The proper way to buy an aircraft?
Posted on Nov 25, 2008 under Uncategorized |What is the proper way to purchase an aircraft.
Not concerning the aircraft being bought so much as Proper paying methods, should i take out a loan for one, Have it delivered versus getting it myself, and buying a place to stow it (aint suburbia grand?)
So, help!?
There are many useful guides to buying an aircraft, both in print and online. I suggest that you read at least a couple of them. Here are a few links:
http://www.aopa.org/aircraft/articles/2008/080402buyingguide.html
http://www.ebuyingguides.com/how/uplaneb_h.htm
http://www.how-to-buy-a-used-airplane.com/
Do not purchase an airplane without the help of someone who knows how to properly assess its condition and go through the logbooks. It’s well worth the money to hire someone to do a thorough pre-buy inspection. Sometimes an owner will split the cost with you, or you can negotiate repairs or a reduction in price if any are required.
Do not purchase an airplane without conducting a title search first. The AOPA and other organizations provide this service for a reasonable fee.
If you have cash to buy an airplane outright it can be a good bargaining tool on price, but most people get loans. The AOPA, EAA, and other organizations can help you get financing and insurance. I highly suggest that you get pre-approved for both, and then have some ready cash for a small downpayment so the owner will hold the aircraft for you while the loan goes through. Get EVERYTHING in writing from the seller. I got my airplane loan and insurance through the AOPA and it was a very easy and painless experience.
Whether you pick up the plane yourself or have it delivered is one of the things you might negotiate with the seller. You can also hire a third party to do it for a fee, but be sure they have insurance coverage. Also, before you buy, do your homework at local airports regarding rental of tie-down spaces (covered or open) or hangar space. The latter can be very pricey and waiting lists can be years long at some airports.
Have fun!
By tallbrian1000 on Nov 16, 2008 | Reply
Go to the airport and look at the for sale bulletin board, call a aircraft broker. Look at AOPA web site on how to buy finance an aircraft. http://www.aopa.org/aircraft/
References :
By @ home on Nov 16, 2008 | Reply
It is pretty much like buying a car. Go to the bank and get a loan. Before you buy it you should have a pre-buy inspection done. Do you have a mechanic that can do that or do you want to get one where the plane is at. Maybe you and your mechanic will fly to inspect the aircraft and bring it home at that point. Does it cost more to get it delivered? Will they charge you for the delivery and return flight if it does not pass the pre-buy? Do you have insurance to do the flight yourself?
Look at several local airports for hangers and the cost to rent or buy one. You could also keep it outside. That will be the cheapest, but a hanger would be best. Figure $0 - $60 a month to store outside and depending where in the country you are at and $50 - $300 a month for a hanger.
Good Luck to you,
You will love owning a plane. Your wallet will not.
References :
Ex airplane owner.
By Ben Dere Dun Dat on Nov 16, 2008 | Reply
There are many useful guides to buying an aircraft, both in print and online. I suggest that you read at least a couple of them. Here are a few links:
http://www.aopa.org/aircraft/articles/2008/080402buyingguide.html
http://www.ebuyingguides.com/how/uplaneb_h.htm
http://www.how-to-buy-a-used-airplane.com/
Do not purchase an airplane without the help of someone who knows how to properly assess its condition and go through the logbooks. It’s well worth the money to hire someone to do a thorough pre-buy inspection. Sometimes an owner will split the cost with you, or you can negotiate repairs or a reduction in price if any are required.
Do not purchase an airplane without conducting a title search first. The AOPA and other organizations provide this service for a reasonable fee.
If you have cash to buy an airplane outright it can be a good bargaining tool on price, but most people get loans. The AOPA, EAA, and other organizations can help you get financing and insurance. I highly suggest that you get pre-approved for both, and then have some ready cash for a small downpayment so the owner will hold the aircraft for you while the loan goes through. Get EVERYTHING in writing from the seller. I got my airplane loan and insurance through the AOPA and it was a very easy and painless experience.
Whether you pick up the plane yourself or have it delivered is one of the things you might negotiate with the seller. You can also hire a third party to do it for a fee, but be sure they have insurance coverage. Also, before you buy, do your homework at local airports regarding rental of tie-down spaces (covered or open) or hangar space. The latter can be very pricey and waiting lists can be years long at some airports.
Have fun!
References :
Professional pilot, aviation consultant, aircraft owner and restorer
By Pilot on Nov 16, 2008 | Reply
Try looking for your answer here at http://www.learning-to-fly.com/airplanes-for-sale.html There is a step by step process in how to purchase an aircraft.
Hope this helps
Cheers
References :
http://www.learning-to-fly.com/airplanes-for-sale.html
By Pilot & Mathematician Spaniard on Nov 17, 2008 | Reply
Money I think, or cheque, or loan, or hijack or pinch
References :