Owning an airplane may be the dream of many. You may have spent a long time thinking about the aircraft you would like to possess and the trips you will take. With the right guidance and knowledge, you can find the perfect aircraft for sale and turn your purchase into a memorable and rewarding experience.
Here are a few tips for planning and selecting the right airplane for yourself and going about the buying process.
- Know your use
This is the most important factor when purchasing an airplane. You must buy according to your objective or planned use only. Otherwise, you will end up with a bigger and costlier plane that will remain under-utilized or with a small one with not enough space or speed for the trips you plan to take.
- Set a budget
An aircraft for sale is definitely a big expense. And no matter what model you check, there will always be one that is bigger, prettier and better, with more comfort, more safety features and more power. Hence, it is very easy to go overboard and spend on features you may not even require. So, set a budget and stick to it. Make sure that this is a concrete figure and not an approximate value that will easily end up doubling.
Keep in mind that accessories are not included in the base price. This will be a separate expenditure. Also, higher the speed capacity you choose, higher will be the price.
- Do your research
Careful planning needs diligent research. Do your research properly. Check the details about various models available, pricing, features, financing options, and especially flight history. You should also then make sure you have a robust aircraft purchase agreement (APA) in place.
A good way to know more about airplanes is to join owner groups. Here, you can discuss costs, maintenance, features and performance with people who have gone through the aircraft purchase experience before. They can give you a better idea of what to expect and what to avoid.
- New or used
If you are thinking of low budget options, it seems logical to go for a used model instead of a new aircraft. But although you may spend a little more than planned, buying new has various advantages like lower interest rates, long term financing, tax benefits, warranties, quicker loans, and smaller down payments.
- Use demo flights to gauge performance
Do not get sold on what a salesperson explains. Verify all the claims by checking the flight performance yourself during the demo flight. Make note of power settings climb rate, speed, and fuel flow.
- Check financing options
Look for financing options and get approvals well in advance so that you can make a pitch the moment you find what you are looking for. Also, discuss with your tax consultant if you can legitimately apply for ‘business use’ deductions and save money.
- Shared ownership
It is a good idea to buy an aircraft for sale, in partnership with someone else; especially as the plane won’t be used every day of the week. This will reduce your expenses by half.