There’s a multitude of reasons as to why someone would want to buy a private plane.
If you’re looking into purchasing a private jet for yourself, you may be curious what to look out for when browsing for the right plane.
There are quite a few things that determine private jet prices, but we’ve outlined the five things we believe are the most important.
In this article, we’ll discuss those five things, so you’ll know exactly what to keep an eye out for during the plane purchasing process.
Now then, let’s get started!
1. The Size of the Plane
It may seem obvious, but a private jet’s size is a huge factor in determining the overall cost of the plane. The larger the plane, the more people it can transport, which is worth a lot of cash.
So if you’re trying to fly around the world with more than just a few of your friends, be prepared to spend a bit more.
2. The Number of Hours in the Air
Believe it or not, a plane actually loses value with every hour that it’s in the air. Airframe hours are a huge factor in determining how much a plane is worth, but don’t worry, the amount that the value decreases goes down over time.
The exact amount your plane will decrease in value depends on the kind of plane you have, among other things, so you’ll have to do some research to determine that information.
3. Engine Hours
If the plane’s engine is in need of replacement, or anywhere near it, its value is going to take a bit of a hit. How much of a hit depends on the plane, the engine, and how far away a replacement will be needed.
4. The Damage History
Damage history is another determining factor in regards to a private jet’s overall worth. If a plane has a recorded history of accidents or other issues, it’s not going to be worth as much, as it’s a bit riskier to purchase a plane with a history of issues.
5. Interior and Exterior
The condition of a plane’s interior and exterior can increase or decrease the value of the aircraft. In other words, if a plane has new interior and a fresh paint job, it’s going to be worth more than a plane that needs some work in those areas.
With all of that in mind, there a few private jets worth your money, and a few that you should avoid, so be sure to take your time before making a purchase.
Private Jet Prices: Now What?
Now that you’re aware of the five crucial factors that affect private jet prices, you’re ready to purchase your own plane!
Remember, age and the side effects that come with it is the most important thing to consider when purchasing a private plane.
Be sure to check out our blog, where you’ll find more tips and tricks on purchasing and maintaining private planes.