9 Things to Know Before Purchasing Your Own Airplane

It would be safe to say that each of us have dreamed of owning an aircraft. Whether you are thinking big or small, if you plan on purchasing your own airplane, don’t end up regretting on your choice. Let these tips help you plan ahead and get the perfect aircraft that fits you.

Buy or Charter?

First, let’s take a look at the buy or rent dilemma. Though owning your own aircraft gives you flexibility and an unmatched experience over chartering one, there are instances where your best choice is to charter. Decide which is better considering factors such as expected usage and the financial impact.

New or Used?

A brand new airplane almost always means better performance and warranty coverage. Of course, new also means a higher price. There are a lot of used aircraft on the market that can meet a variety of needs, with a smaller price tag.  Considering all factors in a well thought out mission comparison along with a price and cash flow analysis will help determine the correct path.

Purpose

Will the plane be used for business or for leisure? How often will you fly and for how long on each trip? How you plan to use the aircraft will answer a lot of questions, including the two questions above, as well as the aircraft type and model that you should consider.

Setting a Budget

Setting a budget and sticking to the budget is an effective way to ease the process. From there, search for the best aircraft you can find that’s within your price range. Having a budget set for your aircraft purchase, as well as its operation will help narrow the list of aircraft options and help ensure the aircraft will be successfully integrated into your financial picture.

Aircraft Speed

Does it matter how fast you will get to your destinations? For aircraft, better speed comes with a greater price.   If it is a necessity, then consider it as factor.

Examine

Check your aircraft choices thoroughly. Once you have narrowed the choices down to a handful, it’s time to look at the aircraft.   There are many items to inspect on an aircraft, including paint, maintenance records, aircraft logbooks, avionics, entertainment systems, interiors, and the list goes on.

Don’t fall for love at first sight. Getting fixated on a certain aircraft will may keep you from finding the best one to suit your needs. Search, collect, compare, and select.

Advice

Obviously, there is a lot to consider when choosing a private aviation option, including purchasing an aircraft.  Seeking the advice of an experienced aviation advisor, like Keystone Aviation, will help you sort through many of the details, including budgets for various aircraft, the attributes of the aircraft on the market, inspections, etc…

Early Financing Approval

Getting the financing aspect ready early in the process will help determine what price range you are going to target. Having the financing done early will also allow you to concentrate on choosing the right aircraft and to make an offer immediately once you find the one.

Insurance

Aircraft insurance can be costly, but can save you lot of headaches down the road. There are a lot of resources over the web to learn more about aircraft insurance. Check with brokers for quotes that you think will work best for you.

Summary

Since all of these issues are important, we highly recommend your first call is to an established and reputable aircraft broker.  Find one that is willing to talk to you at some length and without any fees up front.  Then, if you feel comfortable, enter into an agreement to have the broker represent you.  The contract is negotiable, but having sound, experienced advice should ultimately result in saving more than the broker is paid.