Topics
Buyer 's Checklist
Choices:
The most important decision you must make is to determine exactly what kind of aircraft best meets your needs. Then you need to make a determination about how your needs fit with your budget.
Your Needs:
What is the primary purpose/use of the aircraft you are going to buy? Is it for fun? Or is it for business? How many people will fly with you? Will your have passengers on every flight or just once in a while? How long is the usual flight? What kind of airports will you be using? Will you fly only VFR or IFR, too? Define your flying needs in as much detail as you can. Develop a list of these considerations and as many more as apply to your situation. Then "rank order" each consideration by assigning a value to it. Now, evaluate the results. This process should aid you in identifying what you need for an aircraft.
Your Purchase Budget:
One important factor to remember is that the aircraft purchase price is only part of the initial cost of acquisition. There will be costs to have the aircraft inspected, insure the aircraft, and to pick up the aircraft.
Your Operating Budget:
It's important to understand the overall cost of owning an aircraft. The direct operating costs are associated with how much you fly. Fixed costs, such as hangar rent or tie down fees, insurance, and annual inspections, are ongoing costs associated with simply owning the aircraft no matter how many hours you fly the aircraft.
Selecting An Aircraft:
You can minimize your direct operating costs by selecting the right type of aircraft to meet your performance requirements. This will be the aircraft that meets your "mission" needs.
Insurance:
Once you have identified the make and model aircraft that best meets your needs, you should check with your aircraft insurance agent to determine if there will be any special requirements for you to qualify for insurance coverage.
Ready to Start Searching:
As you have seen, there are many thing so consider before you begin your search. Once you have completed the above steps, it is time to find an aircraft.
Buyer's Broker:
To get the best deal possible, you might consider engaging a professional broker who can assist you through the whole process so you will get the most value for your money.