Fractional ownership of aircraft

rdf:langString Fractional ownership of aircraft

rdf:langString Fractional ownership of aircraft is an arrangement in which multiple owners share the use and costs of purchasing and operating an aircraft. Several management companies provide fractional ownership programs for aircraft, including NetJets, Flexjet, PlaneSense, and AirSprint. Alternatively, owners can join together to purchase their own aircraft, independently of a larger management company. With fractional aircraft, owners buy a share of an aircraft, rather than an entire aircraft. The price is pro-rated from the market price of a full aircraft. Owners then have guaranteed limited access to that plane or a similar one in the operator's fleet proportional to the size of the share. Fractional owners pay a monthly maintenance fee and an occupied hourly operating fee. Usually, the latter is charged only when an owner or guest is on board, not when the plane is flying to a pickup point or returning to its home base after completing a flight. For shared aircraft that are part of a large management company fleet, owners have access to the full fleet of planes and may upgrade or downgrade for specific flights. Ownership contracts are typically for five years. At the end of the contract the owner can sell their share either back to the company or another owner waiting for a position. Most fleet management companies charge a "re-marketing fee" for the final sale. In some cases, several individuals purchase and operate their chosen aircraft as an independent group without going through a commercial operator. If one individual then decides to sell their share, it may be purchased by the remaining owners or sold outside the group to another individual. The details will vary from group to group as it is subject to whatever terms were in the original contract.