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.
Your initial costs will include your purchase price or your down payment. There also are closing costs to be paid. You must register your plane. It is wise to start with a reserve set aside for repairs.
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?
Airplanes present many choices to buyers. Are you going to purchase a jet? If not, do you want a single engine or twin engines? Have you decided you want turbocharged or aspirated? How about the seats? How many are wanted? In what arrangement?
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.
Tags: Travel&Leisure