The Time Machine.
In 1895, author H. G. Wells wrote one of his most famous works.
In doing so, he sparked the imagination of his readers to consider a world where it was possible to travel through time at will in an attempt to change the past or glimpse into the future. Fast forward well over one hundred years later, and Wells’s seminal work is still firmly rooted in science fiction. However, the concept of time as a resource which can be managed, whether saved, spent or traded, is very much a part of our daily lives, and it comes in finite supply. Finding ways to maximize this precious resource is paramount if we want to reap the benefits that come with doing so. The question is, how?
Private aircraft, while not quite the time machines that Wells envisioned, nevertheless offer the ability to make the most of every minute. Though they are typically painted by society as toys or frills of the rich and famous, they are so much more than either. In the right hands, private aircraft are a formidable tool that can have a transformative effect on those that use them. Take a typical multi-city sales or service business trip in a regional area. Utilizing the airlines, you would be lucky to make it to more than a single destination in a day given the airline’s hub and spoke system, airport processing times and limited flight availability into many secondary markets. While driving is a possible alternative that provides more control, the slow travel times are a major hindrance and you end up with the same results. Contrast that with a private aircraft that can use the nation’s 5,000 airports rather than just the 500 used by the airlines, yet operate on your schedule with no airport wait times, and a single visit per day via the airlines or car turns into multiple visits in a single day that still allows you to be home in time for dinner with your family. Individuals and companies utilizing private aircraft are able to transact more business, service more clients and improve employee satisfaction by reducing days away from home.
Alright, so private aircraft are far more efficient, but affordability is another thing altogether, you say. While this perception is prevalent and can be accurate in many cases, the reality is that using, or even owning, such an asset can be less expensive than you might think when you factor everything into the equation. Beyond the additional revenue, goodwill or cost savings associated with more efficient time use, owners can take advantage of considerable deprecation to reduce taxable income, as well as derive income via third party charter when not using the plane in order to offset operating costs. Combined with favorable financing that allows many buyers to arrange a five to ten year payment period with a ten to twenty year amortization, along with engine, airframe and avionics service contracts that can be paid as the aircraft flies to make maintenance costs predictable, and you may find that owning an aircraft is not nearly as expensive as you might think. To be sure, chartering will always cost more than flying the airlines, and buying an aircraft is a big decision that requires much planning and consideration. However, when used correctly, whether chartering or buying, using private aircraft can be the best decision you ever make.