Buying a used aircraft will always be cheaper than buying a new one, but there are other factors that you need to consider when looking at used airplanes for sale. These factors will ensure that you are looking at the right aircraft and that it suits your needs. These factors will include what to look at in the aircraft, financing, and pre-purchase inspections.
Aircraft Valuation Factors
There are a number of factors which will affect the value of the aircraft that you want to buy. The first and most important factor you need to know about is the engine hours. The closer the engine of the aircraft is to the recommended overhaul, the lower its value. When looking at this factor you also need to consider the record of consistent use and maintenance because regular use will ensure that the engine is actually in good shape.
The installed equipment will be the next factor that you have to look at. This will include the deicing gear, the interior equipment, the avionics and the air conditioning. The value of an older aircraft can be exponentially increased when you have some of this equipment installed. However, if the equipment is older, it will be more expensive to maintain.
The damage history of the aircraft is another important valuation factor that you need to consider. The problem with this factor is that it can be hard to determine. If you do find that there is damage history, you will need to carefully inspect the aircraft to ensure that it has been repaired in accordance with FAA regulations.
Another factor to look at is the airworthiness directive. These directives are issued by the FAA are a part of any aircraft’s life and done for safety reasons. Once the directive has been issued, the owner will have to comply with the AD for the stated period of time. You need to look into the AD history of any aircraft that you want to purchase and ensure that the logbooks show the owner complied with all of the applicable directives.
Getting Financing
Financing is something that you need to look at before you look at any used aircraft. You will have to put in some time to find the right type of financing and the right source. The interest rates you will be charged for borrowing to fund the purchase will vary. The variation will often be due to the knowledge or lack thereof that the finance provider has regarding used aircraft.
The Pre-Purchase Inspection
Before you commit to any purchase, you need to complete a pre-purchase inspection. This needs to be done in person and should be done before you complete a test flight. The reason for this inspection is to check that the aircraft is in good condition, that there is limited wear and that the damage it has suffered is not extensive.
The outcome of this inspection will often impact the price of aircraft. It is recommended that you write a checklist for this inspection to ensure that you do not miss anything. There are certain data points that you need for the inspection and you will need to verify this where possible.
For each engine, you will need to know the model and the time since the last major overhaul. If there has been a long time since the overhaul, you have no way of knowing if the engine is still in good condition. You will also need to find out what type of overhaul was last completed and the exact date.
You will also need to consider the propellers and when they last had an overhaul. The exact date of the overhaul is required for each propeller. If the owner of the aircraft is not able to provide you with this information, you need to reconsider buying the aircraft. There is a chance that the overhauls have not been completed when they should be or that they were not done to correct standards.
When completing this inspection, you should also do an inspection of the airframe and the landing gear. The general condition of the aircraft will need to be considered. You should also look at the state of the tires, brakes, scissor links and retracting system. If you are unsure as to what you are looking for, you should consider hiring someone to complete this inspection for you.
Resources
Here are some sites that can help you in your search for your future set of wings:
http://www.aviation-links.co.uk/sale.html
https://aircraftforsale.webnode.com/
https://www.sunstateaviation.com/aircraft-for-sale/
http://aircraftforsale101.weebly.com/aircraft-for-sale/used-plane-shopping
