Want To Purchase An Aircraft? These 8 Steps Will Help You
When we are young, we dream about becoming a pilot and buying an aircraft. But as grown-ups, we discover that this can become a reality.
We present you 8 steps that will help with your first aircraft purchase.
The most important and vital step is determining your budget.
You have to know that there will a lot of expenses. There will be documents, licenses, insurance, aircraft fuel, accessories for the safety and more. But the main things are the aircraft purchase price and operating costs.
Aircraft purchase price
This depends on the type of the plane. It can be ultralight, single-engine or multi-engine plane.
The price range varies from 8,000 USD up to 300,000 USD.
The costs can be fixed and variable. Fixed costs include insurance, loan, and other payments you make that do not change. Variable costs are the ones that change, for example, fuel, maintenance repair, and oil.
It is important to calculate and evaluate the budget. Then you can count how much you will pay every month if you will get the loan. You can do it on Aircraft Owners and Pilots Association website www.aopa.org.
What you need and what you do not need
You have to evaluate yourself as a pilot and your needs for an aircraft. If you are a business pilot, it is better to invest in a faster and more complex airplane that saves you time among your daily flights. But if you fly only on the weekends, it is better to choose something else because expensive gadgets will not be beneficial. That is why it is essential to evaluate your needs.
Getting pre-approved financing
In this case, if you apply for the loan, you first must get the approval. There is a possibility that you might be approved only for a specific type of the aircraft. That is why you should determine your budget and needs first.
Make a research
You do not have to buy a new airplane. People are selling theirs online and they can be much cheaper. But for finding the one, that fits your needs and budget, it is best to make a research. Of course, if you do want a new one, you can always choose this option.
Before you take the test flight, it is recommended to come together with a trusted aircraft maintenance technician. This person will help you with evaluating the condition and characteristics of an aircraft.
If you already chose the type of an airplane you will purchase, now it is time for the documents. It is important to check if the plane was maintained properly and if there were problems in the past.
After purchasing the aircraft, this is the time for registration documents. Aircraft must be registered by its owner’s name. For this procedure, you only need to send an application and proof of the ownership to the Federal Aviation Administration (FAA).
This procedure is one of the most important. It will take some time for the insurance company to send the requirements. They will be based on the qualifications of the pilot and the aircraft type.
Using your resources
Purchasing an airplane is an investment. That is why talking with pilots, technicians that you know can help to decide what kind of aircraft you should have. It is better to consult with a professional before making the decision.