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Five questions to consider before deciding to buy an aircraft

The global economic downturn has created some fantastic purchasing opportunities of high ticket items, including aircraft, for those who still have plenty of cash on hand. In fact, there may never again be a better time than now to actually purchase an aircraft.

Hence and if you are considering purchasing an aircraft, a short article in the April 2010 issue of the Conklin & de Decker newsletter is well worth reading because the article listed the five questions you should be asking yourself before even looking at any aircraft. These questions are:

  1. Do you have a budget and know how to use it? In other words, do you have the cash or the cash flow to maintain an aircraft?
  2. Do you have emergency money? This included money for both scheduled inspections and unanticipated repairs that may arise and cost thousands of dollars.
  3. How is your credit? Financing an aircraft purchase, especially one that might be needed for a business, is always an option if you have good credit and cash flow.
  4. Do you have an existing relationship with a financial institution? If you plan to finance a purchase, its always better to seek financing from an institution that knows you and your business. In addition, the website of NAFA has a membership directory of aircraft financing companies.
  5. How old is the aircraft? A good rule of thumb is that an aircraft age at the end of any finance or lease term should be no greater than 20 years as a newer aircraft is usually easier to sell than an older one.

Keeping the above questions in mind will greatly aid you in determining whether you should take advantage of some of the once in a lifetime deals that are now out there.

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  1. Aircraft buying mistakes and questions to ask | Golf Hotel Whiskey says:
    July 11, 2013 at 11:03

    […] have also covered aircraft buying in the past when we noted the five questions you should ask before buying an […]

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  2. Key aircraft buying tips | Golf Hotel Whiskey says:
    August 20, 2013 at 15:59

    […] have covered the topic of aircraft buying a few times in the past (see Five questions to consider before deciding to buy an aircraft and Aircraft buying mistakes and questions to ask), but the PlaneGrazy.com blog has a great post […]

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Matthew Stibbe
Matthew Stibbe is CEO of Articulate Marketing and Turbine, the easy, online way to deal with office paperwork. He has an FAA CPL/IR and an EASA PPL/IR and sometimes flies a Cirrus SR-22. He also writes about wine at Vincarta and being a better manager at Geek Boss.
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