What is a private jet?
A private jet is an aircraft that is designed to transport individuals and small groups of people. These jets come in all shapes and sizes, ranging from large to small. While many associate private jets with unattainable wealth, some businesses and organizations regularly use private jets to achieve their corporate travel aims.
Do individuals use private jets for business travel?
Yes, it is not uncommon for the executives in large companies to regularly use private jets. In fact, Apple filed a regulatory statement which explained its CEO Tim Cook is obliged to use a private jet for both business and personal use. While the cost is obviously a significant barrier to entry, it can in fact make financial sense for some companies depending on their scale and the reasons for the travel.
Many businesses and organizations own their own private jets. Apple, Valeant Pharmaceuticals, Starbucks, and Tesla are just some examples of companies that benefit from this method of transport.
What are the reasons to use a private jet?
Private jets cost a lot to purchase or charter. Some companies decide that the costs are worth it, though, for the following benefits:
- Improved efficiency and productivity
- Convenience in terms of itinerary
- Flexibility in terms of scheduling
- Better quality experiences
- Improved privacy
- Ability to hold meeting onboard
- A positive reflection of the company
- Reduction of business travel fatigue
Is a private jet inhibitively expensive?
Obviously, most companies will never make use of a private jet. With that said, it is perhaps surprising how chartering a private jet can often make financial sense for a business.
Which is the most common private jet?
There are a range of private aircraft on the market, but the best-selling is the Cessna Citation XLS. This private jet has eight seats and can offer a cost-effective alternative to chartering an aircraft.
How much does a private jet cost to run?
This will vary according to a range of factors including the frequency of use and the quality of the aircraft. An average estimate suggests that running a private aircraft can cost between $700,000 to $4 million per year.