Members who want to set their own schedule can create a flight and post it to JetSmarter’s app so that other interested members can buy seats for the route and help reduce the cost of the charter; if all the seats on the plane sell, the member who created the flight flies for free. These crowdsourced trips usually top out at $2,000 a person, a fraction of the $8,000 or more per hour it can cost for a traditional charter. “My goal is to make private jet flying less elitist,” Mr. Petrossov said.
With a charter flight, you rent the entire aircraft, rather than just one seat. The aircraft can be large or small, and flights can be one-way or round-trip. The charter could be made on a flight-only basis, might include ground services such as transportation to or from meetings or could be part of a complete vacation package. Charter flights offer more flexibility than scheduled flights, with a wider choice of destinations and tailor-made itineraries.
Conversely, the aircraft's residual value at the end of the lease is an important consideration for the owner. The owner may require that the aircraft be returned in the same maintenance condition (e.g. post-C check) as it was delivered, so as to expedite turnaround to the next operator. Like leases in other fields, a security deposit is often required.
On 1 April 2017, there were 22,368 business jets in the worldwide fleet, of which 11.2% were for sale. 5-year old aircraft residual value level is at a 56% of the list price. A new business aircraft depreciate by 50% in five years before depreciation flattens between years 10 and 15, and the owner of a 15 to 20 years old is often the last, matching luxury cars.