Private Jets now a Practical Expense for the Business Elite
Ownership of private planes was traditionally seen as an exclusive and luxurious acquisition to the extremely wealthy, for leisure and travel purposes. But as more and more companies are required to conduct business internationally, private planes are being increasingly purchased for professional purposes.
Cars have always been a highly sought after commodity by most who are able to drive, which is why when the latest model to reach the markets is revealed, much interest is often generated. This is particularly so amongst the highly affluent, who are able to both desire and afford the highest caliber of model, at an equally high price.
As society’s wealthiest elite continue to expand, however, acquiring the latest model of car does not necessarily ignite interest as the most sought after commodity available to the prosperous upper classes. As the richest billionaires desire more appealing methods of travel, many are choosing to purchase a more fitting acquisition, at a bigger price.
Private planes are becoming an increasingly common acquisition amongst the very wealthy. While some affluent opt for first or business class travel options, others are choosing the next step, acquiring their own private planes, along with the full range of services and features.
Acquiring a private plane is a highly sought after investment for the very wealthy. It boasts a great many benefits ranging from instant accessibility to greater travel convenience. It is regarded as a highly practical acquisition amongst busy business individuals, who find that travelling on commercial airlines is a difficult, time-consuming and inconvenient experience. Private planes are no longer considered simply an extravagant luxury; today there is a greater focus on their practicality and convenience.
The benefits of private travel are many, however primarily, privacy and convenience are the most common. There is the option to depart at any point, and not when dictated by an airline. The plane can operate from significantly more airfields away from the main commercial hubs, and typically, the aircraft would have accessibility to faster and more direct routings. Speaking on the matter, a pilot for a commercial airline, gave his opinion:
“Travelling on commercial airlines is the equivalent to being stuck in traffic for busy business individuals. Private planes are not so much a luxury as a convenience, and better enable wealthy individuals to manage their time more practically”.
Speaking further on the matter, he continued:
“Although commercial air travel development has enabled business travellers to conduct meetings and return the same day, having a private plane allows people to travel with greater convenience, which is what they need when required to be in various locations within a short space of time (for example, for meetings in different locations). These people have tremendously busy lifestyles; therefore having the plane allows them to avoid losing valuable work time.”
But private planes are not simply a convenient form of travel. With prices ranging from US$20 million and reaching US$40 million and above, they are an exclusive facility to the most affluent, and purchased for a number of reasons. Speaking on the matter, aviation specialist Alexi Stavrinides, stated:
“Many highly wealthy people desire a private plane for personal reasons. Private planes offer luxury on a level that most cars cannot compete with. Many people acquire private planes for recreational purposes; to be used for island hopping and short distance travel, for example”.
However these planes come at a heavy price, and involve far more than straightforward purchase fees. Acquiring a private plane thus has its detriments, including operation, pilot fees and maintenance costs, which can be very high amongst certain models. Many models feature superior technology, including a brand new engine of the highest caliber. Modern aircrafts require regular maintenance to be conducted on a statistical basis, rather than a calendar basis, which can result in the more frequent conduct of essential maintenance work. These services come at a significant, though necessary cost. Nevertheless if you have the required equity, the acquisition is not as far-fetched. Speaking further on the matter, Mr Stavrinides stated:
“It’s all about the flexibility you can have… you can go wherever you want, whenever you want under no travelling restraints. Acquiring a private plane is a practical business venture.”
A familiar model amongst the wealthy few, the Gulfstream G450, is retailed at around $35 million, which equates to approximately US$1,900 per hour if rented, and is amongst the most popular choice for wealthy business people. This aircraft’s primary role is to act as a business jet aircraft for those who travel frequently for business purposes. It has a cruise speed range of 4350nm, and can travel long distances (from the UK to New York, for example) without the need to stop.
The Gulfstream G450 is a particularly prominent choice amongst frequent travelers, especially those travelling for business purposes. With a seating capacity of up to 16 people, it is a reasonable substitute for frequent travel, and offers practical office features such as a printer and fax machine, wireless local area network accessibility and satellite communications. In addition, it offers broadband opportunities, thus highlighting its desirability as a business convenience. As Mr Stavrinides explains:
“These are high quality models that offer both fuel efficiency and low maintenance. They offer excellent travel opportunities for business people who do not want to be restricted by air traffic controls.”
The Gulfstream models are considered common acquisitions for business people. The Gulfstream range of private planes offers the latest technology and allows private individuals to travel under their own schedule, without travel restrictions. Many large, wealthy corporations choose to invest in the Gulfstream range for both professional and recreational purposes.
Other wealthy professionals choose to acquire a Gulfstream or other model under their company name. This offers a number of benefits that private investment simply doesn’t present, and enables an owner to reap the benefits of independent ownership under the protection of a large corporation.
Despite the heavy price tag, the Gulfstream G450 is one of the most sought after planes on the market. It features enhanced Rolls-Royce tay engines, improved high altitude operations and three-zone temperature controls, explaining both its high cost and its desirability. In addition, all fuel is contained within its wing. It also features two engine driven generators and improved pilot situational awareness, thus offering enhanced levels of safety. Owners of the Gulfstream include Steve Jobs (CEO of Apple computer) and Mark Cuban (founder of Broadcast.com), who use the model for frequent travel purposes, both recreationally and professionally.
As businesses expand internationally, private travel is becoming a more common occurrence for professional purposes. The acquisition of private planes is expanding from a luxury attainment to a necessary business expense, and will continue to increase as large corporations require more frequent travel. Owning a private plane is no longer limited to luxurious travel to exclusive resorts and only attainable to the wealthiest few; private planes are now considered a matter of practicality and convenience for wealthy business people who need a convenient way to travel around the world.
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