There are many markers of success in business. From a killer initial public offering to spending years in the black, success is hard to come by and so rewarding when you find it.
One thing that demonstrates your company is doing well is your own private plane.
A company plane is no small investment. You want to make sure, when you buy it, that you pick the best one possible. If you’re new to the plane-buying game, then you may be wondering where to start.
We’ve got you covered. Read on to learn what to look for when buying a private plane.
Have a Solid Budget for Your Private Plane
There are a lot of numbers that go into a budget for a private plane. The most obvious, of course, is the actual cost of the plane itself. But that’s just the start of it.
You’ll also want to consider whether you’d like to remodel the interior of the plane to better suit your company’s needs. Considerations include the safety of the setup and the amenities the plane will provide.
You’ll also want to consider the cost of using private terminals as well as the cost of storing the plane when it’s not in use. In addition to that, you’ll want to calculate the cost of a pilot and flight crew.
In total, you’ll have your initial budget and your ongoing budget. Be sure to stick with it!
New or Used?
Planes, like cars, can be purchased either brand new or used. Buying a new plane has many advantages, but it is significantly more expensive. Used planes are less expensive, but you’ll have to do more pre-purchase work in terms of safety inspections and remodeling.
It’s much easier to purchase used planes that are already registered within the United States. But, due to tax breaks, there is a huge demand for pre-owned planes that are already registered in the US, so supply is down. Don’t be afraid of purchasing planes from foreign sellers, just be aware that you will have to make sure that it meets the requires for registry in the US.
How Much Space Do You Actually Need?
Big planes are certainly impressive, but you don’t want to get something that is bigger than you actually anticipate needing. In fact, some smaller airports require smaller planes, so if you truly want that plane to go anywhere, then it’s best to err on the smaller side.
So how do you decide how big a plane to get? Decide whether you are looking for more seating to get the maximum amount of people from place to place? Or are you looking for a more luxurious setup to help entice potential investors?
A careful evaluation of current and anticipated future space needs will help you make a sound decision.
Ready to Buy?
Buying a private plane is an exciting step for any business. By setting up a solid budget and evaluating exactly what your needs are, you’re setting yourself up for a successful purchase that will please both you and the board. Now boarding, the company jet!
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