11 December 2008
UK-based business jet broker FlyMustang is offering pilots the chance to own self-fly fractional shares in the Cessna Mustang. This is believed to be the first arrangement of its type in Europe. The company is forming fractional groups, based with various European Mustang AOC operators, for pilots to fly the aircraft as a crew with mentor pilots, for direct operating variable costs of as little as 800 Euros per hour. (Single pilot operation is not available.) Initial investment would be around USD 193,000 for a 1/16th share, giving a potential 18.75 available days annually.
Minimum requirements include 500 hours total time PPL IR or 300 hours CPL IR, together with a compulsory simulator training course at FlightSafety, Farnborough. PIlots will also need a annual full service contract with FlightSafety for regular recurrent training.
The company argues that given the advantages of flying a jet rather than a traditional piston or turbine aircraft, such fractional ownership will appeal to pilots who might otherwise have bought into Cirrus, Lancair or higher-end propeller aircraft. As the charter business slows down, says FlyMustang, more room becomes available for such fractional owner flying.
It may even be that private pilots with less than 500 hours may be able to fly as pilot under training, and still log jet flying hours until they work towards the IR or more total time.
