Timely tip: Charter Jet Industry Faces Rising Costs, Shortages of Aircraft, Parts, and Labor
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Individuals counting on flying by private jet charter may find it increasingly difficult in 2022 – and at least 25% more costly – to obtain an aircraft, particularly on short notice, as a result of several challenges faced by the charter jet industry. Demand fueled by the pandemic is up more than 20%, operating costs are escalating, and now the charter industry is experiencing labor and parts shortages at maintenance facilities, impacting the availability of aircraft, according to Daniel Jennings, CEO of private jet broker The Private Jet Company (TPJC).
Private jet charters on planes such as the Hawker 4000 (shown) are becoming increasingly more costly and difficult to find on short notice.
Demand fueled by the pandemic is up more than 20%, operating costs are escalating, and now the charter industry is experiencing labor and parts shortages at maintenance facilities, impacting the availability of aircraft.
NORTH PALM BEACH, FLA. (PRWEB) FEBRUARY 23, 2022
Individuals counting on flying by private jet charter may find it increasingly difficult in 2022 – and at least 25% more costly – to obtain an aircraft, particularly on short notice, as a result of several challenges faced by the charter jet industry.
Demand fueled by the pandemic is up more than 20%, operating costs are escalating, and now the charter industry is experiencing labor and parts shortages at maintenance facilities, impacting the availability of aircraft, according to Daniel Jennings, CEO of private jet broker The Private Jet Company (TPJC). The Private Jet Company (TPJC) provides sales, acquisition, and a wide range of private aviation consulting services to private jet buyers and sellers.
“If you are thinking of chartering a jet, especially at high-demand times on popular routes, you need to plan on doing so as early as possible,” advised Jennings. “Many of the jet card companies are no longer selling cards or memberships for all but the largest planes. The supply is simply that tight. As a result, the price of flying by private charter increased 25% in the past 12 months and will certainly continue to rise.”
Inflation affects private aviation on all fronts: “The costs of fuel, insurance, pilot salaries, and purchasing an aircraft are all climbing. But more concerning is the cost of keeping an aircraft airborne. Parts are becoming more difficult to source. Maintenance facilities are short staffed, so now it takes longer to perform required maintenance and repairs,” said Jennings.
New aircraft are not the answer, he noted, since most manufacturers are sold out for the next three years.
“The best advice I can give anyone needing assistance navigating the current challenging market is to use the services of an experienced private jet broker,” added Jennings.
How jet brokers can help
Brokers can help private jet buyers, sellers, and owners in several ways: by finding private jets for sale that could generate charter revenues to lower the acquisition costs; by finding a private jet for sale and knowing operators who will charter it out quickly; by finding private jets for sale that are off-market or that will come to market after refurbishment, upgrades or major maintenance; and by negotiating a private jet sale with sellers using experienced brokers.
For advice and information on acquiring or selling private jets:
Email Info@ThePrivateJetCompany.com or call (310) 980-9069
or go to https://www.ThePrivateJetCompany.com/
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