A modern concept to luxury travel, fractional jet ownership, offers the convenience and appeal of a private jet without having to fully cover the costs of operating the asset on your own. Instead of owning an aircraft outright, you get the opportunity to share in both the responsibilities and expenses of flying privately, making it a more cost-effective and satisfying option to air travel.
But just because you only have fractional ownership of the jet, doesn’t mean you don’t have to contribute to the maintenance and other responsibilities. You may not have to take sole ownership in these services, but there are details you need to remember and consider as you take part in fractional jet ownership.
Cost of Maintenance of a Private Jet
Getting familiar with the maintenance cost of a private jet with fractional ownership starts with understanding private jet annual maintenance cost on a more holistic level. So how much does private jet maintenance cost?
Investipedia says that private jet ownership can cost anywhere between $2 million to over $100 million, and there are a lot of contributing factors that explain this range, such as size, range, model, and features. Other ongoing maintenance costs and fees can also impact this, such as flight crew salaries, repairs, aircraft insurance, and aircraft maintenance.
Cost of Private Jet Maintenance for Fractional Ownership
Maintenance is one of the most important factors of aircraft ownership, whether you play a fractional role in the asset or own it outright. Since monthly maintenance of an aircraft comes with a fee, you’ll be expected to contribute to that, no matter your fractional share.
According to Flying magazine, the monthly maintenance fee for fractional aircraft ownership is charged to the shareowners of the jet; each person is responsible for taking ownership in the maintenance arrangements and additional responsibilities involved with taking care of the aircraft. In general, private jet maintenance for fractional ownership can amount to anywhere between $500,000 to $1 million annually in operating costs.
Maintenance Involved with Fractional Jet Ownership
Beyond the cost of private jet maintenance under fractional ownership, it’s important to understand what’s involved with aircraft upkeep. Both private and commercial aircraft are required to have routine maintenance and inspections to ensure the vessel is safe, well-kept and error-free. If you plan on taking part in fractional ownership of a private jet, these are the maintenance details you need to know:
- Plan for scheduled and unscheduled maintenance for the aircraft. The maintenance calendar is based on your jet model, since some models may need more upkeep than others. In general, hourly inspections are scheduled annually, or based on the amount of hours the aircraft has traveled. This is typically divided in increments of 200, 400, 600, or 800-hour intervals.
- If your aircraft is larger, plan for a lengthy inspection. With more space, you’ll need a more thorough inspection of the cabin and hardware of the aircraft. Heavy Maintenance checks are also required and they are based on both calendar basis (e.g.10 year inspection) or Hourly inspection (hot section of an engine occurs at mid life).
It’s important to note that aircraft don’t need maintenance like cars; the need for maintenance is based on usage, dates, and unexpected issues. Some of the maintenance tasks involved with general aircraft upkeep include:
- Changing the engine oil and filter, the landing light bulbs, side windows, landing-gear tires
- Greasing the wheel bearing and airframe
- Lubricating the landing gear and eliminating any corrosive elements
- Repairing interior fabric
- Cleaning the entirety of the jet’s interior
- Detailing the jet’s exterior
- And much more.
Why Jet Management Makes Sense for Fractional Ownership
By scheduling regular maintenance for your private jet, you can reduce the need for major repairs down the road, prevent the cancellation of planned flights, comply with safety rules and regulations, and ultimately, extend the life of your private jet.
Working with an aircraft management company can be a simple way to streamline all of the responsibilities involved with aircraft maintenance. At Stratos Jet Charters, we understand the ongoing expenses involved with fractional jet ownership and owning an aircraft outright. If you’re looking for an aircraft management company that can handle routine maintenance of your private jet, we can help.
With our intimate knowledge of air carriers, and understanding what goes into maintaining a private jet, we can work as your advisor and help you decide who’s the best pick for managing your aircraft. We can also work with the management company to drive revenue to your asset.
Interested in learning more about our aircraft management services? Want to book a private jet charter? Contact us today to get started.