4 Things To Consider Before Buying Your First Aircraft
You’ve probably dreamt of owning a plane, helicopter, or other aircraft for the longest time. In this way, you can go anywhere, whenever you’d like, without being stressed about renting a plane, chopper, or jet or abiding by an owner’s limitations. So, if you have your own aircraft, you can customize it however you want. Besides that, if you fly often, you could use less money than what you would rent an aircraft.
That said, buying your own aircraft requires planning and putting more thought into the idea. However, with proper guidance, things can be much easier.
If you’re looking to purchase an aircraft, this article could be helpful. Below are four things you must consider before buying one:
1. Why Are You Buying It?
Before purchasing a plane, helicopter, or jet, consider why you’re buying one. Some people might do it because they know someone who can get them a good deal. Others may purchase one because someone else did. Though these motivations may be ideal for them, you must have a practical reason to own an aircraft.
One of the first things to examine is how often you’ll use your aircraft. You also have to consider if you need air travel for future needs, to save time, or if your work requires you to have your own aircraft. Besides that, identify if you require more confidentiality and security and if buying is cheaper than renting.
After examining all the above reasons to buy a private aircraft, you may now be able to decide whether to get one. If you need one, don’t be afraid to get it because you currently don’t have a secure place to store it. You can hire a reliable company to build a small aircraft hangar or a big one. The size will depend on if you’re looking to own a helicopter, jet, or plane.
2. How Will You Finance The Purchase?
Before buying an aircraft, you must consider how you’ll finance your purchase. If you have enough, you can use your savings. When doing so, stick to your budget. Buying an aircraft for more than the amount you’ve set aside might cause some trouble afterward. This is because there are other costs associated with owning one.
You can also consider other financial sources if you don’t have sufficient cash. For instance, you could take an asset-based or traditional loan. Getting financial assistance to purchase an aircraft may be as easy as acquiring a car loan. For more guidance, find an aircraft financing expert. They might help you get a competitive deal for purchasing your aircraft.
3. Can You Manage Other Costs Of Owning One?
Besides the initial amount of buying your aircraft, you also have to think about other costs of owning it. For instance, you must consider yearly maintenance expenses, operational charges, and insurance premiums. And the unexpected repairs, fuel, and housing costs.
Generally, ensure you have enough money to last a year for all these expenses if you want to buy an aircraft.
4. What’s The Aircraft’s Condition?
If you’ve identified a suitable plane, chopper, or jet to purchase, check its condition before making an offer. Start by testing it.
First, determine if everything is okay before flying it. If all is well, take your first flight. When doing so, examine if all equipment and systems are working as they should. If you discover something amiss, rent an aircraft for a coming workcation or another special event. This is before you find a good one to buy.
You can also ask an expert to help you conduct the pre-purchase inspection. A well-experienced mechanic is suitable. The professional will check if everything is in sound condition and could tell you what might need to be repaired or replaced soon.
If everything is okay, conduct a title search for the aircraft you desire to buy. This will help you find out if there’s a lien on it. If you’d want to take a traditional or asset-based loan to buy your aircraft, your financier might do this on your behalf.
Owning an aircraft is a dream that many people hope to achieve. If you’re finally capable of doing so, there are some factors you’ll have to consider before buying one.
In this article, you’ve learned that you should first examine why you’re buying one and identify how you’ll finance the purchase. You also have to be sure if you can manage other costs of owning a jet, helicopter, or plane before purchasing it. Lastly, you must assess an aircraft’s condition before making an offer.