Jahid Fazal-Karim, Owner & Chairman of Jetcraft – Debunks Common Myths in Private Aviation
Often shrouded in mystery, most people’s perception of private jet travel is based on word-of-mouth rather than first-hand experience. To lift the lid on some of the most common misconceptions, Jahid Fazal-Karim, Owner and Chairman of Jetcraft, shares some of the most common private aviation myths and the reality behind them.
With over 60 years of experience, Jetcraft is a global network of aviation advisors renowned for its extensive international reach and in-depth local knowledge. The company uses market-leading intelligence, strategic financing solutions and extensive inventory to support intricate transactions and meet every client’s needs.
Myth #1: The destinations you can fly to are limited
Many people think that private aircraft are unable to fly to the same or as many destinations as commercial airliners. In truth, there is far more flexibility with a private jet as they can access fixed-base operators rather than being limited to commercial airports. This often means you can land closer to your final destination too, which is a huge benefit, particularly if you’re travelling somewhere remote.
Myth #2: Ownership is reserved for older generations and celebrities
This is a common misconception and might have been true historically, but what we’re seeing now is an increase in younger buyers. Our latest Market Forecast shows a 20% increase in Jetcraft buyers under age 45 over the past five years and in 2021 the share of buyers in this category was 27% of our transactions.
We’re seeing a trend for growing wealth across the globe and across generations, with Asia-Pacific’s UHNWI population set to increase by 33% over the next five years and an overall increase in UHNWIs under 50 internationally. Because of this, access to private aviation is growing and expanding into demographics and regions outside what is typically expected.
Myth #3: Flying private isn’t as safe as flying commercial
It is often assumed that private jets are not as safe as commercial airliners, but the truth is that the same regulations apply to all aviation segments. Safety is a key consideration across the board and private jets are subject to rigorous policies and regulations, as all aircraft models have to pass strict industry safety standards. Air travel is the safest mode of transport and this isn’t affected by the type of plane you choose for your journey.
Myth #4: Private jets are used solely for personal trips
The media perception of jet ownership is usually focused on celebrities or individual travelers, but the reality is that most purchases are made for business use, with companies taking advantage of the increased privacy, safety and time-saving benefits that come with owning aircraft. Jets are valuable for people with limited time and the more valuable somebody’s time, the more the need for private aviation, hence the primary use for business versus personal use.
It’s not always for traditional business purposes either, we see jets being used for philanthropic reasons too. For example, a client and friend of ours, Diana Langes-Swarovski is the owner of Tyrolean Jets and Services, a charter service based in Austria. She recently used her company’s aircraft to fly relief to Turkey following the earthquakes in the country earlier this year.
Myth #5: Purchasing a jet is complicated
Well, there is some truth to this. There are a lot of moving parts to consider when making a purchase, which is why it’s important to work with a trusted, experienced advisor to handle the transaction. Making an aircraft purchase is very different from purchasing real estate, a car or any other large-scale asset, so having an expert to guide you through the process from start to finish is critical.
For those who travel frequently and want as much flexibility as possible, ownership is definitely the way to go. There is currently a shortage of supply and buyers are currently waiting 18-34 months for new jet purchases, so our expertise in buying, selling and trading pre-owned aircraft is invaluable in providing faster access to private aviation and the long list of benefits that come with this.