May 19th, 2008
The Jet Set
In a world where the glamour of air travel has been diminished by budget airlines and package holidays, travellers seeking privacy, luxury and flight times that suit personal schedules are increasingly turning to private jets as their transport of choice.
Without doubt the latest symbol of super wealth is the private jet account card. Having one peeking out of your wallet shows you’re sufficiently in demand to need a jet standing-by on the Tarmac at a moment’s notice - and, of course, that you have the means to pay for it.
Such is the kudos of the card offered by Marquis Jet, one of the world’s leading companies in the private business aviation sector, that one of its ‘50 hour flight time’ numbers formed part of the prize - along with a lucrative recording contract - awarded to recent American Idol winner Carrie Underwood.
The thinking behind the Marquis Jet card is so simple that it makes the process of using a conventional ticket airline seem ridiculously convoluted: buying the card entitles you to 50 hours of flight time and credit is burned in accordance with the number of hours you fly.
You can choose from the ‘basic’ $109,000 card (£61,000), which gives you access to a Citation V Ultra, or go for the top option at $339,000 (£190,000) which allows use of a Gulfstream V - and when your hours run out, you can either renew or walk away. It’s all you could want out of private jet ownership without the ownership, and that can only be a good thing because owning a jet means massive and never-ending bills for fuel, maintenance, crew and safety inspections, not to mention an enormous initial outlay. Similar systems to the Marquis Jet Card are operated by Skyjet International (around £70,000) and Sentient, which offers its TravelCard Silver at a bargain £55,000.
Despite its popularity today, it is surprising how long it has taken for private jet travel to really take-off, so to speak. It was more than 40 years ago that Bill Lear helped take jet planes from being the exclusive domain of commercial aviation firms and the military to the private sector with the introduction of his Learjet 23, but it is only in the past five years that we have really begun to appreciate the advantages of having a ‘plane at your beck and call 24 hours a day, seven days a week.
The number of fractional ownership programmes available worldwide has doubled during the past five years and the safety issues which put many people off in the past have now been overcome by large, reputable firms whose impresive fleets of aircraft are all guaranteed to be as well-maintained and as regularly vetted by air safety experts as those of any commercial airline.
And, whereas in the old days of private charter you could never be quite sure what type of plane you would be taking-off in, companies such as NetJets (which operates an exclusive alliance with the Marquis Jet Card service) keep several examples of different prestige aircraft in order that clients can be assured of getting the right plane for their needs.
The seeds of the fractional aircraft ownership business as we know it today were really sown during the early 1980s by Richard Santulli who bought out a then-unsuccessful aviation management company called Executive Jet.
Santulli subsequently bought a jet for his own use as part of a syndicate with two other people, and it was this that led him to investigate the logistics of running a business selling shares in aeroplanes in exchange for guaranteed service.
It was from this almost accidental beginning that Santulli founded NetJets in 1986. U.S. tycoon Warren Buffet used the service for years and decided that he liked it so much he bought the company in 1998.
Fractional ownership, however, differs from services such as the Marquis Jet Card in a number of ways because it involves purchasing a share of an aircraft from a managing company which then guarantees one of the same or better specification to be available when you need it from as little as four hours notice.
Unlike the card system, fractional ownership also requires the payment of a monthly amount plus additional fees for the hours you actually fly, all of which quickly mounts up: Buying a sixteenth share in a mid-sized jet would typically cost £500,000 plus £5,000 per month in management fees and probably £1,000 for every hour you fly - plus, of course, depreciation on the value of your initial investment as the ‘plane gets older.
It certainly sounds expensive, but compare it to the cost of the ultimate ‘plane for the status-conscious business owner - the £30 million Boeing Business Jet - and the numbers look tiny. And, according to aviation experts, you’ll need to be flying for around 400 hours per year to come close to being able to justify the expense of buying your own ‘plane outright, and even then a simple fault could be enough to see it grounded long enough for you to miss that vital meeting altogether.
So, it seems, jet cards are the way to go, not just because they cut the strings of outright or fractional ownership but because they offer additional flexibility. You still get exclusive use of the aircraft and some firms even allow designated family and friends to travel regardless of whether you are on the plane or not.
Sentient, for example, offers three levels in its Private Jet Membership card programme: the silver, mentioned earlier, the gold at around £130,000 and platinum at around £275,00. Depending on the type of jet selected, hourly round-trip rates start at little more than £1,000 and rise to about £4,000 for the larger aircraft - and if you decide you want to opt out at any stage, Sentient will refund the value left on your card.
The firm also guarantees a five-hour response time and offers a limousine service to and from the airport, no check-in time, no public security screening and the minimum possible wait on the Tarmac.
Yet perhaps one of the most refreshing aspects of this type of plane travel is to be found in the interiors of the ‘planes themselves. You won’t find row upon row of tightly-packed seats here, just a spacious, airy cabin dotted with super-comfortable, fully adjustable, rotating leather armchairs, wooden work tables, comfy sofas and deep-pile carpets.
Televisions, entertainment systems and fully-stocked bars are the norm, and fully-equipped bedrooms are frequently to be found on the larger aircraft.
It is this relaxing atmosphere which has made such services so popular with athletes, musicians and movie stars who now account for 40 per cent of the people who use them.
A small private jet - say a seven-seat Cessna Citation Bravo - can take off and land from far more airports than any commercial airliner, too. This means that instead of flying to a main airport and then having to arrange hire cars or taxis to complete the last leg of your journey you can often touch-down at a tiny local airfield where your jet provider will have a car waiting to take you to your final destination.
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