You might not know the term “fractional jet ownership” if you do not move in certain specific circles. Basically, the idea is that you own a piece of a private jet, but you do not own it outright. You have a stake in it and you share it with others, the same as you would with a timeshare.
Jet fractional ownership might sound appealing to some individuals. Before you take the plunge, though, it makes sense to think about some of the pros and cons.
You Get a Little Piece of Luxury to Enjoy Sometimes
Let us start with the pros. On the positive side, if you buy into a private jet via the fractional owner method, you can sometimes fly in it along with your friends, family members, or anyone else who you would like to impress. It’s fun to fly in a private jet, even if you don’t own it outright.
Getting up in the sky and flying off to an exotic destination can feel great. Knowing that you have this experience coming up might make you happy again if you’re feeling down.
You Can Plan Out a Vacation for Yourself Virtually Every Year
You can also use the private jet to take a vacation every year if you’d like. When your turn comes to use it, you might target a place to visit where you have never been before. You can also go to a destination that you love and to which you keep going back.
Flying in a private jet definitely beats flying any other way, and when you buy in via fractional ownership, you can have a little piece of luxury every once in a while.
You Can’t Use the Jet All the Time
On the downside, since you own the jet along with a group of other individuals, you can’t use it all the time. Maybe you particularly want to utilize it to go see a concert or to attend some other event that appeals to you, but someone else is using it at that moment.
If that happens, there’s not much you can do about it. You can always try to negotiate with one of the other owners to see if they’re willing to swap with you on the schedule, but if they say no, you’re pretty much out of luck.
It’s Still Fairly Expensive
Fractional jet ownership appeals mostly because you don’t have to pay as much for the privilege as you would to buy your own private jet outright. That being said, it’s still not exactly cheap.
You usually can’t even start to think about buying into a private jet without having at least $100K to put toward it, and the price only goes up from there. While that’s not out of reach for everyone, it is for plenty of people.
There are some notable benefits of buying into private jet ownership this way, but you should also not ignore the drawbacks if you’re considering this system.
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