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?

A new airplane will include a warranty to save you from big repair expenses. You will enjoy the glass cockpit and the latest system for navigation. Your fuel consumption will be better than with an older plane. Having made the color decisions, you will have a plane that looks just like you want it to.

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.

You will have your purchase price or at least your down payment. You also have closing costs. Registration is required. Set aside a reserve for repairs.

The cost of your loan will be ongoing. You'll need to buy insurance for the plane and your potential liability. There are parking costs for the plane. The fuel costs are unavoidable. You will pay for an annual inspection and any necessary maintenance. Remember to pay your property taxes. If you are not certified for the aircraft you will need to pay a pilot.

Once you own an airplane, how will you use it? Will it be for personal or business purposes? How far will you need it to go without refueling? How fast must it be?

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?

There are many airplane sources. You may buy direct from the manufacturer. There are aircraft dealers. Word of mouth is a great source for buying a used airplane. Newspapers have classified ads. Popular magazines and websites have ads and photos. There are airplane auctions.

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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