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Cost – Private jet travel is very expensive, and the fractional model can be the costliest option (when compared to memberships, charters, etc.). The plans are also complex, with multiple layers of cost that make it nearly impossible to calculate a realistic fully loaded bottom-line per-flight cost.
At the time, Flexjet held an approximately one-sixth of the total fractional market, which then amounted to 650 aircraft and 3,500 owners. [1] Flexjet saw its first substantial profit in 2006, with sales of fractional shares up 28 percent and revenue up 30 percent compared to 2005.
The first jet card was created in 1997 by Paul A Svensen, the founder of Sentient Jet, [8] a charter broker located in Quincy, Massachusetts.The jet card was developed in response to the highly popular fractional ownership programs of the time offered by NetJets and Flight Options.
In 2004, the unit cost of the Challenger 300 was US$17.4 million. [ 28 ] By November 2014, 448 Challenger 300s were in service and, over nearly one million hours of operations, had achieved a 99.79% dispatch reliability rate; five-year-old aircraft retain 64% of their original value. [ 32 ]
For companies or individuals that require less than the minimum 50 flight hours and the five-year commitment of fractional ownership, they can buy flight hours in 25-hour increments via the NetJets jet card programs. [23] Due to a surge in demand for private aviation during the COVID-19 pandemic, NetJets suspended its card program in August ...
Eclipse offered its Jet Complete program to guarantee a maintenance cost of $209 per flight hour for owners flying 300 to 3,000 hours over three years, while the Jet Complete Business was aimed at operators flying 250 to 1,500 hours annually.
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