When it comes to travel, few things can compare to arriving at your destination in your private jet. But what is the best and most cost-effective way of achieving this dream? If you travel (or plan to travel) by private jet very often, then ownership may be for you. However, the large purchase price and upkeep costs of these aircraft make ownership difficult to justify for the occasional user. Beyond cost, here are a few other considerations when comparing ownership versus renting a private jet.

Ownership of Private Jets

The primary advantage of owning a private jet is having it available to you, at your beck and call all the time. Since it travels with you, there are no repositioning flights (and the costs associated with them), and you’re able to walk on board and fly away immediately. When purchasing your aircraft, the sky is the limit. There are countless options available to you, from small single-engine propeller planes to the largest airliners converted for luxury travel. Choosing the right aircraft is a matter of weighing the pro and cons of each with a careful eye on how you intend to use the aircraft most often. With this mission-oriented approach to shopping, any destination you want to fly to is available. Business Jet Traveler also reports that many jet owners charter their aircraft to others, which can help defer the costs of the aircraft and may have tax benefits.

Of course, the disadvantage of owning a private jet is the cost. First, there’s the upfront purchase price for the jet, but don’t forget, that as the owner and operator you will also be responsible for insurance, maintenance, storage, and upkeep costs. Additionally, you’ll be responsible for aircraft managers, flight crew, and their training.

Renting a Private Jet

On-demand chartering a private aircraft makes the most sense for occasional users. There is no upfront purchase cost, and the charter company takes care of storage, maintenance, crew, and all other aircraft management issues for you. Charter companies also often have a variety of aircraft to suit your needs, based on size, passenger capacity, and range meaning you can choose a different type of aircraft for every trip. For large companies looking to use corporate aviation, charter companies enable the use of more jets at one time operating from decentralized locations, something that might be very expensive and time consuming for one company to do.

According to Stratos Jet, the disadvantages of chartering a private jet come from the limitations of using someone else’s plane. Their timeframe may not meet your exact needs, and they may not be able to fly into the airports you want to use. Frequent users of private jets complain of the inconsistent companies and inconsistent flight experiences they have when bouncing between multiple charter operators.

Each traveler must weigh the pros and cons of ownership versus chartering and renting, as there is no one-size-fits-all solution. Many companies specialize in private and corporate jet management who can help you by analyzing your needs and evaluating all of your options. Either way, when traveling by private jet you are assured of first-class travel experience.