If you’re a first-time airplane buyer, you should know that nothing quite tops the feeling of your maiden flight in the first plane you own. It’s exciting, exhilarating, and empowering. Owning an airplane offers freedom of travel, convenience, and pride of ownership.
But if you’ve never invested in airplane purchase before, there are a few crucial aspects to the assessment and buying process you should know, first! Learn more in this quick but handy guide on airplane buying…
Airplane Buying: Important Steps Before You Sign on the Dotted Line
Most of the time, airplane buyers opt for second-hand or pre-owned aircraft. This is because it’s far more affordable and pre-owned airplanes generally have a reliable flight history. If you plan on purchasing a used airplane, here are the top things to know before you commit to any type of purchase:
1. Always Review the Flight Logbooks
This is a good way to get an understanding of the airplane’s flight history and how it has been maintained. You can also get an idea of any damage history, its total flying time, the type of airframe, engine, and other important components.
Always do a thorough review of the logbooks, make sure they are complete and include consecutive, relevant information from the date of manufacture. Make double sure that the engine and components match up with the advertisement.
2. Don’t Let Damage History Put You Off
A history of airplane damage is not a deterrent. It means that the aircraft has withstood its fair share of turbulence. If the airplane has been correctly repaired, damage history should not bother you too much.
However, it’s important to know what you’re buying, how and when it was damaged, and how it was repaired. An unknown damage history can lead to major issues when trying to resell down-the-line.
3. Prioritize a Pre-Buy Inspection
No matter who you are buying an airplane from, a pre-buy inspection is crucial. It’s important to have a reputable shop or mechanic do the inspection before you sign into any purchase.
A pre-buy inspection is a great way to get the truth about the condition of the plane, its history, and how it will fare into the future. A professional inspection will also provide you with objective information on whether it’s a worthwhile purchase or not.
4. Do a Title Search of Previous Ownership
The last thing you want is to purchase an airplane when all liens, such as loans or maintenance debts, have not been paid. Before you close on any purchase, use an escrow company to conduct a thorough title search on the plane, based on who previously owned it. If you purchase a plane with an existing or open lien, this means the lien holder still has ties to the aircraft.
5. Use an Experienced Broker During the Acquisition Process
It’s always a wise idea to use the expertise and contacts of an experienced broker when buying an aircraft. They will be able to take your needs and budget into consideration. They can answer all your questions, file paperwork, handle complicated transactions, schedule inspections, and more. They are also adept at handling negotiations and can bag you the best price over anyone else!
Keep Your General Knowledge On Point
Airplane buying does not need to be a complicated process if you’re looking to make this type of investment. But it does hinge on thorough research and using the right professionals to help you find the best deal.
Interested in expanding your general knowledge even further? Be sure to explore the rest of this site for articles on a range of topics — business, auto, entertainment, gadgets, technology, health, and so much more.