Finding Used Airplanes
Buying an airplane may be your dream, particularly if you are in the field of aviation. However, aircraft ownership is an expensive hobby.
It requires a great amount of research, analysis, and planning before you finally decide to buy an airplane or helicopter.
You may also consider cheaper alternatives to owning an aircraft.
You may explore used airplane instead of a brand new aircraft. This will significantly reduce your initial investment requirement.
However, buying a used airplane also requires thorough research and planning.
Let us look into some of the factors to consider before owning an aircraft.
Fix Your Budget
This is the most important factor to consider before buying a used airplane. The cost of the airplane includes the cost of buying an airplane and its running cost.
While buying cost is a one-time investment, the running cost is the recurring expenditure. It includes fuel cost, repair, maintenance, insurance, storage, etc.
Consider all these costs to estimate the total budget requirement.
Know Your Purpose
Assess your purpose and stick to it. Do not get carried away by the features that you do not need in your aircraft. This will unnecessarily bloat your budget.
Get the Finance
Check for pre-approved financing from your banker. It is a good idea to contact a genuine seller. They have a lot of experience in this field and can help to expedite the loan process through timely follow-up.
Search the Craft
Search for online sellers and browse through the website. There are different selection criteria like type and manufacturer of the aircraft, model, and year of manufacturing, etc. You can filter as per your requirements and select the craft fulfilling your requirements.
You can also contact the seller and can take a tour to find the latest inventory of used airplanes; while being able to receive a quote, schedule an appointment, or even apply for a loan.
Take The Test Flight
Thoroughly inspect the airplane to check its condition.
Take a test flight! You can also take along an expert technician with you for the test flight.
Seek help from the available resources. Being in the field you might be a member of an aviation group. Reach out to them to see if any members are trying to sell their airplanes.
Inspect and Obtain Documents & Records
After selecting the aircraft, inspect all the documents and records related to the aircraft. It should include aircraft history, its run-hours, and maintenance records, etc.
Once purchased get the aircraft transferred to your name and obtain the airworthiness certificate of the airplane.
Get the Insurance
Do not delay initiating the process. Begin this process as soon as you have finalized the aircraft type as it may take time in processing the insurance formalities.