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Aug
25
Learn How to Buy an Airplane
August 25, 2008 | Leave a Comment
You need to know how to buy an airplane when you have decided to buy rather than lease. This airplane decision is similar to that for a vehicle. How long will you own? How much will you use it? How much to put down?
A new airplane will include a warranty to save you from big repair expenses. You will enjoy the glass cockpit and the latest system for navigation. Your fuel consumption will be better than with an older plane. Having made the color decisions, you will have a plane that looks just like you want it to.
How old an airplane are you willing to buy? The older planes usually cost less to buy. However, they are going to use more fuel and will require more money to maintain and repair.
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.
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.
You have several options when you buy an airplane. You can get a jet or single or twin engines. Do you want turbocharged or aspirated? What seating capacity do you need? How do those seats need to be arranged?
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.
When you have selected your airplane you should have at least two things done before your closing. Be sure to have someone conduct an aircraft title search. Also have a mechanical inspection of the plane by a professional.
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