Owning a Plane: Differences between Shared Ownership and Solo Ownership

Owning a plane is a dream for many aviation enthusiasts, and it can be a great way to save time and travel in style. However, the decision to own a plane comes with many considerations, including the type of ownership that is best suited to your needs. Two common types of ownership are shared ownership and solo ownership.

Shared Ownership

Shared ownership involves owning a plane with one or more co-owners. Each co-owner contributes a portion of the purchase price and ongoing costs of the plane. In shared ownership, you typically have a schedule for when you can use the plane, and you split the maintenance costs with your co-owners. Shared ownership can be a great option if you don't need constant access to the plane and want to save on expenses.

Solo Ownership

Solo ownership, also known as sole ownership or full ownership, is when you own the plane entirely yourself. This means you have full control over when and where you use the plane, but you also bear the full cost of purchasing and maintaining the aircraft. Solo ownership can be a great option if you have a busy schedule and need constant access to the plane or if you prefer to have complete control over the aircraft.

Which One to Choose?

When deciding between shared ownership and solo ownership, it's important to consider your personal preferences and needs. Shared ownership can be a more affordable option and allows you to share the responsibility and costs of ownership. However, it also means you may have limited access to the plane and have to coordinate with your co-owners. On the other hand, solo ownership gives you complete control over the aircraft, but it also means you bear the full cost of ownership and maintenance.

The Bottom Line

In addition to the type of ownership, it's important to consider other factors, such as the type of plane you want to own, your budget, and the location of your aircraft. Owning a plane can be a great experience, but it's important to do your research and consider all the factors before making a decision. If you have always wanted to own a plane of your own or have always dreamed of becoming a pilot, give Elevate Aviation a chance to make all your dreams come true! Contact us today.