There are a number of questions that can be asked on Used Airplane. Through clubs or private organizations you can rent a plane on almost any given day. However, owning provides the pride of ownership, increased flexibility in flight times, and increased control over upkeep. Which choice makes the most sense for you? The costs of buying a used airplane include a down payment, principal and interest on a loan, insurance, storage, the annual inspection, regular maintenance, taxes and fuel. How much can you afford? Are you interested in acrobatics, sightseeing, fun flying, short trips or cross-country trips? The best type and model depends on how you plan to use the used airplane. Once you’ve decided on a model and a price range, how do you find, inspect and buy a used airplane?
Used Airplane versus Airplane rental/ borrow
To help clarify the trade-offs, add up how much you currently spend on rentals, and compare this number to the annual cost for owning a used airplane. If you fly 50 to 75 hours a year and spend $50/hour on rentals, you are already spending $2,500 to $3,750/year. An inexpensive plane with a grass tie down might even cost you less to buy a used airplane. Besides the financial aspect, there are other trade-offs to consider. With rentals, you can fly different planes and don’t have to worry about maintenance. With owning a used airplane, you almost always have access to your plane on your schedule and you can control maintenance and upkeep.
Used Airplane Financing- If you are borrowing the money from a bank, calculate your down payment and the monthly payment based on current interest rates. If you are buying a used airplane 100% with your own money, don’t forget to include the opportunity cost. That is, how would you have invested the money if you buy a used airplane, and how much interest are you forgoing through this purchase.
Used Airplane Insurance- There are two types, liability and hull. The liability protects your used airplane against claims arising from an accident involving the use of your used airplane. It may be required in your state. The hull insurance covers physical damage to your aircraft and is often required by lending institutions. Insurance may range from $700 to $2,000/year for a small, inexpensive used airplane depending on the options chosen.
Used Airplane Storage- Options range from grass tie downs to heater hangers. Tie downs are cheaper, but hangars provide protection from sun, precipitation, wind and vandalism. Tie downs range from grass spots where you’ll have to install your own anchors to marked stalls on concrete pavement. There are several choices in hangars- the most common is the T-hangar. Planes are arranged in rows facing in alternating directions. Some hangars are two walls with a roof, providing limited protection from wind and vandalism. Some are heated but cost more. Some are chaotic cramming in as many aircraft as possible. An additional cost may be “hangar rash” when the tips of the wings of one aircraft brush against another. Prices vary based on the type of amenities and the location. Check with your local air strip for more specific rates for storing your used airplane.
Used Airplane Operations- Airport fees and fuel. The actual amount depends on usage for your used airplane.
Used Airplane Maintenance- Includes the annual inspection and other yearly maintenance. The annual inspection may cost from $500 to $1,000 for a small used airplane. Other maintenance may cost from $800 and up.
Other- Includes taxes and fees.
Your Used Airplane Objective
Before you start shopping, defining exactly what you need can help narrow the field on used airplane. How many passengers will you typically carry? How far will you fly? How fast do you need to get there? What type of airstrips will you land on? Will you be flying in congested airspace? Are there certain styles such as antiques and classics that you find more appealing? How will your needs change over the next 3-5 years?
Jets versus Propellers- Jets are obviously much faster, but are more expensive to buy and operate as a used airplane.
New Versus Used- used airplanes cost less than new airplanes, but may have more mechanical problems. This does not mean that used airplanes are unsafe. The average general aviation used airplane is over 20 years old.
Instead of trying to figure out on your own Used Airplane, consider having an aircraft dealer help you out. General Aviation Services has saved their clients a lot of money instead of the client buying an airplane on their own. General Aviation knows a lot of “hidden treasures” in the aviation industry. GAS has been in the airplane marketplace for over 37 years with established partnerships worldwide. Why deal with the hassle of airplane homework? Have someone like GAS who has been in your shoes, do the homework for you. GAS will show you how to buy a used aircraft.