If you are in the enviable position of being in the market for a private plane, you will probably be inundated with offers. This is a big decision involving a substantial amount of money. You want to make sure you choose exactly the right aircraft for sale. You should consider the advice of veteran pilots, and your accountant, before you buy anything.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
Many first time buyers are tempted to opt for a used plane in order to save money instead of buying new. If this is your thinking, you might need to reconsider. With a new plane, it will be easier to get a loan with competitive rates. You will be offered a longer time to repay the loan. You won't need as much money down if you buy a new plane. If you opt for a used plane any warranty will be limited.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
If you do not plan ahead, you will end up spending more money than you planned. That is one reason setting a fixed budget is so important. You can add a set amount for extras, but make that your final budget number. When you have a budget, there's not much point inspecting planes that aren't in your price range. You should focus on what you can afford.
If possible you need to find a way to qualify your plane purchase as a business use. This will allow you valuable tax deductions. The savings could be in the thousands, especially if you decide on a new model. Your accountant will know the best way to apply the depreciation and how to use pre-tax money to pay for the use.
When you try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
Many first time buyers are tempted to opt for a used plane in order to save money instead of buying new. If this is your thinking, you might need to reconsider. With a new plane, it will be easier to get a loan with competitive rates. You will be offered a longer time to repay the loan. You won't need as much money down if you buy a new plane. If you opt for a used plane any warranty will be limited.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
If you do not plan ahead, you will end up spending more money than you planned. That is one reason setting a fixed budget is so important. You can add a set amount for extras, but make that your final budget number. When you have a budget, there's not much point inspecting planes that aren't in your price range. You should focus on what you can afford.
If possible you need to find a way to qualify your plane purchase as a business use. This will allow you valuable tax deductions. The savings could be in the thousands, especially if you decide on a new model. Your accountant will know the best way to apply the depreciation and how to use pre-tax money to pay for the use.
When you try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
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