Thoughts on Buying an Airplane
September 2011
It's really going to happen. You're going to buy an airplane!
You probably have all your experience in one or two types of airplanes. But there are so many more out there! How can you begin to decide what type of airplane is right for you?
Before you go any further, take a realistic look at your finances. I frequently see pilots buying the most expensive airplane they can afford. If, for example, you have $60,000 to spend on an airplane, consider scanning the Airplane For Sale websites and papers for a $40,000 – $45,000 airplane. That way you know you'll have money left over for the inevitable fix-ups that come with almost any used airplane, maybe even enough money for one or two really essential upgrades, and, most importantly, cash to actually own and fly the plane. This includes costs such as fuel, hangar, inspections, scheduled and unscheduled maintenance and repairs, and, yes, insurance. The last thing you want is a relatively minor unanticipated expense to take you over budget and ground you.
I suggest that you consider staying away from rare or one-of-a-kind airplanes unless you have mechanic skills and your specific goal is to own a museum piece. Although there are exceptions, Avemco's experience paying claims suggests you might want to aim for airplanes no more than about 40 years old if you want to have the best chance of finding parts and support when you need them.
Now look at the kind of flying you want to do. Do you have a legitimate need for regular, long-distance transportation? If so, are you instrument rated? Multiengine? If not, do you have the funds (and the time) to earn these ratings? Or do you want to fly primarily for fun, with perhaps one or two longer trips thrown in each year? Are you more interested in getting to business meetings or local pancake fly-ins?
You might consider asking other aircraft owners about their choices and experiences. Ask your instructor and the local mechanic for their suggestions (although some may have an ulterior motive of wanting to train you and maintain a more complex airplane). And don't forget your spouse and other family members. Buy-in from the relatives is very important, and if your airplane won't accommodate them all (or all their "stuff") you may find you don't use it nearly as much as you'd like.
With all of this in mind, look for an airplane that meets 95% of your expectations. Almost no airplane is equally as desirable for cross-country, IFR transportation as it is for local sightseeing and spot-landing contests at the fly-in. A lot of light-sport airplanes are owned by someone who also has a Baron or a Mirage for the very reason that no single airplane does it all. If your funding is a little more limited, you'll want to aim at something that will do almost everything you'd like, realizing that you may want to rent the local trainer for fun flying if you by an IFR ship, or take the airline for business and vacations if you choose an aircraft just for flying in your local area.
Now that you've narrowed down the airplane type, talk to the experts. Almost all models are represented by a "type club," for that type of airplane. There's a comprehensive list of type clubs and contact information on the Air Affair site at http://www.airaffair.com/Library/type_clubs.html Give them a shout and benefit from their knowledge. When you begin to focus on a particular make and model, join its type club and gain access to their website and entire newsletter or magazine history. The small investment in dues and back issues will be well worth it, and the club will provide leads to members' airplanes that are for sale. It will also help you find a mechanic to conduct a pre-purchase inspection of potential airplanes, and an instructor to check you out in the type when you find the plane that's right for you.
Most importantly, use your Avemco underwriter as a resource. Call us and let us know what you're thinking. Our underwriters will be able to answer many of your questions about specific makes and models of airplanes.
Good luck and good shopping!
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