Avoiding the Aircraft Shortage with Fractional Aircraft Ownership
After a year of travel interruptions caused by the pandemic, many private flyers are reviewing their options and looking at the most cost-effective and efficient solution for flights. Whole aircraft ownership is an opportunity to have control over one’s travel needs, however, finding such aircraft for sale is proving problematic. Business Jet Traveler magazine recently covered the widespread shortage of both new and used aircraft, citing the cause of the challenges that buyers are facing.
An Unprecedented Year for Aviation
In its article, Business Jet Traveler explains that the aviation industry has seen many changes to the marketplace over the previous year. Inventory levels for preowned aircraft are at historic lows. In fact, statistics tracked by JetNet show the percentage of in-service aircraft on the market represents a two-decade low. The supply of new aircraft has been significantly impacted. Prior to the pandemic, late-model aircraft were already scarce, and the fourth quarter of 2020 saw an impressive year-over-year increase for aircraft transactions; 468 versus 258, respectively. This growth in demand greatly depleted an already suffering inventory, as many aircraft manufacturers struggled to generate normal supply levels due to the pandemic.
Fractional Offers a Solution
Unlike other competitive markets, buyers cannot just offer above the asking price for a jet and the aircraft are simply not available. Even in the rare occurrence when a pre-owned jet enters the marketplace, the buyer must conduct a deep examination into the condition of the aircraft and its capabilities. As a result, many have looked toward other options of private flying, such as fractional ownership, which offers all the advantages of whole aircraft ownership, but without the hassles of managing maintenance, pilots, and flight scheduling. Share owners in the PlaneSense® fractional program fly on their schedule and have access to a fleet of aircraft, which means guaranteed access when they need it.
The PlaneSense® Difference
The PlaneSense® program proudly offers the same level of service as owning an aircraft outright, at a much more economical price point. According to Sherpa Report, operating and maintaining a private aircraft can range from $700,000 to $4 million annually. This is where fractional ownership offers the clear advantage, at a fraction of the cost of whole aircraft ownership. The cost-to-benefit ratio when comparing fractional to owning outright is substantial.
An intriguing fact is the average corporate aircraft is typically used for less than one hour per day on average. Alternatively, the PlaneSense® fractional ownership program offers share sizes that allow flyers to buy only what they need. The PlaneSense® program is also entirely vertically integrated: all pilots and maintenance staff are hired and trained directly through the company, and flight planning is conducted by the company’s own dedicated operations team. This allows the PlaneSense® program to maintain its stringent standards on quality of safety and service.
To learn more about the PlaneSense® difference, download the Understanding Fractional Aircraft Ownership guide below.