Learn How to Buy an Airplane
Once you’ve decided to buy an airplane rather than lease, you need to know how to buy. The decision to buy or lease is similar to the decision whether to buy or lease a vehicle. How much will you be using the plane? How long do you expect to own it? How much can you put down?
You get a warranty to cover any large repair costs when you buy a new plane. Your plane will have the finest navigation system and a glass cockpit. You can expect less fuel consumption. Your plane will look exactly like you like, since you chose its features.
How old of a used airplane is acceptable to you? Buying an older plane will cost you less to purchase. Buying an older plane also will cost you more for maintenance and repairs.
Your initial costs will include your purchase price or your down payment. There also are closing costs to be paid. You must register your plane. It is wise to start with a reserve set aside for repairs.
Your ongoing costs will include your finance charges. There also are annual insurance costs, both for your airplane and your liability. You will need to pay to store it. There will be the expenses of your fuel. Every year brings maintenance and an inspection. Property taxes will be due. You will need to hire a pilot if you are not licensed for the aircraft.
What are your intentions? Is it for business or pleasure? What range do you require? Do you feel the need for speed? Remember that speed costs.
Airplanes present many choices to buyers. Are you going to purchase a jet? If not, do you want a single engine or twin engines? Have you decided you want turbocharged or aspirated? How about the seats? How many are wanted? In what arrangement?
There are many airplane sources. You may buy direct from the manufacturer. There are aircraft dealers. Word of mouth is a great source for buying a used airplane. Newspapers have classified ads. Popular magazines and websites have ads and photos. There are airplane auctions.
Your purchase starts with phone screening to save time. Then do a buyer inspection. Check the condition, engine hours, and airworthiness directive (AD) compliance. If you like what you see, you can go on a test flight.
After you pick a plane, you will need to have an aircraft title search conducted. You also need to have a professional mechanical inspection. Only then should you have your closing.