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Buying an Aircraft, A Quick Guide

Posted By: Admin Apr 27 2023

Buying an Aircraft, A Quick Guide.

For most people, when buying or selling an aircraft, it is essential to have a group of knowledgeable and experienced specialists working on your behalf.  Purchasing a private plane, whether for personal or business use, demands substantial preparation and the completion of several steps to ensure that you choose the aircraft most suitable to your requirements.

This aircraft purchasing guide discusses several considerations unique to aircraft purchases and offers in-depth explanations and helpful tips for potential buyers.  We will protect you from making the most typical buyers' avoidable mistakes when purchasing aircraft.

How does one get started?

The multiple steps involved in obtaining a private aircraft might appear overwhelming to many potential buyers, but it is critically important to make the right decision as any mistakes could be quite expensive and may have challenging solutions.  Many factors must be evaluated to ascertain that you buy the right plane, most suited to your particular needs.  Let's disassemble them to have a better look at the individual components.

Think About What You Want.

The most crucial question is aircraft utilization; how do you intend to use the asset (the plane)?  Answer this before anything else.   Additionally, the purpose of your plane purchase will be determined further by asking yourself the following questions:

1. What is the maximum distance you plan on traveling with this aircraft?
2. Where do you typically travel, your city pairs?
3. How fast do you want to get there?  (Aircraft speed varied based on model & type)
4. Your home base airport: how long is the runway?  What is the elevation?
5. How many passengers are traveling?
6. What is your budget range?
7. Do you know and understand the typical operating & maintenance cost of each aircraft being considered?
8. Do you need a pilot?  Or are you rated on each potential aircraft option?  Do you need additional training to get the correct rating? 
9. Do you need a flight department?
10. How frequently do you plan to utilize this airplane?
11. What vintage aircraft would you like?

Looking at the performance numbers for any airplane can be quite misleading; the maximum speeds, range, and payload listed might be under ideal conditions that are not typically encountered.

Tax consequences of owning this aircraft: 

Do a tax consultation with an aviation tax consultant.

After considering these questions and factors, you should discuss them along with your requirements with your consultant and broker.  This will help them focus on the ideal aircraft for your needs and flight operations.

Budget

You will determine your capital outlay, and the market will set the price based on your selected model and type.  Your budget has to be realistic; here, your consultant and broker will provide guidance and information on that particular model market and pricing.  Be prepared to adjust your budget to meet your desired aircraft pricing range.  A knowledgeable negotiator like PlaneTadaa is paramount for the best result and sales price.

Test Flight Before You Buy

Before concluding that a particular airplane is a suitable fit for you, we recommend doing a couple of test flights, one at the beginning of negotiations and the latter before closing.    It is usually a good idea to take the aircraft for a test flight before making your selection.  Ensure that all the equipment and systems are in working order before takeoff and during the flight.  We advise our mechanic to take part in both flying and ground tests.  A skilled engine mechanic would learn a lot from engine runs and logbooks.  Any discrepancies discovered during the operational inspections of the aircraft should be noted in a detailed pre-purchase mechanic's inspection report, and the full rectification of the issues should be clearly stated and confirmed during the final inspection and before closing.

PlaneTadaa

For your aircraft trade and fleet planning, select PlaneTadaa.  We offer world-class service with transparency, efficiency, and speed.

Contact us and schedule your free consultation now: Schedule Consultation

Telephone: +1(646)520-7575

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