If you’re considering buying an aircraft for sale, there are plenty of tasks you must complete in advance of starting to shop for a plane of your own.
All private jets require a tidy sum of money to purchase and maintain, but some cost quite a lot more. In general, your total cost of ownership depends on the size of the jet, how often you fly it, and how much you’re spending on flexible costs.
But some people’s lives are improved by owning and flying in a business jet, so the cost of ownership is completely worth it to them. If you’re looking to buy your own private jet, here are a few considerations before you make a purchase.
Understand Your Finances, Inside and Out
You’ll want to call up your accountant and have a meaningful chat before you even begin looking at aircraft listed for sale.
Together, you must determine how much money per year you can afford to spend on a plane. Remember that the cost of ownership can greatly vary, and you have to take into account more than just the purchase price. You’ll also want to consider the fees you’ll pay, like insurance premiums, hangar rental fees, the cost of maintenance programs, flight crew salaries, and the fees associated with airports you utilize, such as ramp fees, landing fees, and fuel fees.
If your budget doesn’t amount to much, you may not be able to purchase a jet, or you may need to limit your search to smaller jets without high-tech amenities. These less-expensive jets cannot fly as long of distances as their larger cousins, but you can still enjoy the benefits of private aviation, such as skipping the TSA lines and ease of scheduling flights that are conducive to your daily agenda.
Hire a Pro to Help You
When you’re ready to find aircraft for sale, call a reputable aircraft broker or dealer. They are experts in the private aviation industry and work in your best interest throughout the complex jet-buying process.
If you’re looking for a highly respected broker or dealer, then you’ll want to find one who is accredited by the International Aircraft Dealers Association (IADA). IADA accredited aircraft dealers must agree to abide by a code of ethics and come highly recommended by their peers, so you know you can trust them.
Let the Shopping Begin!
Your reputable aircraft broker will take note of your budget and the jet amenities you’re looking for to help you find an ideal plane. Just like a real estate agent shows houses they believe their clients will love, so do these dealers. And because buying a jet is perhaps even more complicated than buying real estate, you’ll want to rely on them to help you out along the way.
Most first-time plane buyers look at pre-owned jets because they have more affordable prices and can be acquired more quickly, as compared to brand-new custom-ordered jets straight from the manufacturer.
After you’ve reviewed the jets for sale within your budget, you can narrow down your list of favorites.
Ask the Right Questions
As you’re looking at private jets for sale, be sure that you’re gathering vital information about each option. How many cycles are on the engines? What type of maintenance plan did the previous owners follow to keep the plane in good condition? What amenities are included in the jet? When were the avionics in the used jet last updated?
Your aircraft broker can help you get answers to these questions, and guide you through what you should know about each listing you review.
Once you’ve done your due diligence with all the information you’ve been provided, it’s time to make an offer on a business jet that you really love.
Complete the Purchase Process
Before a private jet is officially yours, you’ll go through a multi-step process that can take months to complete.
You’ll need to prove you have the money to purchase the jet – whether that’s in cash, or through financing. You’ll also need to purchase a variety of insurance policies and pay the premiums, pay sales tax, and fund an inspection to ensure your new plane is air-worthy. You can even negotiate repairs using your inspection results, so make sure you’re never skipping a step.
While you complete your own to-do list, your lender and your broker are working to complete their own long list of to-dos, including preparing documents you’ll need to sign, setting up an escrow account for your down payment and other funds, completing a title search, and much more.
Ready for Takeoff!
After you’ve closed on the purchase of your new-to-you private jet, you are now free to move about the planet! You’ll reap the benefits of private aviation and enjoy more relaxing and productive flights to and from your chosen destinations.
