Goodbye waitlist. NetJets is opening up its entry-level 25-hour leases to new customers.
The move comes exactly a year and two days after NetJets put a halt on selling and renewing its jet cards.
The cards, sold in 25-and-50-hour blocks, bridged the gap between its fractional ownership and lease options which both started 50 hours and required five-year commitments.
The 25-hour leases, which debuted earlier this year, are meant to fill the jet card cap.
After initially requiring five-year contracts, NetJets added three-year options.
However, sales of the 25-hour leases were restricted to a waitlist of several thousand existing customers.
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According to the announcement, “NetJets…is once again welcoming new owners…Today, with the capacity to sell more broadly, NetJets is offering their latest product to a wider audience.”
Non-peak call-out for the program is 24 hours.
Featured aircraft for the 25-hour leases included Embraer Phenom 300, Cessna Citation XLS, Cessna Citation Sovereign, or Bombardier Challenger 350.
The former Corporate Angel Card, which provides a super-midsize jet with eight seats for flights over 3.5 hours and an XLS for shorter flights, is also being offered in 25-hour leases.
At press time, a NetJets spokesperson was researching our question about how soon you can start flying and if it varies by aircraft type.
(Updated Aug. 26 @ 9:26am) A spokesperson says, “25-hour Leases are available with immediate access for available aircraft types. NetJets will continue to prioritize service for owners, monitoring and limiting the number of 25-hour Leases sold if necessary.”
The company had been recently telling fractional buyers that shares in its Phenom 300 fleet aren’t available until early 2024 based on the current delivery schedule.
A five-year, 25-hour lease on a Phenom 300 gives an hourly rate of approximately $9,873, while a three-year term bumps the hourly price to $10,205, according to our calculations.
Leases are different in that you sign a lease agreement and a monthly management agreement. Fuel costs vary month to month.
NetJets doesn’t have surcharges – only international fees – for flights outside the Continental U.S.
The Phenom 300 and XLS don’t have daily or segment minimums making them very cost-effective for fights under 45 minutes.
According to the world’s largest operator, it will add nearly 80 private jets this year.
It has also hired more than 450 new pilots bringing its flight deck corps to nearly 4,000 pilots worldwide.
The leases, as we have previously reported, include 45 blackout dates and 45 additional peak days. However, there is no peak day surcharge.
The leases also allow clients to roll over unused hours and buy extra hours.
Annual price increases are capped at a greater than 3.75% or the CPI.
In Europe, jet card sales restarted with a 90-day summer blackout.