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.
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.
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.
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.
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.
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.
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.
About the Author:
When you are searching for information about aircraft for sale, come to our web pages online today. More details are available at http://www.aerozell.com/about-us now.
No comments:
Post a Comment