So You Want to Buy an Airplane….
0 0 0
Share
Article

So You Want to Buy an Airplane….

So You Want to Buy an Airplane….
  Buying an airplane is a luxury not everyone can afford. But maybe you’re a pilot and it’s been your lifelong dream to purchase a plane of your own. Or maybe you’ve just got a bunch of extra cash and have always wanted a private plane for someone to fly you around in. (We all know flying commercially can be a pain). Whatever the situation, if you find yourself in a situation where you’re ready to buy your own private plane, here are some tips to make the process a little less painful. 1)     Make a list of reasons you’re buying the plane to begin with. A common mistake most newbie airplane buyers make is overbuying. If you know you’ll be flying around with just one or two people 90% of the time, opting for a large 6 to 8 seater plane might not be practical. Sure you might need the extra space for family vacations once or twice a year but 90% of the time you won’t need that much space. Think of what you NEED the plane for versus overextending yourself. 2)     Set a budget and stick to it. Buying a private aircraft is exciting but don’t let your emotions get in the way of common sense. If you go broke buying a plane you can’t afford, you’ll never have money to fly it anywhere. 3)     Pay attention on demo flights. Salespeople make money on selling you airplanes. So when you’re on a demo flight, pay attention to the plane’s actual performance versus what the salesperson is saying.  If you’re not familiar with aircraft performance, read on. 4)     Contact a reputable aircraft broker and look at all your options. Whether you’re new to airplane buying or you’re buying your second or third aircraft, it’s always easier to have help than go the process alone. CB Aviation (link to: www.cbaviation.com)  is a broker out of Ogden, UT that sells all types of aircrafts from jets, to helicopters to turbo props. They also happen to offer aircraft delivery services and regional maintenance. Not bad for a one stop shop.  A full list of inventory is available on their website and they have something for all budget sizes. For the luxury or business airplane buyer, a 1994 Cessna Citation VII 650 for $1,950,000 might be a good fit. It offers executive seating for eight and has two DVD monitors. For those with a smaller budget, they also have smaller aircrafts available such as a 25% share in the 1997 Piper Malibu Jetprop for $190,000. 5)     Determine whether or not your airplane has a business use. Although you’ll need to talk to your tax accountant, if your airplane has a legitimate business use, you can often buy with pre-tax dollars and save yourself a bunch of money. 6)     Consider shared ownership. Sharing ownership in an airplane is a more cost effective way to buy your own plane. If you can’t afford to buy one outright, this could be the way to go. Your airplane broker should be able to help you explore all your options. If you happen to be in the lucky small percentage of the population that’s able to afford a personal airplane, give yourself a round of applause. Whether you purchase a small two seater plane or a larger luxury jet, have fun in the airplane buying process and enjoy whatever adventures come your way!  And with the recovering economy, there has never been a better time to buy an airplane.
Share With The World
0 0 0

Facebook Conversation