Depending on the type, an aircraft can cost as much as $21,000,000.
That’s a heck a lot of money!
So why would you want to risk all that for an aircraft with hidden damage?
Getting an aircraft appraiser is the best way to ensure that you get value for your money. You get to avoid overpaying for insurance and other related taxes. The appraiser will also help you better understand the type of aircraft you want to buy and what you can expect in terms of performance.
That aside, here are more reasons why you should seek an appraiser’s professional help during purchase.
1. Appraisers Have a Better Understanding of the Market
Appraisers are well-versed with the aircraft market. They’ll analyze the market and give comprehensive findings on the actual market value of an aircraft. Proper equipment and market knowledge are things you’ll hardly find in most publications or websites.
Additionally, an appraisal report can provide a basis for negotiating the price. It’ll vividly highlight the issues to be addressed before making any transaction.
2. Aircraft Appraisers Are Experts in What They Do
Determining an aircraft value involves more than plunging the model, make, and manufacture year of an aircraft into a publication or web tool.
Before an appraiser can attain the accredited member designation, they’ll need to have a college degree or its equivalent and at least two years’ experience.
Appraisers with more than five years of experience qualify for an accredited senior appraiser designation. With such experience, you can expect better appraisals for your significant investment.
3. Aircraft Appraisers are Accredited
Before appraisers can give any report to the public, they should have undergone specialized training. They also have to meet the minimum requirement for certification set out by the American Society of Appraisers (ASA). Training includes a strict code of ethics, over one hundred classroom hours of training as well as the completion of USPAP training.
The American Society of Appraisers (ASA) is a world-renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties.
Members of this association work on a strict code of conduct to ensure that they act in an unbiased manner. These requirements are unique and vital in the appraisal industry. They make the difference between an accurate valuation and an estimate.
Choosing an Aircraft Appraiser: Final Thoughts
Considering the benefits above, an aircraft appraiser will undoubtedly help you make the right buying decision on your huge investment. Without an appraiser, you may spend money on a faulty aircraft, which is not only a loss of money but also a safety hazard.
If you’re looking for professional appraisal services, look no further than VREF. We offer USPAP-compliant aircraft appraisals and full on-site inspections to ensure you are getting the proper appraised value on your aircraft.