As a result of recent events, leasing a private jet has become many people’s go-to option when planning to travel long distances quickly. The benefits are numerous. There are various options available when it comes to flying private, and it really pays to know the difference between a wet lease vs. dry lease.
Today we will explain what each term means and look at some of the benefits of both options.
Wet Lease vs. Dry Lease – The Different Types of Jet Leases
To put it simply, the difference between a wet and dry leasing boils down to what is included in the lease of an aircraft. The good news is that whichever option you choose, all leasing is performed under the strict guidance of the FAA.
Here are what the terms mean and some of the benefits of both.
What is a Wet Lease?
A wet lease is an all-in-one package that contains everything you need to get from A to B. It will include fuel, maintenance costs, and the most vital part, a crew to actually fly the airplane!
You’ll often hear wet-leasing referred to in a few different ways. One of the most common is the use of the term ‘ACMI’ charter. We mention this term as it gives a much better understanding of what is included in the hire of a jet. Let’s break down the acronym ‘ACMI’.
A: This stands for ‘aircraft’. This is obviously one thing that you definitely want to be included if you are going to jet off somewhere.
C: Crew. This is another vital inclusion. By crew, this will mean the minimum number of pilots to operate the aircraft. It also usually means that you will get cabin crew included in the lease of the aircraft too.
M: This stands for ‘maintenance’. While you would expect an airplane that you are leasing to be well maintained, depending on the leasing option you choose, you might find that it is a requirement that you arrange and are responsible for the maintenance. This isn’t the case with a wet lease.
I: Insurance. Just as when hiring a car, a wet lease means that you are insured. This insurance can cover all sorts of things, from technical issues to being able to make an exchange, so you don’t waste travel time if an airplane becomes unserviceable or is delayed elsewhere.
When most private individuals set out to charter a private jet, they are looking for a wet lease option. It includes everything they need to start their journey.
Here are some of the benefits of wet-leasing:
It is easy and stress-free.
The company you lease the jet from will handle everything. Essentially to travel, you just need to book the jet for your specific itinerary and be onboard for take-off. It really is that simple!
Every aspect of the flight is covered, including ground maintenance and onboard services
Wet leasing removes all those pesky areas that you might not have considered. While many will (obviously) be aware that a crew is required to fly the airplane, often, things like insurance and maintenance obligations can be overlooked.
It can save you time
While a dry lease might be cheaper, you aren’t able to just ‘get up and go’. It takes time to find a crew and have the airplane checked over. With a wet lease, you can literally pick a date, time, and destination and jet off without having to worry about all of the other details that go on behind the scenes.
What is the Meaning of a Dry Lease?
A dry lease is sort of a counter to all the above. It includes very little in terms of what you actually get.
If we put it in terms of the ACMI acronym we just saw above… You’d get the ‘A’ of the above combination. Yep, that’s right, just the airplane and nothing else.
You’ll often find that dry leases are used by companies that already have a pool of pilots, maintenance techs, and cabin crew. If wet leasing is akin to hiring a limo, dry leasing is similar to booking a rental car, as it doesn’t come with a driver!
Why would anyone use a dry lease? What are the benefits? Well, here are a few: –
Dry leasing can work out cheaper
Obviously, the airplane will be cheaper as there are none of the costs of a crew included. This can be a great option if the jet is only used sporadically.
It is ideal for companies who want to release the aircraft
Jets obviously cost a lot of money to buy. This allows owners and charter companies to utilize the aircraft but not be subject to depreciation as the airplane becomes older.
Many lessors want to use their own crew
Different operators have different standards of service. Many offer a luxury experience with crews who are trained in the utmost care and attention. Their operators may not want to trust a third party to provide a similar experience and use their own crews.
Wet Lease vs. Dry Lease – Which is Better?
The answer to which is ‘better’ depends on what you are looking to get out of your agreement. If you are looking to simply fly private and get from one place to another quickly, your best option would be a wet lease. It makes flying private very easy and can be arranged with a simple phone call.
For those looking for a private aircraft, it may be more economically viable to opt for the dry lease option without all of the trimmings. This would also be a great choice for those who benefit from time on their side and have the means of acquiring a crew and maintenance in advance of their trips.
When it comes to the subject of wet-lease vs. dry lease, there is quite a distinct difference, and each option will be valuable to different people or companies depending on their specific requirements. Get it right, and you’ll find the perfect choice. Get it wrong, and it can be costly, both in terms of time and money. Sun Air Jets offers a vast range of options when it comes to hiring luxury private jets.