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Are You Considering a Private Jet Transaction In 2022?

Understand critical considerations to ensure you purchase the right jet for your needs and at the best price.

 

If you are considering purchasing a private jet, there are several considerations that may not be immediately obvious to those without an aviation career and sales background. Industry expert, Captain Richard Schena, identifies a few of the many critical factors that are critical when conducting a private jet transaction. Captain Schena has over thirty five years of experience as a military and commercial airline pilot. He has over twenty thousand hours of flight experience both internationally and domestically. Additionally, he has been a top private aviation consultant for the past twelve years. Captain Schena shares a few of the potential pitfalls, as well as opportunities, when buying or selling a private jet.

 

 

 

Escalating  Flight Crew Costs

“There are many hidden costs in private jet ownership, which most purchasers are unaware and therefore fail to take into consideration. Currently, there is a pilot shortage that is especially acute in midsize to large cabin jet aircraft. The need for qualified pilots has grown exponentially over the past several years, including the airline industry which is experiencing a global shortage of pilots. Furthermore, the competitive environment in commercial aviation has resulted in exponential increases in commercial aviation. Additionally, the pilot shortage and associated increased competition has directly impacted the corporate jet market resulting in increased salaries and benefits in the corporate aviation market. The salary increases can average $50,000 to $100,000 annually. These realities are impacting flight attendant availability and costs, as well. Flight attendant salaries have also doubled and in some cases tripled recently.”

 

 

 

Offline Maintenance Considerations

“Maintenance needs and costs are often unanticipated costs for buyers who are not experienced in jet sales. Not only can the costs be a surprise if not appropriately assessed and planned for in a purchase or lease, they can be quite large. The following are several issues that must be assessed when considering a  jet lease or purchase.

  • the regions of the world where they will be operating their aircraft on a regular basis.
  •  the availability of maintenance and parts support.
    • A broken aircraft is not an asset, it can be an expensive problem.
  • Pre-purchase inspections are essential for any used aircraft. This is often where purchasers miss the opportunity to learn what they don’t know about an aircraft and what will be expensive post purchase. The visible beauty can camouflage serious structural and/or mechanical realities. 
    • Where/who conducts the pre-purchase inspection is important
      • Hire a reputable MRO 
      • The purchaser should hire a qualified and credentialed maintenance professional to represent the potential buyer’s interests. They are the buyer’s representative.”  

 

 

 

Pre-Purchase Inspection (PPI)

“We strongly recommend getting a PPI as a condition to purchasing any used aircraft, regardless of the size or type. The reason you need to perform a PPI is you can make any aircraft look new or well cared for with a fresh interior and paint job, but it is what is underneath the veneer of a fresh interior and paint that that really counts. A comprehensive PPI will also include an in depth review of all of the of the aircraft’s maintenance documents. We recommend that you use a reputable maintenance facility to perform the PPI and hire a qualified maintenance representative to oversee the PPI to represent your interests while the PPI is being performed.”

“Recently, we sold a Gulfstream G650ER.  When we contracted for the PPI we immediately hired our own inspector to oversee every detail that was performed on the aircraft. Our personal inspector was able to identify a number of  additional of maintenance issues and parts that may have been overlooked had he not been there to oversee the PPI.”

 

 

Making Educated Decisions Based On Analytics

“We are an analytical sales company. We are constantly scanning, studying, and evaluating private jet markets. Our expertise positions us as industry experts who can focus precisely on the needs of our clients. Our marketplace knowledge coupled with our proprietary marketplace evaluation tools, allows us to provide our customers with the tools that they need to fully understand the actual market value of a particular aircraft and to ensure we match our clients with an aircraft that meets their mission needs and aesthetic requirements. Our goal is to match our client’s business needs and ensure they purchase an aircraft they enjoy traveling in for professional and recreational purposes. We educate and guide our customers through the complexities involved in selecting, negotiation and purchasing the right aircraft.”

– Captain Richard Schena

 

 

 

Considering A Private Jet Transaction and Have Questions?

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