Welcome and congratulations on considering the purchase of a new or used aircraft! The information below is presented to you with the complements of the many aircraft buyers and sellers that were kind enough to share their thoughts and experiences with us.

Please feel free to share this information with anyone that has an interest in purchasing a new or used aircraft.

One of the biggest mistakes people make is buying more aircraft than they can afford. Don't forget about costs such as storage, routine maintenance, unexpected maintenance, updates, and of course, the cost of just flying.

If you know how often you will be flying, you can determine how much fuel and maintenance reserves you will need on a monthly basis. Talk to other aircraft owners and mechanics to see what you can typically expect.

Go to Flying.com and talk to people and get their thoughts, experiences and ideas.

Determining your needs for an aircraft can be difficult. You will need to figure out how many people will be flying with you on a regular basis, how much baggage you typically will have, and then how far you are typically going. If you can figure out those three things, you can narrow down your search tremendously, especially now that you have your budget in mind.

Keep in mind that AircraftforSale.com has "Aircraft Performance Data" links near many of the aircraft. This will give you a lot of data that will help you narrow down your search.

Remember, just because an airplane has 4 seats and room for luggage it does not mean that it can actually get off the ground and go somewhere with 4 people with a lot of luggage. For example, a typical 4-seater aircraft will hold 2 adults, 2 children, and some light luggage.

A family of four that wants to go on vacation may want to consider a 6-seater aircraft, like a Piper Saratoga or a Cessna 210. Both of these airplanes will hold the 4 people and the amount of luggage that a family would typically like to take on vacation.

If you are simply doing short business trips with one or two other people most of the time, a smaller four place aircraft may be right for you. Something like a Cessna 172 is economical or a Cirrus SR22 will get you there quickly and in serious comfort and style.

An aviation consultant or broker can help you if you have more questions about what type of aircraft is right for you.
Also, go to Flying.com and talk to people and get their thoughts, experiences and ideas. If you need a consultant to help you, contact Laura(at)Flying(.)com and she will get you set up.

This is a very important step in determining what the "true" costs will be when all is said and done. For example, a VFR pilot with a few hundred hours that wishes to insure a Cirrus SR22 Turbo will pay a substantially greater insurance premium than an IFR pilot with a thousand hours. Therefore, it is very important that you get an insurance quote before considering if you want to move forward with the purchase.

A lot of aircraft owners we have talked to enjoy working with the people at Leading Edge. You can click on our "Insurance" button located next to every aircraft to receive a quote.

This is also a very important step in determining what the "true" costs will be when all is said and done. Today many finance companies will only finance specific new and used aircraft, for example used aircraft made after 1975, and only pilots with a current certificate (i.e. no students).

In addition, there are all types of other criteria a borrower would have to meet before getting approved (credit score, income, income-to-debt ratio etc.).

Therefore, it is very important that you determine if you can get financed and how much the financing will cost before considering if you want to move forward with the purchase. For all your financing needs, go to: www.AiplaneFinancing.com

After you have found the aircraft you are interested in, make sure you review all available logs and records.

An aircraft that is "too good to be true," usually is. You should be able to view all the logbooks, and nothing should be missing. If something is, make sure there is a good reason. If you are not comfortable, now is the time to walk away.

Once you have reviewed everything and you are satisfied, try and arrange a test flight. If you would like, hire an instructor to accompany you. The seller may or may not be comfortable sitting in the right seat with you in the left. This is where having an experienced instructor would be beneficial. On your test flight, do the basic maneuvers just as you would for a flight review. Stalls, slow flight, steep turns, then come back and do 2 or 3 take off and landings in the pattern. Try and test out as many of the systems as you can while you are in there.

Please note that there is a "PDF button" next to any listings within the UsedAirplanes.com, UsedAircraft.com and AircraftforSale.com websites if the seller has supplied information.

After you have reviewed the aircraft and all your due diligence needs are satisfied, you will want to put a deposit down on the aircraft to take it off the market.

Many people choose to use an escrow service or a law firm when they make a deposit on the aircraft. Doing so will prove to the owner/seller that you are a serious buyer and they will take the used aircraft off the market (unavailable for purchase to any other buyer). Therefore, if someone comes to buy the aircraft that you put the deposit on the owner/seller will tell them that, although it is not sold, it is "under contract." This means that until the deposit is returned or defaulted on, the aircraft will not be for sale.

You can put any amount down as a deposit but 10% of the purchase price is typical. Finally, make sure the deposit is refundable and that there is a contract that includes all the terms of the agreement.

Making sure that the used aircraft you are interested in purchasing is mechanically sound is also a very important step in the used aircraft purchase process. It is important that YOU find someone to verify the airworthiness and condition of the aircraft prior to buying it.

Talk with people in Flying.com or any of our aircraft for sale website blogs. Ask aircraft owners for their suggestions and opinions. Get references and get them working!

You will absolutely, positively (was that strong enough?) want to verify that the used aircraft you are buying has a clean title before you pay for it.

Take our word on this: One of the biggest nightmares you could ever encounter when buying a used aircraft is finding out that the used aircraft you just bought (paid in full) has one or more old liens on it – and nobody bothered to share this information with you!

The smartest thing you can do is hire an Aviation Law Firm or Title Company that will guarantee the delivery of a clean title after you buy your used aircraft. Assuming you hire them and then move forward with the purchase on their guarantee, if there are any old liens on your aircraft it will be their responsibility to satisfy the lien(s) and get it/them off. In other words, they will need to resolve it on their dime.

Knowing you are assured a clean title on the used aircraft you just purchased will be very comforting and you will certainly agree that hiring a Title Company or a Law Firm was money well spent!

One of the leading aviation law firms in America is Cooling and Herbers. You can find their links throughout our website(s) or click here: http://www.CoolingLaw.com.

At this point in the aircraft purchase process you should have received several quotes from different insurance companies or hired a broker to do this for you.

It is now time to contact the broker or insurance company and get them all the additional information they need. Once they have this, they will be able to insure you and your aircraft. Make sure you fully understand your insurance policy and have an aviation attorney review it.

When using a finance company, you and the seller will send the finance company all the required documents necessary for closing. Once they have all the paperwork, you can give them the final authorization to release the funding.

Although you don't need an escrow agent or law firm to handle the closing, you would be smart to do so. Assuming you do, they will let you know which documents they will need and they will prepare many of the closing documents for you. Once all documents have been received the funds will be disbursed with your final authorization.

If you use an experienced aircraft broker to assist you in your aircraft purchase, you will not need to worry about all the filing and preparing of the necessary paperwork that will need to be delivered to your law firm or escrow agent. This is just one of the advantages of working with an experienced broker.

Bill of Sale: Make sure you have a signed Bill of Sale. Get three copies made. One copy is for you, one is for the seller, and one copy must be submitted to the FAA. Your law firm or escrow agent will also know this.
Federal Aircraft Registration: A signed copy of your registration needs to be sent to the FAA along with a "filing fee" check. Keep the pink copy of the registration as your temporary copy. This must remain in your aircraft at all times until you receive your permanent registration in the mail. Your law firm or escrow agent will handle this for you (assuming you are using one).

Lien Release: If there is a lien on the aircraft, YOU must make sure that the correct paperwork is filed with the FAA. Your Title Company or Law Firm can handle this for you.

State Registration: Check with your state regarding the regulations on registering your aircraft. Each state is different. Your law firm or escrow agent can handle this for you (assuming you are using one).

Check with the Title Company, Law Firm or Escrow Agent that you are working with to see how much and what documents they will be preparing and filing with the FAA on your behalf. And remember, YOU are ultimately responsible – no different than your responsibilities as PIC (Pilot In Command) when you are flying. You should know by now that the FAA doesn't really care about our excuses!

CONGRATULATIONS!!! This is the moment you have been waiting for.

However, before you plan the trip and file the flight plan to the Bahamas, you need to get the aircraft first!

If you live in Florida and the aircraft is in California, how are you going to get it home? Are you comfortable enough to make the journey in an aircraft that you have not flown before?

Many pilots would opt for an experienced instructor to go with them. This is a great way to go because you get instruction in your new bird in addition to taking delivery of it. If you can't find an experience instructor for the aircraft you just purchased, consider looking for a pilot who is experienced in the aircraft and see if they can help you out. This will be a great learning experience for you.

You can also hire a ferry pilot to do this for you. Ferry pilots are used to picking up different types of aircraft and delivering them to people.

You can also use any other commercial pilot who has experience in your aircraft to ferry the aircraft for you.

Regardless of how you get your new aircraft home, make certain that the aircraft is completely insured before you leave the hangar (or tarmac). In addition, contact your insurance company with all the details of how the aircraft will be getting to you.

FINALLY: ENJOY YOUR AIRCRAFT AND THE BEAUTY OF FLYING!!!