Private Jet Travel: No Longer Just for High Flyers
April 23, 2015
“Travel: It’s the only thing you can spend money on that will make you richer.” Anonymous
Whether you’re planning that really special splurge-worthy trip or considering private jet travel as a new mode of regular business travel, a surprisingly wide range of options is now available to the modern air traveler. Due to the proliferation of fractional jet ownership programs and Uber-like start-up services, the private jet industry has undergone a rapid transformation in recent years. With an increase both in competition and usage, the economics of private jet travel have been re-shaped. No longer is it an option limited to the extraordinarily wealthy, but it has become for many a reasonable luxury expenditure worth considering.
We’ve done comparative research on eight of the top private airline companies, evaluating their offerings on costs, availability, flexibility, amenities, and terms of their membership programs. While there are similarities between many of them, there are also differences depending on your needs and preferences. Regardless of your priorities – from safety certifications, access to specific airports, short notice availability, or specific on-board amenities – there’s a jet travel company likely to meet your specific needs and creature comfort requirements.
Pricing your one time or on-going private jet travel is based on a host of factors, though the majority of the calculation relies on the size of the aircraft, time traveled, and the end destination airport location and fees. Comparing private jet to commercial travel, perhaps it’s best to examine an expanded family of eight knocking off a bucket list trip by flying on a private jet from San Francisco to Maui.
A large, sophisticated aircraft with the range needed to reach the Hawaiian Islands will probably run in excess of $60,000 roundtrip, or about $8,750 per person.* By comparison, 8 first class tickets on a commercial airline would cost you approximately $26,000, or $3,250 per person.
While a big step-up for the premium private travel, many frictions of modern commercial air travel are removed, leading to substantial improvements in both trip quality and time saved. The convenience begins with the ability to have your ground transportation pull up next to the jet for both arrival and departure. Ticketing, baggage checks (and subsequent baggage losses!), security lines, and waiting for departure are also eliminated. The freedom to custom tailor a flight schedule can drastically improve the efficiency of a business trip or the enjoyment of a vacation.
If you are flying to an out-of-the-way location, private jet travel has serious time and comfort advantages. While larger commercial aircraft are constrained to only 500 airports domestically, there are more than 5,000 airports in the US with private plane access. With a 10x set of airport options, you are most often likely to land near your final destination, allowing for reduced ground travel times and avoidance of metropolitan traffic when escaping to more remote locales.
Traditionally, private jet travel in recent times has meant the purchase of a membership card entitling its owner to a set number of flight hours subject to pre-planned trips scheduled days in advance. However, as the marketplace continues to evolve, more options for spontaneous travel have become feasible. If you’re down to the wire and have an immediate travel need, a private jet company can work on a flight plan that gives you options. Companies like Jetsuite and XOJet have also begun offering last minute travel deals, which may end up costing less than what you’d pay for a commercial ticket fare per person. According to Steve King, co-founder of private jet charter company AeroIQ, “over 40% of flights that are flying private have empty seats.” If they can fill these seats they’re happy to provide a deal to a ready buyer. A savvy, flexible traveler can book a trip on short notice when circumstances converge to their advantage. Alternatively, start-ups like Ubair, JumpJet or SurfAir are beginning to frame an Uber-like model to private air travel, allowing you to travel as often as you’d like within a given month for a relatively reasonable monthly access charge, as long as you are open to “ride sharing” with others.
Private jet travel used to be something reserved for the wealthiest of the wealthy. Now private jet travel companies are dialing into a new market of passengers eager for the premium experience at an elevated, but increasingly more reasonable, price tag and commitment. If luxury private jet travel intrigues you or if you have flown with a private jet company before and want to explore alternatives, let us know and we can review your preferences and options. You may be surprised.
*This fare is based on flying on a new Citation X midsized aircraft with complimentary Wi-Fi and an AR/GUS platinum rated safety operator.
This article is provided for informational purposes only. It is not provided for investment purposes and any mention of specific companies is not an inducement to invest in any particular security or industry.
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