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Did you know that sales of private planes rose 15% in 2019?
Avoiding the lines at the check-in desk. No long waits in security. No scramble for seats. There are so many reasons why people are choosing to benefit from private planes.
If you are considering benefits or even wondering how to buy an airplane, you need to get sound advice. After all, it is a huge financial investment for most people.
What are the most important things that you need to know? What are the pitfalls? Why not take a few minutes to read our in-depth article to find out the answers.
Here’s the guideline, check these out
Determine Your Budget
When considering what plane you will purchase, you first want to consider what you can afford. Knowing your budget well is important as there is no limit as to how much you can spend on a plane.
Create a spreadsheet with your budget and then compare this against the costs of running a plane. These will include maintenance, pilot costs, insurance, and so forth.
You will quickly get an idea of the comfort that you will be able to afford to provide for passengers. A spacious interior with leather trim would be ideal but is it sustainable for the next couple of years?
On the other hand, perhaps you plan to use an airport that is providing reduced rates for private plane users during the coronavirus pandemic. This could seriously lower your costs. It is important to take into account all these factors.
Know What You Need
Plan not only your budget for your plane but also your usage of the plane. Will you use it for purely recreational flights or will you use it for business travel? Long countrywide flights or local fair-weather flights only?
We would all love to have a slick airplane with the latest navigational tools and super-high cruise speed. However, all of these features will increase the price tag and be unnecessary if you are simply a recreational user.
However, conversely, if you are a business user and will rely on this plane to cut down on your business travel time and get you to your destination on time. You will need that high powered plane.
This is a matter of knowing your needs before browsing the catalogs and falling in love with a plane that is beyond your needs and means.
Get Pre-Approved Financing
When you are certain that you want to purchase a plane, you should approach your bank and get a pre-approved finance deal. This will help you to understand what your budget will be. Not only this but you will be able to act quickly when you see the plane that meets your needs.
If you are pre-approved when going to inspect a plane, you are in effect showing the seller that you are a serious candidate for purchasing the plane. He will likely be more ready to assist when he realizes that you are financially able to close the deal within a short time.
Start Your Search
So where do you start looking for the airplane of your dreams? There are many good online sites which can help you whether you are looking to purchase a new plane or are thinking of trading a plane.
Take your time and compare what is available. Consider second-hand airplanes. As we will see if their documentation is solid, you could get a good deal.
Take a Test Flight
After you have identified the size and model of the airplane you would like to purchase, it is time to go and get up close and personal with them. How can you get the most out of a test flight?
First, it is best not to go alone. Taking with you an experienced pilot, or even better a qualified airplane mechanic has many benefits. They can ask specific questions regarding the service history of the airplane and fully understand the answers.
You can also check for signs of wear and tear. You should particularly look out for rust or other corrosion. Look for broken parts that should have been replaced such as broken antennas or worn tires.
Inspect the Documents
After you have decided which airplane you will buy, you need to check its legal documents. The aircraft maintenance logs will tell you about the history and any mechanical problems the plane has had.
After this, you will need to register your airplane. You can handle aircraft registration easily with assistance from the FAA. You will need to provide them with proof of ownership documents and a small fee.
Even though you have the aircraft maintenance logs and assurances from the previous owner, it is up to you to ensure that the aircraft is airworthy. You will need to perform further checks and take immediate responsibility for the maintenance of the plane.
Taking the step of getting insured can be a daunting task. Companies will want to see documents and make several checks. It can take some time and it can be advantageous to start this process early.
In many cases, insurance companies will base their prices on the model of the plane. If you know the type of plane you will buy, you can start the insurance process even before purchasing it. This can save time and again show the seller that you are a serious buyer.
Use Your Resources
Purchasing your first airplane requires a lot of research and time. It is often a good idea to call on friends and contacts that have experience in the industry. If you know other pane owners or mechanics they can be an invaluable source of advice.
There are other foundations that you can call on for help. FAA can give you legal guidance. The AOPA can help with many subjects including financing and pilot training. Sometimes aviation organizations can offer insurance discounts and other incentives for subscribing to their organization.
Know How to Buy an Airplane
Purchasing an airplane is not cheap, however, many see this as a great investment or as a way to lessen their travel time. In any case, there has never been a better time to purchase a set of wings for yourself. If you want to know how to buy an airplane, follow the guidance above and you will not go wrong.
If you are interested in learning about the latest business and lifestyle trends, keep reading our blog.