Buying an aircraft is a far-fetched idea for most people. However, some blessed people do get the chance to make this big purchase. Those who can afford it buy it for several reasons. One of the biggest advantages of having a personal aircraft is that you can go anywhere you want without having to worry about the hassle of the traffic or highway limits.
Owning a private aircraft is truly a luxury, and it's quite the status symbol since it doesn't come cheap. Moreover, when you buy an airplane, you must be ready to pay not only its upfront cost but its running and maintenance cost post-purchase too. This makes it a major financial decision. So before you go all out into making this decision, here are a few of the essential questions you need to ask yourself before you buy an airplane.
What Are Your Travel Needs?
Of course, you'll be using your aircraft to fly to places. However, different kinds of aircraft are available in the market, and figuring out your specific travel needs or how you'll use your plane can help you choose the right model.
Details like whether you'll be using the plane for short trips or long-distance flying, or whether you'll be flying solo or with your family or friends, can lead you to better decisions in selecting the right aircraft. Similarly, you should also consider the kind of technology you'll want on your airplane. Some planes are manually operated, while others are equipped with high technology for a more effortless pilot experience.
Figuring out where you'll fly your aircraft often is also important. Your plane should be able to tolerate certain climates and the weather conditions from your target destination. How you answer all these questions should help you select the model best suited for your needs.
How Often Will You Fly?
Buying an aircraft is not a one-time investment. After paying the initial cost, you also have to pay for regular maintenance, inspection, fuel, parking, and more. On top of that, if your plane ends up spending more time in the hangar than in the air, it will require heavy maintenance, which can be quite expensive. These things can combine to make your monthly aircraft maintenance bills sky-high. For this reason, it is important to know how often you will fly your airplane.
If you only want to use it for a few hours each month, it might be more economical to rent a plane from a local service rather than buying it. This way, you'll get a plane when you need it without having to worry about its long-term cost.
Do You Want To Buy A New Or Used Plane?
New airplanes cost more but can have the emotional appeal of something new. Moreover, they come with warranties and are much safer. In contrast, older planes, although cheaper, can cost you more in the long run. They are usually expensive to maintain and do not come with guarantees. For an aircraft over 20 years old, the replacement parts can also become hard to find.
A life-cycle expense analysis can help you compare the total cost of buying a new vs. used airplane. Use this analysis to figure out the airplane's total cost over the period you plan to operate and keep it.
What Is Your Budget?
Don't be tempted into thinking that a $2 million dollar plane is a better buy than a $5 million dollar option. There are several other things to consider when purchasing an airplane. For example, you'll need to think about its repair and maintenance costs, parking expenses, insurance, licenses, fuel, and more. Therefore, it is important to be financially ready for the purchase.
To buy the right aircraft at the right time, make sure you have a set budget in mind. Don't forget to add the post-purchase expenses to your bill.
About Acorn Welding
Once you have bought your aircraft, it is crucial to get your plane serviced and maintained by professional aviation welders. At Acorn Welding, we offer expert welding services. Contact us now to get the best services at the most reasonable prices.
