Learn How to Buy an Airplane
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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?
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.
If you buy used, how old will you buy? Older often means a lower purchase price. Older planes use more fuel and require more maintenance.
You will have your purchase price or at least your down payment. You also have closing costs. Registration is required. Set aside a reserve for repairs.
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.
How do you intend to use the airplane you will buy? Does it need to be suitable for business or pleasure? How fast will you need it to be? What range will be necessary?
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?
Airplanes come from many sources. A manufacturer will sell you a new one. Aircraft dealers will be more than happy to help. If you want a used plane, a good source is word of mouth. There are the classified ads in newspapers. You will find photos with the ads in magazines and online. Airplanes also are sold at 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.
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.
