If you are willing to buy an airplane, you have come to the right place. Purchasing an aircraft requires some research, which includes the following:
- First, define what your mission will be.
- Check with an insurance company to see the insurance requirements if you have a license.
- Go to the local airport or join a club to learn about airplanes. The club can answer all your questions and become a member so that you can receive their newsletter. You can learn much about an aircraft from the people who own it.
- Get an owner who has spent a lot of time in the plane and is a flight instructor to take you up in his plane so that you can see how it flies. Check how it handles and how comfortably you can operate the airplane.
- It will help if you determine where you will park your airplane. Will it be at a local airport? Do they have space available, or is there a waiting list? Or, if you plan on flying it in and out of your property, do you have enough room to take off and land your airplane? Also, if you plan on keeping your aircraft on your property, find out if the FAA will authorize you to take off and land a plane from your property.
- Next, do some research on the best airplane for your mission and which manufacturers make that type of airplane.
- Once your research is complete, begin searching for your preferred aircraft in flying clubs, Trade-A-Plane, to see what is available and the prices to determine if you can afford it.
- Once you find a plane, now start negotiating. Do a pre-purchase inspection with a mechanic of your choice. Include who pays if the airplane fails the pre-purchase inspection.
- A pre-purchase inspection is crucial because often, there are due maintenance bills. After a mechanic performs maintenance tasks on an airplane, they don’t receive payment immediately. In such cases, the mechanic can claim the aircraft after a new owner purchases the plane. As a result, you will be out of both the money and the plane. To ensure no leans on the title, do a title search.
- Arrange the funds to take possession.
- Get insurance, and if the insurance requires a checkout and maybe fly with an instructor for some hours, then make sure you have a qualified instructor lined up.
- Find out what are the typical operating costs and also, what are the annual inspection costs from some owners.
- If you buy an airplane, figure out how much it costs to have a mechanic who will replace your current engine with a rebuilt engine so you can rebuild your propeller. Figure out how many hours you will fly per year.
Above all, do not buy an airplane unless you plan to fly the plane for at least one hour per week. New aircraft are usually purchased directly from the manufacturer or a dealer. Used aircraft are generally bought and sold via brokers.
Wrapping up, buying, and owning an airplane is a fantastic experience.