Investing in your own personal aircraft may be a dream for some, but for others, the opportunity is available. Since shopping for a personal aircraft is not considered normal, it’s not something that many people are familiar with. Obviously, buying an aircraft is not the same as buying a car, so it’s very important that you understand what to expect and what is expected of you during the process.
If you are looking to buy a person aircraft, the following simple guide will help prepare you for the experience.
Be realistic.
Before you start shopping, it’s important that you remember to be realistic about your wants versus your needs. For example, you may have high hopes and dreams about using that large jet tofly your family and friends all over the world, but you’ll likely get more use out of the plane by yourself or with one additional passenger than you would for your entire family. Make sure you consider exactly what your plane will be used for, and then use that to make your final decision. Instead of spending more money on a plane to fit your family that will only be used once or twice, opt to buy the smaller plane that you and a friend can use for joyrides more frequently.
Know your budget.
In order to buy a plane, you will need capital. Before you start shopping, make sure that you know your budget ahead of time, and then stick with it. You can either opt to buy the plane outright if you have the cash, or you can take out a loan in order to finance the aircraft. If you will use the latter, remember to have a thorough understanding of what you’ll need to get the loan. Create a list of items needed for any aviation loan so that you can be prepared when you talk with your lender. The more prepared you are, and the more attractive you are to the lender, the more likely you’ll be to get the loan and buy your plane. Once you have your capital in place, be sure that you stick with your budget in order to deter buyer’s remorse.
Shop around.
Make aircraft shopping similar to car shopping by shopping around before actually buying. Everyone knows that you should never buy the first aircraft (or car) you see, as you’ll end up finding a better deal on a better model shortly thereafter. Use websites like Aero Trader to see what’s out there and what fits into your budget. Then, consider using other websites or other companies in order to help your find the aircraft you want that fits in your budget.
Test fly.
Before you buy a plane, make sure that you enjoy a test fly, whether as the pilot or as the passenger. This will allow you to see the aircraft in action and make note of any issues you may notice. You will be able to use this test to determine if this is the aircraft you want to purchase or if you’d rather find something else. Make sure to take detailed notes to help you make up your mind.