Plane travel is a necessity for some people, especially business owners who spend a lot of time having to travel from one city to the next. If you are one of these people who consistently has to rely on flight travel and charters flights on a private plane frequently, you may have toyed with the idea of opting for fractional ownership in a private plane. Basically, fractional ownership means you and several others invest in a plane, so all of you technically share ownership of it. Take a quick look at some of the pros and cons of fractional ownership when you compare it to chartering a plane when you need it.
Pro: Fractional ownership works well for people who travel really frequently.
If you are having to charter a plane something like a few times a month, it can be more feasible to opt for fractional ownership. You will probably spend less on the plane's investment and upkeep costs than what you would if you had to hire a plane on a regular basis.
Con: Fractional ownership does mean you will be financially responsible for the plane.
If you are the joint owner of a plane, the costs of maintaining, storing, and insuring that plane become partly your responsibility. For some, the added costs over the long-term are not a welcome idea. However, when you compare the costs of plane upkeep with what you would normally spend for charters, upkeep may not seem so bad.
Pro: It is less likely that you won't be able to get a flight when you need it.
When you have to charter a private plane, you will have to reach out to the company that offers charters and hopefully schedule a flight at the exact time that you need it. You are bound to run into times when there is not a plane available since many of these companies have a long list of regular clients.
Con: You will still have to schedule flights and be mindful of the travel plans of others.
As the joint owner of a plane, you have just as much right to the plane as everyone else who is a fractional owner. However, depending on how many other owners there are and how frequently they fly, you may still face times when you cannot use the plane. Most fractional owners utilize a scheduling service so every owner can see when the plane is available.
Contact a service that offers these services to learn more about fractional ownership vs charters when it comes to a private plane.Share
5 July 2019
I come from a small town. It's so small that there is no public bus service—you can walk everywhere within city limits. People drove their cars if they wanted to leave town. At home, I rarely saw a taxi, and subways were something I only saw in movies. Moving to New York City was a shock in many ways, but learning how to get around using public transportation was one of the biggest hurdles that I faced. I didn't know how much to tip a taxi driver or how to find my way around on the bus. However, I did eventually learn. I know that there must be many people who are facing the same learning curve that I was facing a few years ago. I started this blog to help other small town natives like me learn how to get around in the big city.