If you have purchased an aircraft, even if it is a used one, you have no doubt invested a substantial sum of money to do so. Moreover, you will want to do everything possible to maintain the value of your aircraft investment.
Hence, a recent article by on the website of Conklin & De Decker, an aviation information and valuation firm, is well worth reading as it gives three tips for maintaining the value of your aircraft. These three tips included:
- Maintain the Aircraft. The Conklin & De Decker article pointed out that a well-maintained aircraft will always have a higher residual value with the words “well-maintained” meaning that an aircraft is maintained beyond the minimum regulatory standards required. In other words, aircraft exteriors should be kept clean and polished, non-critical items are taken care of and all required inspections and overhauls are kept up-to-date. The article also made the point that who maintains the aircraft will be important as it should be maintained by a well-trained maintenance staff and hence, who your choice of a major MRO (Maintenance, Repair and Overhaul) facilities will be critical to maintaining your aircraft’s value.
- Maintain the Aircraft Records. The Conklin & De Decker article noted that aircraft maintenance records are the equivalent of a health record for your aircraft and they should be accurate and thorough. After all, a buyer or appraisal will review these records while any damage history will need a well-documented explanation of both the damage and the repairs made in order to minimize the potential damage to the aircraft’s value.
- Be Careful With Upgrades. The Conklin & De Decker article also mentioned that as an aircraft ages and its production numbers increase, third party companies will approach aircraft owners regarding potential upgrades. However, an aircraft owner will need to carefully weight the pros and cons of such upgrades and how they will impact the aircraft’s value as well as whether or not the upgrade makes sense for you and the mission of your aircraft.
The Conklin & De Decker article also made the key point that maintaining your aircraft’s value is a process. Moreover, a well-maintained aircraft will also be more reliable and safer for you to use.