Are you thinking about buying a used airplane?
If so, there are many things to consider prior to making a purchase.
You must have all of your ducks in a row and really consider all of the potential possibilities before making this huge purchase.
To help you choose the right airplane to meet your needs, we’d like to make some suggestions that will make the buying process go a lot smoother.
Take a look at five things to consider before purchasing a used airplane.
Don’t Pay a Premium for a Used Plane
Unfortunately, people are often so eager to buy an airplane that they end up spending a lot more than they even have to.
Instead of buying a brand-new plane, or one that is even just a couple years old, we actually recommend buying one that is five years old or older.
Well, after a few years, an airplane is going to seriously drop in value.
So instead of paying the highest available price, if you are willing to wait a few years and buy an older airplane, you will literally end up saving massive amounts of money in the form of millions of dollars.
Factor in All of Your Costs before Purchasing
If you’ve never owned an airplane before, you might not realize that the purchase price is only one of your major expenses.
As a matter of fact, over a ten-year period, the purchase price of the airplane is only going to cost about one third of the amount of money you’ll spend to own this flying machine.
You have to take other things into consideration like ownership costs, residual value, and operating costs into account.
So, if your airplane costs $5 million, expect to spend about $15 million on storage, upkeep, fuel, pilots, and other expenses over the next 10 years.
Finding Top-Quality Airplane Parts
Maintenance and upkeep are something that everybody needs to consider when owning an airplane of this magnitude.
You have to be able to find and afford top-quality airplane parts when repairs are necessary. And you’re going to have to make repairs from time to time, and you’ll also need to maintain your airplane so that it is in good working order.
You can attempt to buy parts from the manufacturer if you feel like spending top dollar. Or, you can go online to find much better deals.
According to Aero, online seller of aircraft hose and fittings:
“For over 40 years, A.E.R.O. has been the “In-Stock” choice for high quality aircraft parts. Our extensive stock of aircraft parts include our exclusive Air Boss® product line, APS® “BlackSteel®” brake discs and pads, Superflite™ engine enamel, Stratoflex® hose assemblies, CMI and Lycoming engines and engine parts, maintenance supplies and tools, and much more. A.E.R.O. has what you need to keep your aircraft flying!”
So this is one great place to find replacement parts quickly and easily.
If you have an old, analog aircraft, you can update the aircraft so that it performs beautifully.
After your upgrade, your plane will be able to go faster without even burning additional fuel. And this is a huge benefit that you will certainly appreciate because you’ll get where you need to go quicker without spending extra money on fuel.
But the upgrade itself will cost you. Keep this in mind.
Adding Cabin and Flight Entertainment
Every airplane needs a top-notch entertainment system.
If you’re going to go all out, you’ll need to factor this expense into your overall thinking.
Maybe the plane already has a great entertainment center. If it does, then you have nothing to worry about.
But if it doesn’t, this is an additional expense that’s coming directly out of your pocket.
Please keep these five things in mind the next time you purchase a used airplane. They will make the buying experience go that much smoother.