Understanding Ethics and Transparency in Appraising Aircraft

You know the adage if it’s in print it must be true! Well, when it comes to the internet and aviation information, most of what you read is not only inaccurate but severely outdated.

When it comes to the transparency of data, most of what you find available on the world wide web is anything but factual. Rarely do you find a source cited, or a so-called expert backing up a claim. With aviation values and market demand, it’s even muddier — a simple rule of thumb, the higher priced the asset, the less transparent the data.

When it comes to your aircraft’s appraised value, you can’t take any chances and nor should you. There are so many factors to take into account. Taking the extra steps before you fall in love will not only keep you out of trouble but help you maintain a level head throughout the purchase process.  Plus, how do you know if the seller is telling the truth about the aircraft’s damage history, or maintenance?

There is a way to break through the fog of aircraft valuations with some accurate reports and professional assistance. Read on to learn about ethics and transparency in aircraft valuations.

Find a Reliable Source

The process of completing the appraisal of an aircraft is complex. You can’t rely on the seller’s listing as your only guide. One easy way to find out an aircraft’s value is by using VREF Online. Think of VREF as your co-pilot, while you keep finding a potential plane to buy we keep telling you what to pay for it. But that is only the beginning of our relationship. VREF appraisers will inform you of a multitude of potential issues and safety of flight red flags. Accredited appraisers are your fiduciary, and that means we look out for your best interest, not our own. VREF takes this role seriously, and we will provide you with the proper transparent data so that you can make a decision, not the best guess.

VREF Online provides real-time values on aircraft based on their specific equipment, engines, hours, and optional equipment lists. Did you know VREF’s data comes from banks, lenders, brokers, and the manufacturers directly? VREF also offers the VREF Verified Report, the “CarFax” of aviation; these reports are an excellent option for a buyer looking to kick the tires. They will not only give you an accurate damage report of the aircraft but also provide a list of the previous owners, actual market value, and much more.

When it comes to more complex valuations, you may wish to enlist the help of an Accredited aircraft appraiser.

For example, avionics specific values are difficult to determine when calculating costs on your own. So you may need the assistance of an appraiser to establish an aircraft’s price best.

Hiring an Honest Appraiser

If you are having a hard time determining the accurate value of an aircraft, it might be time to employ an appraiser. Be sure they are accredited, USPAP compliant, and have many years of experience.

It’s crucial to hire a professional to value your aircraft. Whether you are buying or selling a plane, the appraiser’s notes are a valid form of proof for the value of an airplane.

When it comes to having a third party evaluate a plane, it ensures that you are getting the most honest valuation of an aircraft. You can trust an appraiser who has an Accreditation from the American Association of Appraisers (ASA) or ISTAT.

Can You Trust Aircraft Valuations?

When it comes to the ethical approach to aircraft valuations, you should use VREF Online as well as an honest appraiser’s opinion. Whether you are selling or purchasing an aircraft, you want to make sure you are receiving the most transparent and ethical advice possible.

People aren’t always honest when it comes to valuations, but these are some steps you can take to find the exact price.

Want to learn more about aircraft valuations? Visit our site for the latest information.

By |2019-07-18T15:19:28+00:00July 18th, 2019|Educational|