Whether you are looking to buy an aircraft in the next few days or the next few months, it’s crucial to be well informed about the process from start to finish as clearly, this type of transaction and investment is no small feat. It is imperative to learn as much as you can from the get-go in order to avoid wasting time and/or making a wrong or misinformed decision. Having said that, let’s get started. Here’s what you need to know before buying an aircraft:
- Brand New or Used. Making an immediate decision on this criteria will help you narrow down your choices on a significant level. It is possible that you have already made your mind up about buying a used aircraft because of the substantial difference in price. But think again, as here’s what many first time aircraft buyers may not be aware of: as a buyer of a brand new aircraft, you are afforded certain privileges such as paying lower interest rates, more flexible payment schedules, and in some cases, tax benefits. The warranties that come with brand new aircrafts also come with estimated maintenance costs so that you are aware of what you are getting into at least for the initial years of ownership. If you are thinking about taking out a loan, the situation is also more favorable for those applying in order to purchase new aircrafts. Down payments tend to be lower as well. With all of this information in mind, mull over your decision to buy a new or used aircraft very carefully.
- Assess Your Need for Speed. When it comes to aircrafts, they’re really not that different from cars when it comes to what ups a product’s price. Just as a Porsche Carrera GT trumps the speed of a Toyota ’86 by leaps and bounds, the same applies to its price tag. The same is true with aircrafts. The faster the aircraft, the pricier it is likely to be. Keep this in mind as you decide among the different aircrafts on your list. While you will certainly get to your destination earlier with a faster plane, the price to pay is still present and it makes itself known in the form of higher fuel prices, maintenance fees, and insurance costs. That said, think long and hard about what you will be primarily using the aircraft for. Then make a choice accordingly.
- Solid Financing. In order to see your dream of owning an aircraft come to fruition, you will need to ensure that you will be able to fully finance your aircraft. Be very meticulous and don’t miss out on a single detail when it comes to payment terms, taxes, insurance, etc. Take note that there is a world of difference between buying a car and buying an aircraft. Try to gain prequalification prior to shopping around for an aircraft so that you don’t waste your time or energy only to find you don’t qualify.
Joining owner groups and consulting with aircraft owners will also help tremendously in providing you with helpful advice and essential tips.
Useful Ressource : sing-jets.com