We found an interesting take on fractional ownership that may be of some interest to charter jet travelers. MyJets, Inc. is offering fractional seat – not jet – ownership for fixed route business travelers commuting a short distance on a regular basis. They claim it is a cost-effective, time-saving, and more convenient alternative for commuter or corporate travelers to travel via their Socata Aircraft TBM 700 turboprop.

How it Works

According to MyJets, the typical fractional seat user is a busy executive who travels weekly between two locations located 400 miles away or less from each other. However, the executive does not live or work close to a large hub-and-spoke airport serviced by commercial airlines. Instead, he or she is probably near a regional airport since more than 98% of all US residents live within 30 minutes of over 5,000 small airports.

MyJets, Inc. believes their service offers the cost and frequency advantages of a commercial airline, while having the comfort, security, and speed advantages of a private air charter. Time is saved by not driving to the airport, parking, checking in, going through security, getting a rental car, and then driving to the destination.

Cost

There is a one-time fee of $40,000 per seat, which does seem pricey for a new company and a new business model. In addition, the price per flight is $150/hour of flying time per seat or $50 for a 20 minute flight. There is also a nominal monthly management fee.

Comparison Shopping – Jet Cards

Jet cards offer back up more restrictive travel options when guaranteed aircraft availability on short notice is needed. Delta AirElite’s 10-hour card starts at $41,900. (To read more about Delta AirElite Business Jets’ Fleet Membership program click here.) Delta AirElite also offers 25 and 50 hour cards.

Marquis Jet offers a 25-hour card beginning at $120,000. A promotional 10-hour card – valued at $50,000 – is currently being given away by Microsoft as the grand prize in their “I’m Going Places” sweepstakes.

Is MyJets Right for You?

MyJets seems to be catering to a niche market and looking for a very specific user – someone who wants the convenience of jet travel, has a limited budget, and does not mind who they share a jet with. If there are no regular commericial commuter flights at your nearby regional airport, this may be a more cost effective alternative to chartering a whole aircraft.

And time savings? Yes, there’s a lot of dead time going through a large airport or being cooped up in the airline’s executive club. Many people take advantage of it by catching up on emails and phone calls, stretching their legs, or having a bite to eat. A good limo service and executive club status for quick check-in saves time and may be more cost effective than a $40,000 seat.

Bottom line – MyJets is a new company with a new service. Ask for customer references and go over the numbers before you decide if this company fits your needs for corporate jet travel.

Want to know more about charter jet travel or fractional jet ownership? Download our comprehensive Decision Guide to Private Jet Travel.