5 Steps to Buying an Aircraft
You get a jet. Oprah Winfrey may not give you a car (or jet) this holiday season, but that’s okay because you don’t need her. Just buy yourself a private jet, and you’ll fly in luxury.
Buying an aircraft isn’t for everyone, but it’s for you. Owning the plane of your dreams takes steps, though. Discover the five steps to buying an aircraft by reading on.
1. Earn Your Wings
You should be able to fly your aircraft. If you don’t have a license to fly already, then you should choose a pilot’s certificate or license.
Your options include a private pilot’s license and a recreational pilot certificate. The latter’s cheaper and doesn’t take as much time to earn. It still has restrictions.
For less time and money, you could earn a sport pilot certificate. You’d be limited as to when, where, and with whom you could fly.
2. Make a Budget
You make a budget by seeing planes’ average costs. Without a budget, you can incur severe debt or endanger your other financial investments.
Expenses here include not only the plane itself but also upkeep, maintenance costs, storage, fuel, and insurance. You can save money by buying used or choosing fractional ownership, or even renting. All of these options are cheaper than full ownership.
3. Look Far and Wide
Searching for the right plane should take you far and wide. Think of your search as being expansive as the skies you’ll fly through.
Your aircraft choices abound, from small jet planes to single- and twin-engine propeller aircraft. A used, single-engine propeller plane is yours for less than $40,000. A new aviation jet, on the other hand, will run you at least $1 million.
Your insurance and financing companies may restrict your choice of planes if you don’t pay cash.
4. Take a Test Flight
Everyone knows to take a vehicle for a test drive before getting it. The same practice applies to aircraft.
If you don’t know what to look for in a plane, bring an aircraft mechanic and other experts with you to check the plane out. Look for potential problems. Ask about incident and accident reports for the given plane model.
Find the aircraft’s complete records.
5. Prepare an Offer
The fifth and final step to buying an aircraft is getting ready to make an offer. Put your escrow finances and title in order. Be sure that you’ll have aircraft insurance.
Make use of appraisal services to empower yourself in negotiations.
The Ease of Buying an Aircraft
Buying an aircraft is easier than you may think. While it takes a good deal of preparation and consumer savvy, it’s more than doable. What’s more, the least expensive aircraft is about the same price as a quality car.
You don’t need Oprah, Santa, or anyone else to give you a jet this holiday season. You can buy it for yourself. Be potentially surprised by what else you can afford in the site’s Lifestyle section.