A private plane is often a visual affirmation of personal success. If you have reached this level, and are currently in the market for a plane, whether for personal or business use, you are going to generate a lot of interest and offers. This is an important financial decision. You need to consider carefully before expressing any interest in an aircraft for sale.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
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.
One of the best resources you will find when it comes to checking out planes is the people who already own them. Owners will give you real life experiences instead of the statistics and numbers you find on the websites of manufacturers. You should consider joining an owner group even before you become an owner. These groups will give you a treasure trove of information.
It's easy to get carried away when looking at planes. If you're not careful, you will end up spending a lot more money than you had planned. It's important to set a fixed budget, with a realistic amount for extras, and stick to it. Instead of looking at every plane, in every price range, it's a better idea to only inspect the ones you can afford, and leave the rest for those with deeper pockets.
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 are on demo flights, your focus should be on how the machine performs. During this time, you should be constantly monitoring the plane's performance numbers and how they compare with the manufacturer's. The power setting and fuel flow are of special interest.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
Experts say that one of the biggest mistakes people make when purchasing a plane for private use, is buying too much. They suggest making a list of the uses you have for the plane. If you plan to fly only yourself and one or two others, you don't need a plane big enough to fly a group of your friends across country for a ski vacation once a year. You need to buy the plane you will get the most use out of, and rent one for the occasional trip.
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.
One of the best resources you will find when it comes to checking out planes is the people who already own them. Owners will give you real life experiences instead of the statistics and numbers you find on the websites of manufacturers. You should consider joining an owner group even before you become an owner. These groups will give you a treasure trove of information.
It's easy to get carried away when looking at planes. If you're not careful, you will end up spending a lot more money than you had planned. It's important to set a fixed budget, with a realistic amount for extras, and stick to it. Instead of looking at every plane, in every price range, it's a better idea to only inspect the ones you can afford, and leave the rest for those with deeper pockets.
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 are on demo flights, your focus should be on how the machine performs. During this time, you should be constantly monitoring the plane's performance numbers and how they compare with the manufacturer's. The power setting and fuel flow are of special interest.
Owning your own plane is a great convenience if you can afford it. It's not a toy though, or something you use to impress friends and clients. Choosing the one that fits your needs should be your first priority.
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