A private plane is often a visual affirmation of personal success. If you have reached this level, and are currently in the market for a plane, whether for personal or business use, you are going to generate a lot of interest and offers. This is an important financial decision. You need to consider carefully before expressing any interest in an aircraft for sale.
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.
You might be inclined to purchase a used plane to save money. Before you do that, you need to consider the advantages of buying new. You will get a better interest rate, and be able to spread the payments out for a longer time, if you purchase a new plane. There will be a warranty with the new craft, and probably tax benefits. It will be easier to get a loan, and you won't have to make as big a down payment with a new model.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
It is not hard to get carried away checking out potential purchases. You will find yourself trying to justify a bigger purchase than you can afford if you aren't careful. Experts advise buyers to set a fixed budget first and then add a realistic amount for extras. This is the dollar figure you are going to stick with. It's a good idea to inspect only the planes in your price range to avoid temptation.
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.
On your demo flights, you should be monitoring the plane's performance the whole time. You want to compare the manufacturer's numbers with the actual performance numbers. The fuel flow and power settings are the numbers that are the most important to watch.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
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.
You might be inclined to purchase a used plane to save money. Before you do that, you need to consider the advantages of buying new. You will get a better interest rate, and be able to spread the payments out for a longer time, if you purchase a new plane. There will be a warranty with the new craft, and probably tax benefits. It will be easier to get a loan, and you won't have to make as big a down payment with a new model.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
It is not hard to get carried away checking out potential purchases. You will find yourself trying to justify a bigger purchase than you can afford if you aren't careful. Experts advise buyers to set a fixed budget first and then add a realistic amount for extras. This is the dollar figure you are going to stick with. It's a good idea to inspect only the planes in your price range to avoid temptation.
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.
On your demo flights, you should be monitoring the plane's performance the whole time. You want to compare the manufacturer's numbers with the actual performance numbers. The fuel flow and power settings are the numbers that are the most important to watch.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
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