Buy The Right Airplane

Buy The Right Airplane

So, you have decided to buy an airplane. But which one? There seem to be so many choices, and it is so hard to say why one would be a better fit than another one. Here are a few considerations that may help.

First, define your mission. How are you going to be using your new airplane? Do you have several different businesses in several different states? How far apart are they? Are you going to be traveling on weekdays or weekends and holidays? How many people will be traveling with you? How much "stuff" will you be taking with you? Is there a particular trip that makes up 80 to 90% of the proposed use of the airplane? If so, flying that mission should be the main determining factor when looking at the capabilities of any airplanes that you are considering. There is no perfect airplane, they are all compromises and even when you do acquire your new aircraft at times it will make more sense to utilize a different means of transportation.

Second, consider some very real limitations of your potential choices. If the airplane you are considering will not fit into your hangar or requires a longer runway than the airports you usually use, you may have to consider a different choice. Additionally, depending on how much stuff needs to be moved, airplanes often have different range capabilities. If you have to refuel once or twice, that will add to the length of the trip and may also limit the times of the day or night that you can travel.

Thirdly, consider the financial impact of choices that you make. In addition to the initial capital expenditure, there are several other considerations to be made.  Are you going to be flying it yourself or do you require a crew? Obviously, if you can fly the airplane on your trips yourself that increases the flexibility and spontaneity of using it, in addition to likely decreasing the operating cost. How frequently will you require routine maintenance? Does this particular model have a reputation for being maintenance intensive? What is the vintage of the airplane you are considering?  In general, the older an airframe is the higher the maintenance costs. Also, will you be financing it? If so, be aware that some financial institutions have limitations on the types of aircraft that they are willing to finance.  They may also insist on costly engine maintenance programs, (see our earlier blog post).   Also, how much will it cost to insure this particular aircraft?

There are many more factors that one should consider, and some of these will be addressed in future postings, as well as expansion on some of the above concept(s).  It may seem intimidating or daunting to make that step to acquire your airplane, but this is where professional help in the form of a knowledgeable and hard-working consultant and broker can be invaluable.

Schedule your consultation here, email: Telephone: (646)520-7575

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