Flying private is a growing phenomenon, largely thanks to social media and iconic figures flying lavishly across the globe.
Some fly private for comfort or luxury. Others use it to bypass TSA or avoid hasty cancellations. As a busy executive, you can conveniently visit multiple cities.
Given the mystique about flying private and the numerous options when googling “private jet charter,” we asked Moshe Malamud, founder and CEO of M2Jets, for his best advice.
After flying private for more than 15 years, Malamud established a successful on-demand charter service in 2010. Now, Malamud (who owns several aircraft ) shares seven essential tips if you’re thinking about making the leap.
1. Time the best deal
Unlike commercial airlines, private planes are constantly moving across the world at a moment’s notice, Malamud explains. Although the price fluctuates, you could snag last-minute deals, understanding that aircraft operators want their planes in the air as much as possible.
“The best deal is often available by booking a trip one to two weeks in advance,” he advises.
2. Don’t price shop
Finding a great charter deal isn’t like bargain hunting on eBay. Clients tend to get themselves in a bind when cross-shopping with multiple operators or brokers.
“It’s tough negotiating with the operator of a plane when other companies are calling him to charter the same aircraft for you,” cautions Malamud.
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3. “Empty legs” aren’t what they seem
Since the rise of membership-based companies like Jet Smarter, Surf Air, and Jet Quote, “empty legs” are becoming more well-known. This is when a plane flies to one destination with passengers, but returns empty.
Certainly, you could snag a bargain on an empty-leg flight, but Malamud warns: “You have about a 2 percent chance of finding an empty leg for the exact time, day, and destination you need. And they’re never free.”
4. Have realistic expectations
In the last decade, private travel has become highly competitive, pushing down the price for consumers. But flying private is still flying private. A basic light jet typically starts from $2,000 to $2,500 per hour, with your heaviest plane, like a Gulfstream or Global, ranging between $6,000 and $8,000 per hour.
“If you decide to step into the ‘1 percent’ world, understand that chartering privately is a luxury expense — it’s left to the 1 percent for a reason,” Malamud cautions.
Owning, maintaining and placing a flight crew on these toys is expensive. If you can’t afford it, fly commercial or try a shared jet option.
5. You get what you pay for
You wouldn’t walk into a Rolls Royce dealership and barter for a $300,000 car. When flying private, you’re paying for convenience, safety, security and luxury.
But if you can afford it, paying the right price to be on a safe and secure aircraft is well worth it.
“A brand new car is more expensive but requires almost no maintenance. It’s the same with jets: older models require more maintenance to meet strict FAA guidelines,” Malamud advises. “That’s why we direct clients to newer, better-managed aircraft. Paying a better price for an old, outdated plane can be risky.”
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6. Don’t waste your money on jet cards
A jet card provides access to private planes for a flat fee, usually for a set number of hours. Owning a jet card was once a status symbol: you were a member of an exclusive club that could have a plane available within hours, without owning it.
However, with the expanded availability of private aircraft and a good broker network, it’s cheaper to use pay-as-you-go charter services.
7. Know when to book a round trip or one-way
If you’re chartering a plane with two to three overnight stopovers, it’s better to book a round trip. But if you’re staying for an extended period, you can’t expect an operator to have the plane sitting and waiting for you.
“Overnight stays bring significant expenses,” explains Malamud, citing ramp fees, crew expenses and lost revenue from planes not flying. A good operator or broker should be able to find suitable one-way options that may be less expensive than a round trip and more economical if you have many overnights.
Originally published on Entrepreneur.com. ©2017 by Entrepreneur Media, Inc. All rights reserved.
