Buying a business jet can be a smart move, but you can make lots of mistakes on the road to ownership. Here are eight of the most common blunders, plus advice on how to avoid them.
Global deliveries of turbine business airplanes increased 7.2 percent in this year’s first quarter over the first quarter of 2013, according to the General Aviation Manufacturers Association. The jump in deliveries will most likely mean a boost to business at centers that perform aircraft completions and refurbishments and companies that provide interior components.
As soon as its first owner departs from the manufacturer’s delivery center, a new airplane technically becomes used (or preowned). For various reasons, however, 10 years after an aircraft’s final production date is generally considered the milestone separating “newer” used business aircraft from “older” ones.
Magician David Copperfield is the highest-grossing solo entertainer in history, with upwards of $4 billion in ticket sales. In collaboration with Francis Ford Coppola, he performed Dreams & Nightmares in 1996, which still retains the Broadway record for most tickets sold in a week. He has won 21 Emmy Awards and holds 11 Guinness World Records. His chiseled face adorns postage stamps in six countries.
There aren’t many small towns that exude the culture and elegance of an urbane city. Perhaps that’s why people flock to downtown Naples, on the Gulf Coast of southwest Florida. Fifth Avenue there is rightly famous for its bistros, high-end clothing and jewelry shops and casually upscale lifestyle. Yet the area’s appeal is also because of what lies immediately beyond and around it: a golf-rich region, with low-lying courses set against a backdrop of untouched native habitats and wetland preserves.
Given the complexity of the deal and the money at stake, making a business aircraft change hands can seem almost like an act of magic. And as in Disney’s The Sorcerer’s Apprentice, acts of this sort are best left to professionals—specifically, aircraft brokers and their teams.
“[New billionaires in fast-growing countries] have to buy longer-range airplanes. If you’re flying from Mongolia to Nigeria, it’s either a three-day journey flying commercial or a nine-hour flight on your jet.”