Fractional jet ownership comes in handy when you just cannot afford complete jet ownership or you do not always need a jet. Why not buy a fraction, say one-sixths, of a jet? According to fractional ownership, an individual or company buys a fractional interest, or share, in a jet (or other craft). The jet is shared with others who also have also purchased fractional jet ownership. The jet can be used by each owner for a certain number of hours per year, corresponding to the share size that they have each purchased. The jet, crews and maintenance are provided through the fractional jet ownership--the owners pay a monthly maintenance charge. If the jet is not available, another jet would be provided. Through fractional ownership, owners get access to the entire fleet and they can downgrade or upgrade, as necessary. When the shared jet ownership term is over, owners sell their share back for a residual value. First launched in 1986 by NetJets, fractional jet ownership is the preferred by many companies and individuals. Also referred to as fractional jet leasing or jet time sharing, fractional jet ownership has its advantages. First of all, it is more affordable than jet ownership. Prices vary according to the type of jet used and the number of people involved in the fractional ownership of the aircraft. It is wiser for people who fly over 100 but less than 400 hours a year to buy fractional ownership. For these people, jet ownership and jet charter would not be financially sound choices.