Learn How to Buy an Airplane
If you are going to buy an airplane rather than lease, you need to learn how to buy one. The airplane buy or lease decision is like the vehicle buy or lease decision. How much do you have to put down? How long do you think you will own? How much use do you expect?
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.
When you buy your airplane you will pay either your down payment or the purchase price. In addition, there will be closing costs. Your airplane will have to be registered. Repair money set aside now will be welcome later.
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.
Once you own an airplane, how will you use it? Will it be for personal or business purposes? How far will you need it to go without refueling? How fast must it be?
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.
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