7 Most Important Things You Must Know When Purchasing An Aircraft By XJet Executive Aircraft Brokers
Thinking of buyingan airplane? Fantastic! However, be forewarned, there are several things you must absolutely know and do when buying an airplane. Follow these importantsteps from XJet Executive Aircraft Brokers to ensure a safe aircraft buying experience.
1. Choose the make & modelaircraft that is best for youThis may be the most important step in the decisionprocess. The aircraft you choose must meet yourpersonal standards in regards to style and taste, and alsoshould fit into your budget.Needs: What will you primarily be using your aircraft for?This is one of the most important questions you need toask yourself.Determine your budget: The purchase price of an aircraftis only part of the affordability.
2. Shop AroundKnowing how similar aircraft have been priced can be very helpful indetermining if the price of a specific aircraft seems fair. Remember, each aircraftis different so you will have to consider all the variables when making yourcomparison, keeping in mind those factors that are most important to you.Factors the affect price:• Total Time• Engine Time• Exterior Condition• Interior Condition• Avionics• Options/Modifications• Location
3. Research Your AircraftGather all information related to the specific aircraft youare considering to purchase including a complete list ofspecifications, photos, maintenance history, damagehistory, etc. Knowing the history of an aircraft isessential. All maintenance should be complete and welldocumented. Airplanes with missing records or majordamage may still be good, but they are usually worth lessand this is where you will absolutely need to speak withXJet to determine the value in a situation like this.
4. Pre-Purchase InspectionThe pre-purchase inspection is the financialresponsibility of the buyer and money well spent. If thereis anything wrong with the aircraft you want to knowabout it before you become the one responsible to fix it.A mechanic of your choice will be hired to be your"technical guru". He or she will be your eyes and youradvisor at this point. To minimize the expense, werecommend you find a mechanic near the aircraft toperform the inspection. We at XJet can help you locate arespectable mechanic or give you a list of names in thelocal area for you to review.
5. Verify the aircraft hasa clean titleIf there is an old lien on the aircraft, youcannot get financing and worse yet, thatperson could have a claim to your airplane.Finding this out ahead of time could saveyou time and the expense of costlyattorneys fees. This is a VERY necessary stepwith many similarities to car buying. Be sureto let XJet help you verify title status.
6. PaperworkWhen working with XJet, rest assured that XJet will prepare andfile all the necessary paperwork for you. This is just one of themany advantages of using a qualified aircraft broker like XJet.• Bill of Sale: A signed copy of the Bill of Sale should be retained by both the buyer and the seller for their records and another copy must be sent to the FAA for filing.• Federal Aircraft Registration: A signed copy of the registration must be sent to the FAA along with a check for $5.00 to cover the filing fee. The pink copy of the registration will serve as your temporary federal registration and must remain in your plane until you receive your permanent registration in the mail.• Release of Lien: If there is a lien on the aircraft, the proper release of lien paperwork must also be filed with the FAA.• State Registration: Each state has different regulations concerning aircraft registration. XJet will have access to all of the requirements to help discover what the requirements are.
7. Pick Up Your Plane or MakeDelivery Arrangements.This is the part you have been waiting for. You arenow the proud owner of your very own newairplane! Now, you will need to find a hangar ortie down space to store your plane and you willbe responsible to get it to its new home. Manybuyers enjoy the adventure of flying theirplane, sometimes across the country, to get ithome. Others dont have the time or theexperience and prefer to hire someone to deliverthe plane.