How to Purchase a Used Aircraft
As a pilot or business owner considering the purchase of an aircraft, navigating the used aircraft market can be both exciting and daunting. However, with the right approach and guidance, you can find the perfect aircraft to meet your needs. Let's explore the key steps and considerations in this process.
FINDING THE BEST USED AIRCRAFT ON THE MARKET
First and foremost, thorough research is crucial. Begin by scouring online sources for aircraft listings, then create a detailed spreadsheet of your top choices. This organization will help you compare options side-by-side. Additionally, delve into FAA records to uncover vital safety data, Airworthiness Directives (ADs), and any damage history. These factors significantly impact an aircraft's value and safety profile.
Next, it's essential to obtain accurate aircraft valuations or appraisals from knowledgeable sources. This information will serve as a benchmark for fair market value and help you make informed decisions during negotiations.
- Research online sources of ‘AIRCRAFT FOR SALE’ here.
- Make a spreadsheet with your favorite aircraft
- Research FAA records for safety data, AD’s and damage history
- Research and obtain Aircraft Values or an Aircraft Appraisal from a knowledgeable source
USING AVIATION CONSULTANTS
While you may be tempted to go it alone, enlisting the help of aviation professionals can be invaluable. Consider assembling a team that includes:
- Aircraft Consultant, Dealer, Broker
- Aviation Insurance Agent
- A reputable Aviation Maintenance Facility and/or mechanic
- An experienced general aviation pilot or instructor familiar with your chosen make and model
Moreover, hiring an Aviation Professional from the Aircraft Dealer Network (ADN) as your “Buyer's Agent” can provide numerous benefits. Their expertise can help you avoid common pitfalls, guide you through the sales process, and offer insights on performance, costs, and resale value.
IMPORTANT FACTORS THAT AFFECT USED AIRCRAFT VALUE
When evaluating used aircraft, pay close attention to these critical factors that significantly affect value:
- Airframe time and condition
- Engine Time
- Avionics Upgrades
- Maintenance/Log Books/Damage History
THE ACTUAL AIRCRAFT SALE PROCESS
Once you've identified a potential aircraft, the actual sale process begins. This typically involves:
- The Offer - Determine Fair Market Value
- The Purchase Agreement
- Aircraft Title and Escrow Services
- The Pre-Purchase Inspection
- Aircraft Documents and Log Books
- The Flight Test
- Insurance Coverage
- The Closing - Clear title and registration
Throughout this process, remain diligent and patient. Remember, the right aircraft is out there, and with careful consideration and expert guidance, you'll soon be taking to the skies in your very own aircraft. Happy hunting, and safe flying!