Fractional Ownership For Light-Sport Aircraft
If you think of Citations, Hawkers and Challengers when you think of fractional ownership, it's time to think again. A fractional ownership program is coming to the far opposite end of the aviation spectrum as LetsFly.org puts together quarter-share ownership arrangements for three types of Light-Sport Aircraft (LSA): the Zenith 601, Zenith 701 and the Zephyr. "There is no other way someone can fly less expensively than this," said LetsFly.org CEO Eldon Corry. For as little as $900 up front, one can be in the pilot's seat of an airplane he or she could eventually own. LetsFly.org offers two basic programs. Under the $900 plan, the up-front contribution mainly covers insurance and allows the pilot to access the aircraft at a dry rental rate of up to $50 an hour depending on the type of aircraft flown. Half of that rental fee goes into a purchase account to start paying off the cost of the quarter share. For $2,900, the pilot takes ownership of the quarter share and pays off the balance through a private loan. The full quarter-share price is expected to be less than $25,000. The company already runs similar programs using Tiger and Alarus certified aircraft through 60 flight center distributors and expects a lot of interest in the LSA option.