3 mistakes all private jet owners make
Very few people own a private jet. Most of those who do, are doing it wrong.
It’s not exactly a walk in the park, we’ll admit. Jet ownership encompasses all the complications and expenses of an exotic car—to the Nth degree—with all the daily headaches and lucrative promises of a small business. But any jet owner will tell you: when you’re in the right hands, private aviation is a freedom unlike any other.
At the risk of sounding like a car insurance commercial, this is where things get sticky. Most private jet owners make the same mistakes that put undue strain on your finances, productivity, brain and emotional state. If you aren’t careful, that sky- bound investment might keep you grounded in more ways than one.
With the experts at Paradise Jets—the only full-service private aviation firm of its kind in the Valley—empowering us with exclusive information, we’re breaking down three major mistakes that jet owners consistently make. Whether you’re an aviation newcomer or longtime owner, we bet you’ll learn something valuable from these tidbits.
Mistake #1: Owners think jets are like cars.
Owning a jet isn’t like owning a car. If there’s anything Paradise Jets’ founder and CEO Jamie Thomas wants you to remember, it’s this: owning a jet is more like owning a business. Stressful? Yes. Financially beneficial? Yes… if you make the right decisions.
Much like a business, unforeseen problems and expenses can pile up quick: storage, maintenance, repairs, parts, fuel, chartering fees, crew payments and more. And, of course, if you’re using your plane as a mode of fast and reliable transportation for business, if your plane has problems, so does your income.
This all may sound cautionary, but for good reason. Approach your plane with the preparedness and intuition of a small business owner, not the cavalier of a Ferrari owner at the local track.
Mistake #2: Your “guy” is all you need.
When it comes to your jet, a common mistake you’ll make is thinking you can do it alone. An even more common mistake: thinking “your guy” is all you need.
In the private aviation industry, there are a lot of specialists out there. Buyers and sellers, consults and market watchers, management firms and mobile repair businesses. There’s a good chance “your guy” is one of these—but he isn’t all of these.
You could certainly hire six specialists to help you take care of your jet, but the simple math doesn’t look great. Six contacts, six payments, six schedules… joining a full-service family like Paradise Jets eliminates all that. You’ll have all the resources of every specialist all housed under one roof and one contact.
Mistake #3: Expecting a fast purchase or sale.
The jet may be fast, but buying one usually isn’t. When his clients first approach him about jet ownership, Jamie tells them to get comfortable. Jet purchases and sales are—once again—not like cars or their dealerships. Knowing when and where to look on the market can be critical to securing the plane you want, particularly due to the lack of standardized marketplace (unsurprisingly, there’s no local auto trader for jets).
And if that wasn’t enough of a warning, jet manufactures are currently recovering from a supply chain shortage some have dubbed a “private aviation crisis.”
All that is to say: once you’ve decided to own a jet, be prepared to wait.
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If these tips were helpful and you’re hungry for more, we know just the team! Paradise Jets‘ full-service aviation knowledge is at your disposal, not to mention all their consulting prowess. They’re an incredibly passionate group of experts who are ready to help however they can, so give them a call when you’re ready to fly.