Learn How to Buy an Airplane

by Eric 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 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.

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.

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.

There are lots of options to choose from when you buy. Will you buy a single engine or a twin engine? How about a jet? Are you going for aspirated or turbocharged? How many seats will be necessary? Does the seating need to be arranged in any particular way?

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.

The purchase process begins with some careful screening on the phone. Your prospects will need your personal inspection. You want to determine the engine hours, see each plane’s condition and find out if there are airworthiness directive (AD) issues. Some planes will merit 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.

About the Author:

Eager to find out more useful airplane information? Don’t waste money due to lack of knowledge. Check out Eric Airplane’s free independent buy an airplane report. It’s very helpful and easy to use.

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