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.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
Another mistake the inexperienced tend to make is assuming they will save a lot of money buying a used plane instead of a new one. Before you do this, you need to consider the benefits of purchasing new. You will get a better loan with the new craft. The interest rate will be lower, and you can spread the payments out for a longer period of time. You won't need as much money down. A loan, with favorable rates, is easier to get. Tax benefits and warranties come with new airplanes.
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 try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
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.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
Another mistake the inexperienced tend to make is assuming they will save a lot of money buying a used plane instead of a new one. Before you do this, you need to consider the benefits of purchasing new. You will get a better loan with the new craft. The interest rate will be lower, and you can spread the payments out for a longer period of time. You won't need as much money down. A loan, with favorable rates, is easier to get. Tax benefits and warranties come with new airplanes.
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 try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
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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