4 Things to Consider When Purchasing Your First Airplane

Being able to fly whenever and to wherever is a dream that many share. Owning an airplane can make this dream a possibility and is perhaps a more attainable goal now than ever before. Used airplanes can be purchased at highly affordable prices and flight instruction is more widely available than in the past. Before purchasing an aircraft, however, it is important to consider the following factors.

One

Where You Will Keep It

Airplanes cannot just be parked in garages or driveways, so it is important to figure out where you will keep it. It is possible to rent hangars or tie down spaces for a monthly or yearly fee, so this may be the best option if you do not live in an airplane friendly neighborhood. Some companies that rent hangars and tie down spaces also offer other aircraft services, which may be helpful. Be sure to research a space before opting to keep your plane there, as conditions may affect the longevity of your plane.

Two

How You Will Maintain It

Aircraft maintenance is well regulated and extremely important to safety. If you are not an aircraft mechanic, it is crucial to figure out who will perform regular and needed maintenance on your plane before you commit to purchasing it. Some mechanics will travel and some companies that rent spaces for aircraft offer optional maintenance services for an extra fee. It is also important to make sure that you will be financially capable of covering regular maintenance costs.

Three

How Often You Will Fly

Most people that own planes do not actually log a lot of hours in the sky per year. If you only plan on using your plane a few times per year or for certain vacations, it may make sense to “share” a plane with other people. Sharing a plane means sharing all of the costs, so it can make every aspect of ownership more affordable. Discuss who will have the plane at what times in advance and agree on financial concerns before purchasing the plane with others.

Four

What Kind of Insurance to Purchase

Aircraft insurance is easy to find and can be tailored to meet your needs. Do plenty of research to be sure that the plan you select is affordable but offers the right amount and type of coverage. If you have never owned an airplane before, it may be helpful to speak with a qualified aircraft insurance agent.

For informational purposes only.