Are you in the market to buy an aircraft? Maybe a single-engine piston aircraft like a Cirrus SR22, or even a twin-engine piston aircraft like a Cessna 414A?
Purchasing an aircraft puts you in some elite company. In fact, there are only 220,000 aircraft registered in the United States!
Did you know that an estimated 65% of all general aviation flights are conducted for a business or public service purposes?
Buying an aircraft will allow your business to fly when it needs to, and to places, airlines don’t. Plus, it’s worth noting that shipments have been on the rise, and more pilots are getting their private pilot ratings.
But how can you ensure you are getting the best deal when you prepare to purchase a private jet for yourself?
Read on to learn how to get the best deal when you buy a private jet.
Know The Market
Although there are a very limited number of aircraft in the United States, some markets do better than others.
Before beginning your search for an aircraft, you should spend time getting to understand the market for the class of aircraft you are interested in. Single-engine aircraft and experimental aircraft (this includes Light Sport) categories have been on the rise for years, and many aircraft would fall into a seller’s market, as supply is far below demand.
So your first step is to identify if a single or multi-engine aircraft is for you.
But the market has changed a lot for buying private planes in the last 20 years. Besides manufacturers offering planes with more safety and luxury features, the Internet has provided a platform for buyers to perform lots of research!
One of the best resources is Verified Value Reports on a specific aircraft.
By performing research on the planes you are interested in, you will get a better sense of what the market is before you go to buy one.
Perform a Pre-Buy Inspection
When you are buying a used aircraft, it’s imperative that you perform an inspection before you complete the purchase.
Like a used car or motorcycle, what you see on the outside with a private jet may not be what you get on the inside. You need to be sure that you are buying an aircraft that does not have lots of hidden mechanical issues that you will need to fix later.
Even if your prospective aircraft does have some minor issues, you can use these to your advantage as you negotiate a fair selling price.
Secure Your Own Financing
Many private aircraft owners will purchase their aircraft with cash, but others opt to finance the purchase through a lending institution.
This can be particularly appealing to a buyer who qualifies for a very low interest rate and can use his or her cash to earn more on their money over the life of the loan as they pay down the principal.
You should spend some time shopping around to find the most competitive rates with different lenders. That way, when you find the aircraft of your dreams, you are ready to complete the transaction.
Wrapping Up: Be Prepared Before You Buy a Plane
The decision to buy a plane is often one of the most expensive purchases of an individual’s lifetime.
The cost of a new single-engine aircraft can be more than $300,000, which makes this a decision one worth thinking long and hard about.
At VREF Aircraft Value Reference, we are your source for information on aircraft built around the world. Contact us today to learn more about our services and how we can help you before you make your next purchase.
