Steve Wooster, the managing director of services and air operations for the luxury travel network Virtuoso, said that the proliferation of private jet brands has led to these lower prices. “There are many more suppliers than there ever used to be, and competition means prices have dropped,” he said. “Private jet flying is now open to a diversity of passengers, not just C.E.O.’s.”
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.
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Ms. Broder booked a jet charter this March from New Jersey to Las Vegas for her client Steven Michaels, an entrepreneur from Cherry Hill, N.J., and seven of his friends. The trip was in celebration of several of the men turning 50, and the group wanted an extravagant getaway. First-class tickets worked out to close to $2,000 a person round trip, while chartering an eight-seat Citation III jet was $3,500 each. When presented with both options, Mr. Michaels said that going private was a no-brainer. “The journey was like paying for a high-end tour or excursion and ended up being one of the most fun parts of the trip,” he said.
The forward wing sweep, 20,280 pounds (9.20 t) MOTW Hamburger Flugzeugbau HFB 320 Hansa Jet first flew on 21 April 1964, powered by two General Electric CJ610, 47 were built between 1965 and 1973. The joint Piaggo-Douglas, 18,000 pounds (8.2 t) MOTW Piaggio PD.808 first flew on 29 August 1964, powered by two Armstrong Siddeley Vipers, 24 were built for the Italian Air Force.