One common error that is made by purchasers is basing their search on the look of the aircraft. This method of searching often leads to wasted time and disappointment.
Another common mistake we want you to avoid is purchasing the largest aircraft within your budget, often larger then required leading to undue capital and operating cost.
I will give you some useful tips to guide you through the selection process, assisting you in reaching your goal of ownership. Checklists are used each time we fly with great importance, and they are just as important when evaluating an aircraft you wish to purchase. Click below for your free PDF Checklist emailed to you!!
Tip 1 – Why is the type of mission important?
You want to purchase the aircraft that suites your most common mission. Buying to large, you will incur additional capital and operational cost. You want to evaluate your need vs your wants. Below are three main points to consider while looking your needs:
What are my most travelled to destinations? Knowing your destinations is important to the selection process, each type excels in the markets they were designed for. For example, the King Air works well on shorter trips into smaller airports then a Challenger 604 which requires longer runways and built for longer flights.
How many passengers are traveling on the average flights? This important information when choosing an aircraft, you want to be sure that you have the seating seating capacity. More importantly the flight crew are required calculate weight & balance for each flight. This is a calculation of how much payload (crew, passengers, bags and fuel) can be carried onboard, while staying within the manufactures weight and balance limitations.
Tip 2 The Importance of home base Choice.
Important reasons for determining home base, prior to selecting your aircraft, these are:
- Will the runways available be long enough. Every aircraft has limitations on the length of the runway that it can operate in and out of.
- Does the airport have a hanger that will fit the aircraft?
- Do they sell the fuel that your aircraft requires?
- Where is the nearest maintenance facility?
Tip 3 Ways of Operating the Aircraft
So you have now narrowed down your needs, based on home location, destinations most travelled, number of passengers but have you thought about aircraft management.
The type of use and size of the aircraft, will determine the operational requirements, regulatory responsibilities, insurance and maintenance considerations, to name a few points to keep in mind.
So how will you be sure your aircraft is ready to take to the sky on your next trip? Well, here are a couple of options:
- Do I have the skills & time to do this myself
- Should I hire the required aviation specialist to set up and run your operation, or
- I could contract this out to an Aircraft Management Company
Tip 4 How to be Financial Prepared for Aircraft Ownership!
Fourth tip is the final deciding factor, the budget. So you’re likely asking yourself if it is the ultimate deciding factor why is it tip 4.
Two factors to considered when evaluating your budget:
- Capitol cost of the purchase, this is the purchase price and sometime people would factor in things like brokerages fees, pre-purchase inspections, import fees. Cost you will incur to get the asset on the grounds are capital.
- Operational cost, cost incurred for usage. For example Hanger, Insurance, and Fuel etc
So this is why we need to research tip one through three prior to calculating a budget.
These are the tip of the iceberg when it comes looking at an aircraft for purchase. This journey will be one of excitement, disappointment, and frustration and that is normal. I highly recommended enlisting the services of a professional, they will have the knowledge and connections to makes this a smooth venture.
Come back and visit regularly, we will be diving into each of these tips in more detail guiding you to aircraft ownership. Please reach out to our team of aviation professionals if we can be of assistance.