Owning a business jet and chartering it out when idle appears attractive and potentially lucrative. However, this idea needs to be closely examined for the complexities and hidden costs that can render this scenario far less profitable than you might think. Various aspects of business jet ownership and chartering challenge the profitability of chartering out your private jet.
Business Aviation
In 2021 Bombardier bid farewell to a legendary aircraft brand, the Learjet. The Learjet, a pioneer of luxury and speed since 1963, flew its final flight, marking the end of an era in the aviation industry. This decision made public in February 2021, had profound implications for the aviation market and Bombardier's strategic focus. As the final Learjet 75 was delivered in March 2022, it closed a glorious 60-year history of the Learjet series.
In the 1930s, a new era of corporate travel dawned with the development of several trailblazer business aircraft. Against the backdrop of a rapidly expanding commercial aviation industry and the emergence of the corporate executive as a distinct profession, these early planes offered a new level of speed, comfort, and efficiency for business travelers.
Innovation and partnership are two critical ingredients in the aviation industry. When these two are combined, the result can be significant. Let us explore the challenges associated with the LearStars development and how it led to the creation of the hugely popular Canadair Challenger.
As we move into 2023, business aviation has always been a fast-paced industry, changing to meet additional needs and demands. Here are the trends that will affect the business aviation industry in the coming year, shaping its future direction and driving innovation and growth.