always better to ask your broker in advance what is their field of expertise. Many brokers focus on a specific type of aircraft or ownership option. Therefore, it is always good to inquire about this priorly because if the broker you’ve hired doesn’t deal with different options, you might have to hire someone else. Experts suggest that you should hire a broker with hands-on experience in dealing with various aircrafts. Likewise, go for a broker that is well aware of the buying process and also have knowledge about different financing options.  

Can you provide me with some references?

This is something that buyers seldom ask. Inquiring about previous references is imperative in knowing whether that broker is reliable or not. Before engaging a broker to ask about their prior experience and contact those clients to know how trustworthy that broker is.  

Similarly, you should also ask about how many transactions they have completed of the planes you intend to buy. Ask them how they check the credibility of the aircraft they’ll show you. Do they have written information on the aircraft’s condition?

 Before hiring a broker, it is very important that you check their experience and know their level of expertise. Don’t blindly go with hiring a broker that your friend had, do your own research and engage someone who’s competent.

Final Words

Buying a private jet is indeed once in a lifetime investment. Therefore, before making it you should think wisely. Carefully evaluate your needs and requirements and look for an aircraft that fulfils them sufficiently. 

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