Do you want to purchase your own plane? Do you have questions about the process? What is a good investment? In these next few installments of Preflight Pointers, we will talk about that very subject: Buying an airplane.
Understanding the Process of Buying an Airplane
Many of us have purchased a home or vehicle and understand how confusing such a large purchase can be. This guide will help you determine your mission in buying an airplane, select the type of plane that matches your needs, ensure your investment is a good one, navigate escrow, and understand what the bank will require. It will also address common questions like, “Do I really need a pre-buy inspection?” “Who should do that pre-buy?” and “The bank said the value is only this much, but the loan is this—how do I fill that gap?”
Assumptions for This Guide on Buying an Airplane
For this article, we’ll assume you already know your home airport, have set your budget, and are interested in a general aviation (GA) style single or twin-engine airplane that is neither new nor experimental.
Step 1: Determining Your Mission
The first major decision is: What airplane should I buy?
That question can be simple or complex. To start, consider your mission—what do you want to accomplish with your airplane?
It can be helpful to write down everything you want to do with your plane. When my husband and I began this process, our list included flying to Alaska and out west, flying missions to help cancer patients, conducting EAA Young Eagle flights, visiting Oshkosh every year, and traveling to every vacation spot we could think of. I focused on building time for my ratings, and we envisioned fun $100 hamburger runs and attending pancake breakfasts. My husband wanted fast and efficient flights for quick weekend getaways with friends and family. If your list is similar, you’re not alone. Let’s break this down into manageable pieces by answering five essential questions:
- High Wing or Low Wing? (Yes, there is a difference)
- What type of flying will you do most? (IFR, VFR, short or long distance)
- How many seats will you fill most often, and how much baggage will you carry? (Useful load matters)
- How often will you go on trips, and do you care how long it takes to get there? (Speed or economy)
When I first started training, I didn’t know how to answer these questions. I tried several planes—high and low wing—and decided I liked the low wing for reasons I won’t cover here. After talking to the insurance company, I concluded that an engine under 200hp suited my budget, since insuring a low-time pilot in a 200+hp engine was too costly. Ultimately, I chose the Beechcraft Sundowner 180. It was fast enough at 115 knots, roomy enough for three people and some bags, and economical for short flights, using less than 10 gallons per hour. Although it’s not as fast for long trips, we only realistically have time for a few of those each year, so this was a good compromise.
Personal Answers to the Key Questions
- High Wing or Low Wing? Answer: Low Wing
- What type of flying will you do most? Answer: Local $100 hamburger
- How many seats will you fill most? Answer: 2 most of the time, 3 on occasion
- How often will you go on trips, and does speed matter? Answer: Once or twice a year; speed is not a factor
Airplane Search: Beechcraft Sundowner 180
Now it’s your turn: Write out your list of dreams and use these questions as a guide to define your mission.
Step 2: Shopping for the Right Plane
The next phase—plane shopping—can be fun or frustrating. You have options: work with a broker who will help you find what they believe is the perfect plane for you, or search on your own through various internet sites. A quick Google search reveals a world of GA planes. With your mission and aircraft type in mind, you’ll need to answer five more questions to narrow your search:
- What avionics do you want? (IFR certified or VFR only, autopilot, glass cockpit, GPS, engine monitor)
- Will your budget allow you to upgrade avionics? (Generally, you recoup about 50% of the value of avionics upgrades)
- How many hours per year will you fly? (The average GA pilot flies less than 80 hours per year)
- Does your budget allow for an engine overhaul? (Average engine overhauls start at $50,000)
For example, my budget was under $150,000. I planned to fly 80–100 hours per year and wanted to keep my average monthly operating cost at $80–90 per hour (wet), not including fixed costs like the loan payment, hangar rent, and insurance. My top priority was the make and model; second was avionics—I needed to fly the plane right away, not after a long installation wait. The last priority was engine time; I looked for a mid-time engine so I could save for an overhaul later. After months of searching online, I found the plane I wanted to buy.
What’s Next?
In High Flight Academy’s installment on buying an airplane, we will discuss financing, the pre-buy process, and finalizing the deal. Until then, enjoy the search!