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.
The most common mistake experts see first time plane buyers make is purchasing more than they really need. In order to avoid this trap, making a list of what you will use the craft for can help. If you, and one or two others, will most often be on flights you take, you do not really have a need for a plane large enough to fly a group of twelve or more across the country for an annual getaway. Buying the smaller plane makes much more economic sense.
You might be inclined to purchase a used plane to save money. Before you do that, you need to consider the advantages of buying new. You will get a better interest rate, and be able to spread the payments out for a longer time, if you purchase a new plane. There will be a warranty with the new craft, and probably tax benefits. It will be easier to get a loan, and you won't have to make as big a down payment with a new model.
Current owners can be a great source of information. Instead of the manufacturer's sales pitch, you'll get real life experience from these individuals. Not everyone thinks about joining an owner group before purchasing a plane, but these groups are treasure troves of vital 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 possible you need to find a way to qualify your plane purchase as a business use. This will allow you valuable tax deductions. The savings could be in the thousands, especially if you decide on a new model. Your accountant will know the best way to apply the depreciation and how to use pre-tax money to pay for the use.
On your demo flights, you should be monitoring the plane's performance the whole time. You want to compare the manufacturer's numbers with the actual performance numbers. The fuel flow and power settings are the numbers that are the most important to watch.
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.
The most common mistake experts see first time plane buyers make is purchasing more than they really need. In order to avoid this trap, making a list of what you will use the craft for can help. If you, and one or two others, will most often be on flights you take, you do not really have a need for a plane large enough to fly a group of twelve or more across the country for an annual getaway. Buying the smaller plane makes much more economic sense.
You might be inclined to purchase a used plane to save money. Before you do that, you need to consider the advantages of buying new. You will get a better interest rate, and be able to spread the payments out for a longer time, if you purchase a new plane. There will be a warranty with the new craft, and probably tax benefits. It will be easier to get a loan, and you won't have to make as big a down payment with a new model.
Current owners can be a great source of information. Instead of the manufacturer's sales pitch, you'll get real life experience from these individuals. Not everyone thinks about joining an owner group before purchasing a plane, but these groups are treasure troves of vital 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 possible you need to find a way to qualify your plane purchase as a business use. This will allow you valuable tax deductions. The savings could be in the thousands, especially if you decide on a new model. Your accountant will know the best way to apply the depreciation and how to use pre-tax money to pay for the use.
On your demo flights, you should be monitoring the plane's performance the whole time. You want to compare the manufacturer's numbers with the actual performance numbers. The fuel flow and power settings are the numbers that are the most important to watch.
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.
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