Private jets versus sports cars and supercars
Private jet ownership is beyond the reach of most individuals, but according to the Jet Traveler Report 2018, the super-rich are still choosing private aviation because it offers them value for money. In fact, ownership of a jet has become so desirable that a private aviation company opened the world’s first storefront dealership of the best private jets in London in 2012.
If you’re considering buying a top sports car instead of a jet, don’t be put off by the adage that a sports car is a midlife crisis on wheels – a myth that’s being busted in a world increasingly in love with luxury brands. Just as one successful person might indulge their love of timekeeping and craftsmanship by buying a Bulgari Magsonic Sonnerie Tourbillon watch for $595,000, another might buy a Lamborghini Aventador LP 750-4 SV Roadster for a similar price.
Without doubt, our growth and wellbeing are ever more dependent on how we choose to travel. Since a crossover between jets and cars will take years to hit the mainstream, here’s what you need to know before deciding to own a private jet or a sports car.
Best private jets vs. top sports cars
Before deciding on your desired mode of transport, consider the following factors:
- Cost of ownership
- Long-term financial performance of your investment
- Speed and functionality
- Best fit for your lifestyle and purpose
What you need to know about choosing the best private jet
The new Airbus ACJ319neo Infinito, which can sell for as much as $89 million, has been named by CEO Magazine as the world’s best private jet for 2018. Second on the list is the Embraer Lineage 1000E, a 19-seater that will set you back a cool $53 million. The third best private jet is the Gulfstream G500, with a price tag of $44.5 million.
Post-purchase, the biggest private jet cost is aircraft maintenance (although a new jet will come under full warranty to cover any repairs or replacements within the first few years of ownership), followed by inspections, insurance, fuel, landing fees, hangar space and pilot and crew salaries and expenses. Depending on the size of the aircraft, this can cost between $700,000 and $4 million a year.
The cost of a private jet starts at around $3 million, but for those who want to own one for less, there are a number of ways to do this. You could buy a second-hand aircraft or opt for fractional ownership, which is where multiple owners share the costs of purchasing and operating an aircraft. Alternatively, private jet charter companies run membership schemes that allow you to pay a fixed monthly fee for a personal or corporate rental package, with the option to customize a package to suit your individual travel needs.
The pros and cons of owning a private jet
Owning and running a private jet is an expensive business, but its benefits include:
- Business Value-Add that can Offset Purchase Price: Since private jets can be used for decades, the benefits of doing business in a faster and more efficient way can go some way to defraying the original cost of purchasing one.
- Multiple Passenger Cost-Efficiency: The cost of flying a number of staff by private jet is more manageable over time than paying for multiple individual tickets on a commercial airliner. Being able to fly by private jet also means that phone calls and important conversations with staff can take place while flying, saving valuable time on the ground.
- Maximizing Time: Embarking and disembarking from a private jet saves considerable time, which can be critical when time-sensitive business deals are in the making or a crisis needs to be quickly diverted. A private jet can quickly get you to your chosen destination and land at private jet airports located as close as possible to your desired location.
- Control of Travel Arrangements: A high-flyer can control most aspects of his or her travel by private jet, from preferred cuisine to a favorite Champagne. Then there’s the peace of mind of knowing your aircraft will be ready and waiting for you, even when your meeting’s run over.
- Space to Move: Private jets can accommodate bulky luggage and equipment that commercial aircraft can’t.
What you need to know when choosing a top sports car or the best supercar
According to Auto Express, the most expensive sports car on the market is the Koenigsegg CCXR Trevita, retailing at $4.8 million, followed by the Lamborghini Veneno Roadster at $4.5 million.
If you have your eye on a supercar, which offers a higher level of prestige than a sports car, you can expect to be set back by $3.6 million for a McLaren P1 LM, $3.4 million for the Lykan Hypersport and $3 million for a Ferrari Pininfarina Sergio. The ultimate status car, though, is a hypercar, which pushes the limits of physics as the pinnacle of automotive engineering. Prices can range from $15 million for the McLaren F1 to $2.75 million for a Mercedes-AMG Project ONE.
Before you buy, first check that the car you’re interested in is allowed on US roads. Certain sports cars, supercars and hypercars are banned because they’re considered too fast and powerful to be driven in a regular driving environment.
Once you’ve come up with the initial outlay for your car, you need to take into account the high cost of insuring, maintaining and fueling a high-performance car. Make sure the limited interior space suits your lifestyle and find out more about how the car’s low ground clearance affects driving on many roads. Also, keep in mind that the speed and power of a sports car or supercar make it easy to break speed limits in no time at all. The last thing you want is to get in trouble with the law.
The pros and cons of owning and running a top sports car
Status Symbol: Owning a sports car or supercar is one of the ultimate displays of wealth. You’ve worked hard for your money and now it’s time to reap the rewards.
Value Appreciation: Some of the rarer cars grow in collectors’ value over time. In order for your sports car to appreciate, you’ll need to hope it becomes a classic; and even then, be aware that the market for resale of classic cars is a narrow one.
Comparing a sports car with a private jet
Cessna Citation Mustang (a perennial favorite with private jet travelers since 2005)
- Purchase Price: Between $950,000 and $2,650,000
- Passengers: 4
- Cruise Speed: 391 mph
- Fuel Efficiency: $88,000 to fly 200 hours
- Range on a Full Tank: 1,167 miles
- Annual Insurance Cost: $24,000
- Annual Maintenance Cost: $30,000
McLaren 570S (named the top sports car for 2018)
- Purchase Price: $185,000
- Passengers: 2
- Cruise Speed: 124 mph
- Fuel Efficiency: 19 miles to the gallon
- Full Tank Range: 460 miles
- Annual Insurance Cost: $2,000
- Annual Maintenance Cost: $2,000
If you’d like the benefits of private jet ownership without the hefty price tag, then private jet charter is a good option for you. Speak to our team, who can take you through the various options available to you, like our private jet leasing solutions and the world’s most flexible jet card.