If you are in the enviable position of being in the market for a private plane, you will probably be inundated with offers. This is a big decision involving a substantial amount of money. You want to make sure you choose exactly the right aircraft for sale. You should consider the advice of veteran pilots, and your accountant, before you buy anything.
The most common mistake experts see first time plane buyers make is purchasing more than they really need. In order to avoid this trap, making a list of what you will use the craft for can help. If you, and one or two others, will most often be on flights you take, you do not really have a need for a plane large enough to fly a group of twelve or more across the country for an annual getaway. Buying the smaller plane makes much more economic sense.
Many first time buyers are tempted to opt for a used plane in order to save money instead of buying new. If this is your thinking, you might need to reconsider. With a new plane, it will be easier to get a loan with competitive rates. You will be offered a longer time to repay the loan. You won't need as much money down if you buy a new plane. If you opt for a used plane any warranty will be limited.
One of the best resources you will find when it comes to checking out planes is the people who already own them. Owners will give you real life experiences instead of the statistics and numbers you find on the websites of manufacturers. You should consider joining an owner group even before you become an owner. These groups will give you a treasure trove of information.
It's easy to get carried away when looking at planes. If you're not careful, you will end up spending a lot more money than you had planned. It's important to set a fixed budget, with a realistic amount for extras, and stick to it. Instead of looking at every plane, in every price range, it's a better idea to only inspect the ones you can afford, and leave the rest for those with deeper pockets.
If at all possible, you need to make sure the plane you purchase, and the reasons you are purchasing it, qualify for tax deductions. This is going to save you thousands of dollars, if the plane is new. Your accountant will know all the latest tax laws and advise you on applying the depreciation and paying for its use with pre-tax dollars.
When you are on demo flights, your focus should be on how the machine performs. During this time, you should be constantly monitoring the plane's performance numbers and how they compare with the manufacturer's. The power setting and fuel flow are of special interest.
It can make economic and business sense to purchase a private plane. These aren't toys however. Buying too much in order to impress clients usually backfires. You should decide how much plane you need, set a budget, and stick to it.
The most common mistake experts see first time plane buyers make is purchasing more than they really need. In order to avoid this trap, making a list of what you will use the craft for can help. If you, and one or two others, will most often be on flights you take, you do not really have a need for a plane large enough to fly a group of twelve or more across the country for an annual getaway. Buying the smaller plane makes much more economic sense.
Many first time buyers are tempted to opt for a used plane in order to save money instead of buying new. If this is your thinking, you might need to reconsider. With a new plane, it will be easier to get a loan with competitive rates. You will be offered a longer time to repay the loan. You won't need as much money down if you buy a new plane. If you opt for a used plane any warranty will be limited.
One of the best resources you will find when it comes to checking out planes is the people who already own them. Owners will give you real life experiences instead of the statistics and numbers you find on the websites of manufacturers. You should consider joining an owner group even before you become an owner. These groups will give you a treasure trove of information.
It's easy to get carried away when looking at planes. If you're not careful, you will end up spending a lot more money than you had planned. It's important to set a fixed budget, with a realistic amount for extras, and stick to it. Instead of looking at every plane, in every price range, it's a better idea to only inspect the ones you can afford, and leave the rest for those with deeper pockets.
If at all possible, you need to make sure the plane you purchase, and the reasons you are purchasing it, qualify for tax deductions. This is going to save you thousands of dollars, if the plane is new. Your accountant will know all the latest tax laws and advise you on applying the depreciation and paying for its use with pre-tax dollars.
When you are on demo flights, your focus should be on how the machine performs. During this time, you should be constantly monitoring the plane's performance numbers and how they compare with the manufacturer's. The power setting and fuel flow are of special interest.
It can make economic and business sense to purchase a private plane. These aren't toys however. Buying too much in order to impress clients usually backfires. You should decide how much plane you need, set a budget, and stick to it.
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