Imagine taking off for your first flight in your very own aircraft? It’s a dream for many pilots to own their own plane. But how feasible is it to buy one?
There are many reasons people buy a private plane. If you’re met with the big decision about which plane to buy, then you’ll need to factor in some things. But what do you need to think about when you’re about to buy a plane?
Here are five tips for buying a plane.
1. Work Out Your Budget
The first step in buying a plane is working out how much you can afford to spend. Once you’ve decided on a budget, you’ll need to stick to it.
There’ll be a lot to factor into the cost of buying a plane. For instance, you’ll have to think about licenses, documents, tie-down or hangar rental, safety accessories, insurance, aircraft fuel, oil, and lots more. It can be very easy to overspend. Create a spreadsheet to track your expenses.
Your number one priority is going to be the purchase price of the plane and the operating costs. Typically an airplane price can vary from around $15,000 to millions of dollars.
2. Work Out What You Need from Your Plane
The next step is to work out exactly what you need out of your plane. How many passengers will you need to carry at any one time? What type of lengths will the journeys you are making be? And, what type of weather conditions will you be flying in?
Knowing whether you’ll be making short local flights or long, cross-country flights will determine the type of plane that you’ll want to buy.
3. Factor In Plane Maintenance Costs
An important factor that you need to think about will be the ongoing running costs such as maintenance for your plane. Buying a plane is one thing, but you’ll need to be able to afford to keep it up in the air once you have it.
Do some research into the typical lifespan of certain parts of your plane and find out how often you’d need to service it.
4. Should You Buy a Used Plane?
If you want to save some money, you may want to consider getting a used plane. New planes are likely to be more expensive, however, they will come with a warranty.
If you’re buying a used plane, you’ll want to have it looked over thoroughly before you agree to the purchase.
5. Get Pre-Approved Financing
Getting pre-approved for finance will take away any uncertainty or doubt about the financial aspects of buying a plane. Speak to your bank when you’re considering making the purchase.
If you’re pre-approved, the seller will have more of an interest in working with you.
Buying a Plane
Now that you know how to buy a plane, the sky’s the limit. Consider every point in this guide carefully and you’ll be able to make the right decision about buying a plane.
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