Important Steps to Take When Buying an Aircraft
Follow Our Tips to Ensure The Smartest Purchase
Buying an aircraft is a great investment and a huge deal for anyone that needs to travel privately and securely. However, finding the perfect aircraft for sale can be a bit of a challenge, because there are so many factors to consider. With that in mind, we created a list of crucial steps you must follow when purchasing a private jet.
Figure Out the Type of Aircraft You Want to Buy
There are many different styles you can choose from when you are looking for your ideal aircraft for sale. Single-engine propeller planes are the least expensive, but most people looking to travel for business need at least a light jet.
It’s important to assess your needs and figure out what exactly you want from your aircraft, including flight distances, the number of people you’ll need to take along with you, and the features it absolutely must have.
Set the Right Budget and Think About Maintenance Costs
Depending on the type of aircraft you purchase, you’re spending at least several hundred thousand dollars. And if you’re looking for a large jet, expect several million. Price ranges are fairly wide, so by setting a budget, you can determine exactly what kind of jet you can even afford.
Don’t forget about annual maintenance and ownership costs. Fuel, repairs, refurbishment, storage, and airport fees add up – and price once again varies by jet.
If you’re like most people and businesses, you aren’t paying completely out of pocket for a jet. This means you must take time to secure financing from a specialized lender. Leave room for your down payment in your budget.
Find the Right Plane for You
Once you know what type of aircraft you want and what budget you afford, you can start searching for available aircraft. Listing websites like AircraftExchange are a great option, because every aircraft on it has been carefully vetted and verified – no bait and switch tactics here.
Your best bet is to link up with a professional aircraft dealer or broker; unlike buying a car, it’s not wise to simply make a purchase directly from a private third party. You need an expert to help you navigate the world of private aviation.
Never Skip the Inspection
Before you finalize your aircraft purchase, it must undergo a professional inspection that covers the jet from tip to tail. These inspections cover the body, mechanics, avionics, engines, and interior, and help you be aware of the type of repairs or maintenance you could expect during your ownership. The results of the inspection can also help you negotiate a deal for a jet.
Buying the Plane and Assuring a Proper Title and Transfer Ownership
Your aircraft broker will help you complete the mountains of necessary paperwork for purchasing a private jet, including the purchase agreement, inspection documentation, appraisal paperwork, and more.
There are even national and governmental regulations that must be met before you can own or fly in your plane.
After closing, your jet will be delivered to your desired location.
Don’t Let Buying An Aircraft Intimidate You!
Buying the ideal aircraft can be challenging, but things become easier once you know exactly what happens during the business transaction. It’s a very good idea to avoid any rush and take your time, prepare everything, and work with an industry expert for a seamless process.