Learn How to Buy an 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.
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.
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.
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?
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?
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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