If you are in the enviable position of being in the market for a private plane, you will probably be inundated with offers. This is a big decision involving a substantial amount of money. You want to make sure you choose exactly the right aircraft for sale. You should consider the advice of veteran pilots, and your accountant, before you buy anything.
According to the experts, the biggest mistake individuals make when choosing a private plane is buying much more than they really need. They suggest listing the most frequent uses you will have for the aircraft. If the plane only needs to accommodate yourself and one or two others the majority of the time, you don't need a plane big enough to accommodate a dozen guests on a trip to Vail once a year.
Another mistake the inexperienced tend to make is assuming they will save a lot of money buying a used plane instead of a new one. Before you do this, you need to consider the benefits of purchasing new. You will get a better loan with the new craft. The interest rate will be lower, and you can spread the payments out for a longer period of time. You won't need as much money down. A loan, with favorable rates, is easier to get. Tax benefits and warranties come with new airplanes.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
It is not hard to get carried away checking out potential purchases. You will find yourself trying to justify a bigger purchase than you can afford if you aren't careful. Experts advise buyers to set a fixed budget first and then add a realistic amount for extras. This is the dollar figure you are going to stick with. It's a good idea to inspect only the planes in your price range to avoid temptation.
If at all possible, you need to make sure the plane you purchase, and the reasons you are purchasing it, qualify for tax deductions. This is going to save you thousands of dollars, if the plane is new. Your accountant will know all the latest tax laws and advise you on applying the depreciation and paying for its use with pre-tax dollars.
When you try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
A private plane is certainly a luxury, but it can be a good business investment as well. Planes are not toys though, or expensive ways to impress clients. You need to be practical and purchase what you need and what you can afford.
According to the experts, the biggest mistake individuals make when choosing a private plane is buying much more than they really need. They suggest listing the most frequent uses you will have for the aircraft. If the plane only needs to accommodate yourself and one or two others the majority of the time, you don't need a plane big enough to accommodate a dozen guests on a trip to Vail once a year.
Another mistake the inexperienced tend to make is assuming they will save a lot of money buying a used plane instead of a new one. Before you do this, you need to consider the benefits of purchasing new. You will get a better loan with the new craft. The interest rate will be lower, and you can spread the payments out for a longer period of time. You won't need as much money down. A loan, with favorable rates, is easier to get. Tax benefits and warranties come with new airplanes.
Before you buy, you should get as much information as possible from existing owners. They can give you real life experience with aircraft instead of the numbers and statistics you get at official online sites. Joining an owner group is a great idea, even before you become an owner yourself. These groups are treasure troves of information.
It is not hard to get carried away checking out potential purchases. You will find yourself trying to justify a bigger purchase than you can afford if you aren't careful. Experts advise buyers to set a fixed budget first and then add a realistic amount for extras. This is the dollar figure you are going to stick with. It's a good idea to inspect only the planes in your price range to avoid temptation.
If at all possible, you need to make sure the plane you purchase, and the reasons you are purchasing it, qualify for tax deductions. This is going to save you thousands of dollars, if the plane is new. Your accountant will know all the latest tax laws and advise you on applying the depreciation and paying for its use with pre-tax dollars.
When you try out possible purchases, you need to be constantly monitoring the machine's performance. You need to compare the actual performance numbers with the manufacturer's numbers. You will be watching the fuel flow and power settings.
A private plane is certainly a luxury, but it can be a good business investment as well. Planes are not toys though, or expensive ways to impress clients. You need to be practical and purchase what you need and what you can afford.
About the Author:
When you are searching for information about aircraft for sale, come to our web pages online today. More details are available at http://www.aerozell.com/about-us now.
No comments:
Post a Comment