An aircraft purchase is a significant commitment that has to be well thought out. There are many opportunities to purchase aircraft as the demand for all types of aircraft rises. Your aircraft purchasing will be a wonderful experience for the good thing with a little advance planning and research.
One of the most important considerations you should always keep in mind when making any significant investment in your life is the total price of ownership. Not only the cost of the aircraft; note that we specified the entire cost of ownership. This is due to the fact that the expense of owning an airplane goes beyond just the purchase price.
You’ll have to make regular payments for a variety of expenses during your ownership. When planning your budget for your plane, you should be aware of certain additional expenses associated with owning an airplane, like maintenance, insurance, storage costs, and more. Knowing how much you’ll actually need as a budget from the beginning is important.
Which to purchase: new or used
Although new planes are more expensive, they have warranties and the same emotional attraction as something that is just purchased. Older aircraft are less expensive to purchase, but as they get older, maintenance costs can rise significantly. The availability of replacement parts for airplanes older than 25 years can also become problematic. A life-cycle expense study allows you to evaluate new vs. used aircraft and compares the overall price of the aircraft over the time that you plan to use and keep them.
Research about the aircraft
Before making a purchase, you must do your homework or research about the airplane. Don’t just depend on the seller’s agent’s statements. The brief listing should only be the beginning of your investigation. Start by doing some basic online research while keeping your budget and the sort of aircraft you’re searching for in mind.
After creating your list, you may start to eliminate some of the options by looking more closely. It is imperative to get thorough documents detailing every flight conducted in the aircraft as well as the maintenance that has been performed, who performed it, and where. Any incomplete or incorrect information might lower an aircraft’s worth, which could cause issues if you ever want to sell it.
When purchasing an airplane, most individuals don’t fully consider this. But where are you planning to place it exactly? Contrary to a car, you cannot just store it in a shed and tow it around whenever you need to. The size and weight of airplanes prevent them from being simply loaded into a conventional trailer every weekend.
You’ll probably need to hire a place at the airport where your flights will be arriving and departing. It’s crucial to consider your options because either covered or open storage will have a different overall cost.