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Jet Republic offers $1million discount on Learjet 60XR

Jet Republic is launching the Free to Fly programme, which allows members to purchase a brand-new Learjet 60XR in full with a $1.1 million discount. The offer is part of the company’s five year buy-back scheme.

The scheme entitles members to 200 flying hours per year without the payment of hourly fees. After five years, Jet Republic will guarantee to buy back the aircraft from the owner at 50 percent of its original cost.

Jet Republic said that this is an estimated annual saving of the operational costs of owning a mid-size jet at $2.1 million per year over a five year period.

The company said that people are likely to turn to private jets as a means of travel, because commercial airlines are now cancelling some of the less profitable routes. Fifteen European national airline carriers have already cancelled 132 European routes between March 2008 and March 2009. During this period, only 59 new routes were introduced, giving the industry a deficit of 73 routes.

“We’ve seen increased demand from prospective clients for innovative pricing,” said Jonathan Breeze, chief executive of Jet Republic. “Wealthy individuals, corporates and even European Governments are under pressure to prove to stakeholders that they are making every effort to reduce costs.”

He concluded, “Given the growing pressure on purse strings and based on our initial discussions with prospective clients from across Europe, we believe that this area of our business will see significant growth in the next few years.”