If you’re buying a business jet for the first time, you should ask yourself a lot of questions before you start looking for the right plane:
How often and how far will I fly? How much effort or sleep will I need to get to my destinations? What is the maximum amount of luggage I will be able to stow? What is the average height of my passengers, and how much baggage will they bring? I’m not sure how long I’ll be at each location.
Once you have answered all your questions, seek an aircraft financing company with a team of experts that will give you a piece of advice on what type of aircraft will best suit your needs.
In this article, let’s explore the possible and essential questions you should ask when purchasing your aircraft.
What Are The Right Questions To Ask?
Purchasing an airplane is a complicated process, and getting the correct assistance may help you complete it successfully. However, before purchasing one of the most costly purchases of your life, you should consider several aspects and facts.
Here is the list of questions that you can ask your financing company.
1. Make, model, and serial number
The manufacturer makes sure the airplane’s make, model, and serial number are correct. Over the years, some manufacturers changed the names of their models for the same airframe several times. Take a look at the Cherokee 180, often known as the Challenger or Archer.
A lot of sellers misrepresent their planes by name. The vendor should confirm that you are purchasing a 1969 Cessna 177-A Cardinal and provide you with the whole manufacturer’s serial number.
2. Insurance Price
Insurance is a complicated subject. Purchasing airplane insurance is a lot more complex than buying vehicle insurance. It’s also a lot more expensive. Before you start shopping for planes to buy, make sure you know how much insurance will cost.
It’s no joy to buy your ideal plane only to discover that insurance will cost twice as much as you anticipated – especially when the insurance company demands that you take an expensive training course and log a particular number of hours on the plane.
These are normal processes. But if you did not prepare before picking an aircraft, they may be pricey.
3. The Budget
It may seem self-evident, but first-time purchasers should examine their budget conscientiously. Aside from the purchase price, there are other expenditures connected with owning an airplane.
You’ll have to include the loan payment, insurance, maintenance, operating costs, hangar or tie-down fees, and any other unexpected expenses, such as mandatory avionics upgrades.
4. The Resale Value
Nothing lasts forever, and you’ll almost certainly want or need to sell your aircraft at some point. Perform some basic market research on your jet to ensure that you can sell it quickly when the time comes.
Is this particular make and model known to have a mechanical issue? Will the avionics’ age deter customers from wanting to buy one in five or ten years?
Is the safety record good, or is this a specific sort of aircraft with its own set of risks? Is the history of the logbook comprehensive and accurate? Is it in good condition?
Attain A Good Plane
Before purchasing an airplane, there are several factors to consider. Speaking with some knowledgeable aircraft financing experts about the issues listed above can ensure that you have as much information as possible before making decisions before, during, and after the aircraft purchase process. Do you feel like you’re still in over your head?
Find the best aircraft lending company for your aircraft purchase. And always inquire about the necessary factors that can affect your safety, budget, and convenience.