How to get a plane of your own (DETAILS)

I have Often times entertained questions from the friends and relations alike about, what it takes to own and operate a private plane. By this, I mean the basics of acquiring, maintaining and keeping a plane in Nigeria and all over the world. I must warn you; to think like a billionaire so you don’t roll of your seats in apprehension.

So Let us say your way richer than Dangote (Of course you have to be worth a fortune) and you wake up from lalaland, and catch a vision that you should in fact get an aircraft of your own today. You must consider the following Factors:

  1. The actual cost of an Aircraft.

Buying and maintain an airplane is not for everyone. You have to ready to foot the expenses that come with it. It is crazy money! A decent jet starts at a few million and goes higher. Let us consider the fixed cost of buying a Bombardier Challenger 605(As this is a common private aircraft). A new Bombardier Challenger 605 sells for $27m or more. These are changing estimates and not actual figures. Other bigger airplanes in this category would go for a whooping…. $60m or more.

However the total cost for ownership per year when leased, could go for $3.5m more or less per year. These are all fixed costs. The fixed costs could be split into Cost for crew salaries, Hangar, Insurance, Refurbishing, weather services, Navigational services etc.

  1. Variable Costs

The variable costs of operating the Challenger 605 are dependent upon hours operated and nautical miles traveled. The largest of these expenses (about 65% of the total variable cost) is on fuel, which are estimated at $2,346 per hour .The 605 is estimated to use 330 gallons of fuel per hour. Other costs include expenses on Oil, Regular maintenance inspections, such as the required annual inspections, Engine overhaul/Avionics, Parts, Aircraft accessories, such as headsets, engine covers, Catering etc.

  1. AOG.

This stands for ‘aircraft on ground’ and is the ultimate buzz kill for a private aircraft owner. There are a zillion things that can render your airplane in serviceable; and then you go ahead flying Arik Air while you continue to pay for insurance, pilots, hangars on your in serviceable aircraft. Not to mention the cost of repairs! AOG is ugly and quite upsetting to an owner.

Your Pilots are people, and not machines. They cannot fly every day without a crew break. They need rest, time off for training, time off for vacation, etc. You need them for flying, because when they are down you don’t go down too. All you need is a set of backup crew, but it is not as easy as driving they need to be trained specifically on your aircraft type and model.

Is Owning your private jet Justifiable?

Whether or not you can justify owning your own private aircraft depends largely on your sense of financial security and your opinion on quality of life. There are many ways to reduce the costs of ownership, such as co-owning, leaseback options, renting the aircraft out to others and so on. But the advantages to owning your aircraft include:

  • Direct Flights: You never ‘connect’, you fly direct to your destination.

 

  • Flexibility: You leave when you want and how you want.  Running late?  The plane and crew will wait for you. Just take your time!

 

  • On time Service: You save time every step of the way.

 

  • No security Hassles: Here is a typical departure. Get greeted like you are royalty. Snag a chocolate cookie, get some water, and tell them you are here for (names aircraft) ‘November 1-2-3’ . They will either take you to your plane in a golf cart (along with your luggage), or let you walk out (depends on the airport). You walk on the plane, saying hi to the pilot you employ. You open your computer and start working or playing Candy Crush. In five minutes you are ready to depart. No Security Hassling, nothing. And oh, You only choose to take off your shoes if you want to!
  • It is Stylish and so Chill: You think that new Mercedes Benz gives you style points? Just wait until you get on a Private jet!

 

Some people cannot infact understand people who spend such a large amount of money on an airplane they’ll fly once in a while. For others, the lifestyle and convenience of owning an airplane becomes very justifiable. It’s a personal opinion and one that, unfortunately, this article cannot solve for you.

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Jennifer Nagu is a freelance writer, speaking enthusiast, blogger and Aviation expert. She is also Creative Director of Amakrafts, a Startup Ankara design entity in Lagos Nigeria. Follow on Instagram @JENNYAMAH.

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