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Are there benefits to leasing an airplane?

On Behalf of | May 13, 2019 | Firm News

Buying versus leasing is an age-old debate encompassing decisions from finding a place to live to what to drive. But for some, that debate may run deeper, as a personal aircraft comes into consideration.

Whether you want to buy a Cessna to teach one of your kids to fly or are ready for a life of luxury in a private jet, there are numerous options available. But before you purchase a plane, you might want to consider whether leasing would be more beneficial to you.

Why you might rather lease your aircraft

In some cases, finances may allow the purchase and annual upkeep of airplane ownership. If you can afford the investment, insurance, maintenance fees and hangar space, purchasing your own aircraft could allow you to tailor your plane’s aesthetics to your preferences. And your schedule could change on a whim.

But if you are not ready or fully-equipped to maintain a private airplane, you might find leasing to be a viable option for now. In many cases, this will allow you to use a nicer plane than you could afford to purchase, without the additional financial commitment.

Some of the benefits of leasing a plane include:

  • Depreciation will not affect your investment
  • Freedom to regularly renew lease agreements with newer aircraft
  • Try out airplane ownership before investing in a long-term financial commitment

The decision to purchase or lease an aircraft ought not be taken lightly, as various considerations could affect you either way. However, once you find the option that works best for your lifestyle, having an aircraft at your disposal may be worth the time and money you dedicate toward making the decision that is right for you.