| For most people buying their first airplane can be | | | | is to determine the most important features you |
| ranked in conjunction with buying your dream home, | | | | want in an airplane? The honest truth is that there is |
| getting married or name any other significant event in | | | | no ideal airplane for everyone that has everything. |
| your life. Buying your first airplane means the | | | | Each airplane has its strengths and weakness. I |
| completion of a dream. One of the greatest highlights | | | | recommend rank ordering what strengths you think |
| of my career is seeing a first time buyer act like a 6 | | | | your ideal airplane should have. A few ideas include: |
| year old on Christmas morning when I hand him or | | | | safety record, speed, avionics, payload, cabin |
| her keys to their new airplane. | | | | comfort, visibility, range, efficiency, cost of |
| The thought of purchasing an airplane can seem | | | | maintenance, etc. I would like to expound on these a |
| daunting. After all, only 1 in 100 people in the U.S. | | | | bit. First, safety record. Airplanes are safe, just some |
| have a pilots license, much less own an airplane. For | | | | have a better safety record than others. The best |
| those looking for an adventure to a far off land, a | | | | way to research a specific airplane is to visit the |
| 100 dollar hamburger or a business tool to be more | | | | NTSB website at and do a search on the airplanes |
| productive, rest assured that purchasing an airplane | | | | you are interested in. Comparing the avionics panel is |
| isn't rocket science, it's "plane science" which is a | | | | like comparing a house with a pool to a house |
| whole lot easier so lets begin. | | | | without one, it makes a big difference. Airplanes with |
| This article will present a step by step process to | | | | glass panels are in demand and offer a higher resale |
| make your dream come true. Step number 1; make | | | | value than non-glass equipped airplanes; they also |
| sure your spouse or significant other is on board. I | | | | command a higher price. Airplanes with a Garmin 430 |
| firmly believe that this is the biggest dream killer. If | | | | or 530 GPS are more desirable than Loran equipped |
| you pass step one (lucky you), then step two is to | | | | airplanes or no GPS at all. I hate to admit this but it is |
| take inventory of what you are looking to | | | | true, almost any GPS other than a 430 or 530 is |
| accomplish. What is your mission? Is it to take your | | | | almost undesirable in today's market. If you are a |
| wife and kids on a 100 mile trip to the coast on a | | | | recreational flyer going to the beach, a Garmin G1000 |
| sunny day or do you often find yourself needing to | | | | might be overkill, whereas flying with a Garmin G1000 |
| be in a business meeting three states away and the | | | | cross county on an IFR plan might be quite useful. |
| weather is usually marginal? Here is the key, purchase | | | | The cost of maintenance could be found by |
| the airplane that meets your mission at least 80% of | | | | contacting a sales representative or asking another |
| the time. Don't by a six place airplane if 90% of the | | | | owner of the airplane that interests you. Speed, |
| time it is just you and your wife flying. The extra | | | | payload and range can be found on the |
| gas, aircraft cost, insurance, and maintenance of | | | | manufacturers' website or a write up in an aviation |
| purchasing the extra seats you won't be using will | | | | magazine. For cabin comfort and visibility, you will |
| more than pay for the rentals of the times when | | | | most likely have to wait until the demo flight. |
| you do need the extra seat. The same can be said | | | | By now, you should be down to just two or three |
| for buying an airplane to fly you from New York to | | | | models that fit your mission, piloting skill level, price, |
| Florida twice a year. If you are a low time or student | | | | and features. Before you start dialing for demo |
| pilot, call an aircraft insurance agent to help determine | | | | flights, you may want to make sure your bank is ok |
| what airplanes you can safely fly. If you are just | | | | with you buying an airplane. Companies such as Dorr |
| learning to fly, don't expect to be flying a King Air | | | | Aviation, Airfleet Capital or AOPA can help you |
| any time soon. | | | | secure financing. Even during this economic downturn, |
| Along with determining your mission, determine how | | | | there is plenty of money that banks are willing to |
| much a year you are willing to set aside for an | | | | lend to someone who qualifies. Plan on putting |
| airplane. The purchase price is just one piece of the | | | | 15-20% down. Banks are usually willing to lend |
| pie. You will have to do research and find out how | | | | upwards of 20 years and aircraft financing rates are |
| much a hangar or tie-down costs at your local airport | | | | very favorable at the time of this writing. Once you |
| as well as fuel and shop rates for oil changes and | | | | are preapproved, you won't have any more doubt |
| annuals. If you plan on buying a used airplane, set | | | | and you will be in a much stronger position to make |
| aside money for unscheduled repair bills, and a | | | | an offer on your next airplane. On a side note, if you |
| pre-buy inspection. A good rule of thumb that I have | | | | don't qualify for the airplane you are considering, |
| heard from mechanics is budget the price of the | | | | getting into a partnership may be an alternative; |
| annual to cover the unscheduled repair bills. Also, the | | | | (however, I will save partnerships for another topic |
| monthly cost to keep all available subscriptions on a | | | | on another day.) |
| glass cockpit is often overlooked and can run over | | | | One additional question that I often hear is should I |
| 100 dollars month. Don't forget that if you keep your | | | | buy new or pre-owned? Books can be written about |
| airplane for a long time, you will have to eventually | | | | new verses used so for the purpose of this article |
| pay for an engine overhaul. | | | | and as a general rule of thumb, if you can go new as |
| Now that you have determined your mission and | | | | a first time buyer, then do it. It will save you |
| know how many premium Starbucks coffees you | | | | headaches when it comes to repairs and having an |
| must forgo to afford your next love (I mean | | | | airplane warranty is nice to have. Buying new can also |
| airplane), it is time to begin the search process. A | | | | help with your taxes. The downside of buying new is |
| great place to gather information is by attending | | | | being prepared to take a depreciation hit when it |
| large aircraft expos such as Oshkosh or Sun N Fun. It | | | | comes time to sell or trade in. |
| never hurts to ask around the local FBO or spend | | | | Finally, if you are looking for a new airplane, give your |
| some quality time on the internet searching airplanes. | | | | local sales representative a call and schedule a demo |
| Asking an aircraft broker or sales representative | | | | flight. If you go used, you may have to do some |
| would result in several airplanes to meet your mission | | | | dialing and schedule several different visits to find |
| and price. | | | | your next Christmas present. |
| With several different airplanes in mind, the next step | | | | |