The Ultimate Guide to Buying an Aircraft
Buying an aircraft is an exciting time for anyone, and it can prove to be one of the best purchases you’ve ever made. But, before you make your aircraft purchase, you’ve got to understand somethings that are going to help you make the best choice possible.
We want you to have the best experience possible, and that’s why we’ve created this guide for you. From A-Z, it’s everything you need to make your first aircraft purchase fly.
Let’s not waste time and get you flying the skies in no time at all.
How Will You Use the Aircraft?
Before you begin your aircraft purchasing venture, you need to decide what you’re going to use it for and how often. If it’s just a collector’s item and you don’t plan to use it often, then that will define the type of aircraft you need to buy.
If you’re going to spend a lot of time flying, this will also help to determine the best aircraft for you.
Knowing what you will use the aircraft for will help you decide if you want to buy an old aircraft or a brand new one. Take into account the number of people that will be riding in the aircraft whenever it’s flown.
Set a Budget
After you’ve defined why you’re getting an aircraft, the next thing you need to do is set a budget. The budget will help you only to consider aircraft that will fit within your budget. If you don’t have the money for it, you shouldn’t be buying it.
Inspect the Aircraft
Now that you’ve set a budget you can now begin viewing various aircraft. Ensure that when you take your initial inspection of the aircraft you also have an appraisal done. The appraiser will help to notate what issues the aircraft may have and what it would take to fix them.
See here for more about aircraft appraisal and the standards that must be met before you make your purchase.
Create a Letter of Sale
The letter of sale is the document that will detail all areas of your purchase, including:
- Sale terms
- Deposit amount
- Final selling price
The letter of sale is for your records to confirm that the plane is rightfully yours in case the seller attempts to do something underhanded. The letter will also designate a day a time when the same will expire if the buyer or seller pulls out of the sale. Once you’ve been provided with the letter, the next thing you need to do is provide your deposit and get a receipt.
Find Your Attorney
An aviation attorney will help to ensure your transaction goes as smoothly as possible. They will ensure that all the issues that were pointed out during the inspection are complete before the final sale takes place. They will also ensure that you’ve gotten the warranties you need to cover accidents or future damages when flying.
Now that you’ve gotten to this point, all that’s left to do is complete the deal. This is when the title will be transferred and registered to the new owner as well as the physically turning over of the aircraft and additional paperwork.
Buying an Aircraft: Time to Fly
When buying an aircraft, read this guide thoroughly to know what you can expect. From the initial inspection to the closing and delivery of the plane, you’ll know what it takes to get through the process.
We hope this guide will get you one step closer to touching the sky, and if it did, we urge you to thumb through the other posts in this section.