How to Buy an Airplane
by: EricAirplane |
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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.
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.
With a loan you will have financing costs. You need aviation insurance to cover the plane and your liability. There are storage costs. You'll have fuel costs. Be ready for maintenance and inspection. You will have property taxes. If you're not going to fly it yourself, you need a pilot.
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?
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 abundant sources for airplanes. A new aircraft can be purchased from a manufacturer. Aircraft dealers have many planes. Used airplanes often are sold by word of mouth advertising. Most newspapers have classified ads for aircraft. There are many magazines and websites with ads and photographs. You can attend an aircraft auction.
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.
Once you narrow your choices to one airplane, get a mechanical inspection by a professional. Follow that with an aircraft title search and your closing.
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Eager to find out more useful airplane information? Don't lose money due to lack of facts. Check out Eric Airplane's free independent buy an airplane report. It's very helpful and easy to use.
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