Buy an Airplane
submitted: Aug 26th 2008 |
by: EricAirplane |
Total views: 1 |
Word Count: 406 |
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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.
You will have your purchase price or at least your down payment. You also have closing costs. Registration is required. Set aside a reserve 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.
Once you own an airplane, how will you use it? Will it be for personal or business purposes? How far will you need it to go without refueling? How fast must it be?
There are lots of options to choose from when you buy. Will you buy a single engine or a twin engine? How about a jet? Are you going for aspirated or turbocharged? How many seats will be necessary? Does the seating need to be arranged in any particular way?
There are many airplane sources. You may buy direct from the manufacturer. There are aircraft dealers. Word of mouth is a great source for buying a used airplane. Newspapers have classified ads. Popular magazines and websites have ads and photos. There are airplane auctions.
You should narrow your prospects through telephone screening. Personally inspect the planes that may be what you want. Determine compliance with (AD) airworthiness directives. Examine the condition of the planes and find out the engine hours. Take a flight test of any planes you like.
Once you narrow your choices to one airplane, get a mechanical inspection by a professional. Follow that with an aircraft title search and your closing.
About the Author
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