3 Tips on Buying a Plane

Buying your first plane is quite a big deal.  Similar to buying your first car, you have likely done hours of research and searched high and low for something that fits your budget and needs.  Since this is not a small item that can just be returned, it is vital to select an aircraft that is ideal for you and that will make you happy for years to come.  As you enter the marketplace of planes, you may feel overwhelmed with all of the options available to you for purchase.  However, it doesn't have to be this way.  Instead, you can take pleasure in buying your dream plane by considering the 3 plane buying tips below.

1. The Need Rule. A plane that meets 80-90% of your NEEDS is what you really NEED!  It is important not to overbuy in a plane, as you will likely regret it later.  You might have high hopes and aspirations of things you will do with your plane in the future, but it is a good rule of thumb to consider what you will be using your plane for the MOST, and use that consideration to help you make your choice.  You will save lots of money and avoid future regret by following this simple tip.  If you do end up overbuying, it will be nearly impossible to do anything about it once the papers are signed.  The key is to keep it simple.  Purchase a plane that will fit your current needs.

1. The New or Used Question. Many first time buyers have a hard time believing that they could buy anything other than a used plane, but nowadays, that is simply not reality.  Yes, new aircrafts are pricey, but loans are not difficult to get in regards to airplanes, and interest rates can be low, as plane manufacturers generally stand behind the rates.  However, the choice between new or used is a philosophical one, and some may be hard-pressed to ever consider a new aircraft.  They might even want to pay cash for a used plane!  Buying used can potentially keep the buyer out of debt, and lead to a well-loved and reliable plane, but buying new ensures that you will get just that--a brand new aircraft free from damage or defect.  Each buyer must make this choice based off of what makes sense for their current needs and budget.

1. Become a Groupie! It is a good idea for new buyers to join owner groups for the camaraderie they will gain through it.  These groups generally have seasoned buyers that are well-versed in buying and selling various makes and models of aircrafts.  New buyers will get a good education on what is new in the plane market, things to look for, and things to avoid.  Owner groups are helpful communities that help to keep the buyer on track.

These 3 plane buying tips are essential when you are in the market for a new plane.  With such a large decision, you must consider your needs, if you will buy new or used, and who will help to guide you in your final decisions.  By following these basic suggestions, you can be sure you will find the perfect plane just for you.  Happy buying and happy flying!