You're likely thinking about purchasing your first plane now that you have your pilot's license. You can't just buy a plane like you would any other commodity. Instead, go to a store and look at a few items before you decide on one item. Then, bring it home. It is important to look at a few things.
Although some ads for 'Aircraft for Sale" look very appealing, you don't know much about planes - except how to keep them in the air. Although these ads appear simple and easy, they are cleverly designed to confuse. It is important to bargain, and you must bargain well! How do you tell if these ads really are a bargain? These are the 3 things you should look for in a 'private jets for sale’ advertisement. Condition - You shouldn't judge a book by its cover. However, you don't want an airplane that looks like it has been through World War III. You should be careful when you're looking at any aircraft available for sale. It's safe to assume that the plane has been maintained in good condition. This does not mean the aircraft is easy to trust. You should still be vigilant when purchasing it. Before you offer to buy it, you must take a test flight. Log Books - Make sure that you have all log books available and that they are included in the sale. This is something you should ask any dealer or organization that deals with aircraft. It can be very frustrating if you discover that your log books or other documents aren't in order after you have gone through the whole process. You should ask for log books and maintenance logs, along with all licenses and certificates required by the FAA or the FCC. Total Cost - Check out the 'Used Aircraft for Sale’ ads to see what prices are being charged. It's important to avoid buying a plane that is too expensive, but not too cheap. It is important to know the prices before you make any major investments in your life. You should not buy a cheap plane. This usually indicates that the plane is in serious condition. Other expenses like storage, fuel, insurance and financing are also important. All of these expenses will add up to the cost of your aircraft, so it is important to consider them when you decide how much to offer. A broker can assist in facilitating a smooth closing by working with all parties involved, such as lawyers, an escrow agent or a like-kind agent, tax people and an aviation manager. It can be dangerous to try to do an acquisition or disposition by yourself in the hope of saving the brokerage fees. This approach can lead to wasted time, motion, and money for the seller or buyer of an aircraft. You may miss opportunities, lose deals, pay higher legal fees, have to deal with employees and representatives from the other side, which can lead to frustration, disappointment, and, most importantly, money lost.
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