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?
If you buy new there’s a warranty to protect you from major repairs. You get better fuel consumption, a glass cockpit and modern navigation. You can choose the colors and fabrics so your plane looks like you want.
How old an airplane are you willing to buy? The older planes usually cost less to buy. However, they are going to use more fuel and will require more money to maintain and repair.
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.
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.
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.