Used Aircraft Buying Guide: A 10 Step Guide
Purchasing a used aircraft can be an exciting yet complex process. Whether you're a pilot or a business owner, understanding the steps involved is crucial for making an informed decision. Our ‘Used Aircraft Buying Guide' outlines ten essential steps to help you navigate the used aircraft market effectively.
1. Conduct Thorough Research
Start by researching various aircraft models and their market availability. Use online platforms to find listings of used aircraft and gather information on different makes and models. Create a detailed spreadsheet to compare your top choices, which will help you evaluate them side-by-side.
2. Check FAA Records
Investigate the Federal Aviation Administration (FAA) records for each aircraft on your list. Look for safety data, Airworthiness Directives (ADs), and any damage history. These records are critical in assessing the safety and value of the aircraft.
3. Obtain Accurate Valuations
Get an accurate valuation or appraisal from a knowledgeable source. This step is vital to understand the fair market value of the aircraft, which will aid in negotiations and ensure you’re paying a reasonable price.
4. Assemble Your Team of Experts
Consider hiring aviation professionals to assist in the buying process. Your team might include:
- An Aircraft Consultant, Dealer, or Broker
- An Aviation Insurance Agent
- A reputable Aviation Maintenance Facility or mechanic
- An experienced general aviation pilot or instructor familiar with your chosen make and model
5. Hire an Aviation Professional as a Buyer's Agent
Engage an aviation professional from FindAircraft.com, the Aircraft Dealer's Network (ADN), as your “Buyer's Agent.” Their expertise can help you avoid common pitfalls and provide insights into performance, costs, and resale value. Their advice can be well worth the cost.
6. Evaluate Key Factors Affecting Value
Pay attention to factors that significantly affect the value of used aircraft:
- Airframe time and condition
- Engine time
- Avionics upgrades
- Maintenance records and damage history
7. Make an Offer
Once you’ve selected an aircraft, determine its fair market value and make an offer. This step involves negotiating the price based on your research and valuations.
8. Draft a Purchase Agreement
Prepare a purchase agreement that outlines all terms of the sale, including price, conditions, and contingencies. It’s advisable to have a trusted and knowledgeable aircraft dealer or broker help create and/or review this document.
9. Conduct a Pre-Purchase Inspection
Before finalizing the purchase, conduct a thorough pre-purchase inspection with a qualified mechanic or maintenance facility to ensure there are no hidden issues with the aircraft.
10. Complete the Sale Process
Finalize the sale by handling all necessary documentation:
- Ensure clear title and registration with an aircraft title search
- Review all aircraft documents and logbooks
- Secure insurance coverage
- Conduct a flight test
- Close your purchase through an Aircraft Title escrow agent
Conclusion of the Used Aircraft Buying Guide
With these 10 steps in our ‘Used Aircraft Buying Guide', you’ll be ready to close the deal and take ownership of your used aircraft. Remember, patience and due diligence are key to finding the right aircraft that meets your needs safely and efficiently.
