CHAPTER TWO...HORROR STORY

CHAPTER THREE...LEASEBACKS AND RENTALS

CHAPTER FOUR...THE BIG DECISION

CHAPTER FIVE...JUMPING THE GUN

CHAPTER SIX...BEGINNING THE SEARCH

CHAPTER SEVEN...GETTING A FEEL FOR AN AIRCRAFT’S VALUE

CHAPTER EIGHT...INSPECTING THE AIRCRAFT

CHAPTER NINE...EVALUATING THE LIST

INDEX

Buying an airplane is hard work, no matter how much or little experience you have with that chore. Like any other major purchase a great deal of time must be spent researching the type or types of airplanes you are interested in buying and how the individual models will fit your needs, and making sure that the one you select is affordable to buy and operate. You must also take steps to ensure that you do not purchase an airplane that is overpriced or one that has major problems that could cost you a great deal of money that you had not planned on spending to make the aircraft airworthy.

Most of those who get stung on the purchase of a first airplane either learn an expensive lesson that is not to be repeated or they find themselves in over their heads. Many sell out at a loss and get out of aviation quickly. Most of those find themselves in those predicaments because they fail to do the amount of work necessary to buy a good airplane at a fair price.

From CHAPTER FOUR...THE BIG DECISION

Do as much as you possibly can before you start looking for a particular airplane to know what it is going to cost to buy, own, and fly whatever types of aircraft you are considering. You cannot decide what to purchase unless you have done your homework. Those who skip the exercise get into trouble shortly after they purchase an airplane when they find out what it really costs to do an annual inspection, or that the cost of fuel at $2 a gallon adds up quickly when they fly often or on long trips. Their enthusiasm for the airplane wanes in direct proportion to the effect it has on their bank account. Often the airplane is gone within a year, and the pilot, who did not do his homework in advance and has no one else to blame for it, quits flying because "it is too expensive."

From CHAPTER EIGHT...INSPECTING THE AIRCRAFT

You should have a list of all the items you need to know about each airplane (see Reference Section) with you to be sure that you don’t miss anything important. But the most important thing you must remember during the trip to view the airplanes that are for sale is that you must not form an emotional attachment to any of them until after you purchase one.

From CHAPTER TEN...THE PURCHASE AND SALE CONTRACT

The purchase and sale contract is a very important part of your aircraft purchase because it states what the conditions of the sale are. You should not purchase an airplane without some form of written agreement that details which party is responsible for what and how each will perform.

Some contracts are very simple documents that are handwritten at the time the deal is made, while others are formal documents drawn up by lawyers and reviewed by other lawyers. Yours undoubtedly will fall somewhere in between, depending on what type of airplane you are buying, how many people are involved in the deal, how much money is changing hands, and your evaluation of the seller(s).

Contract law varies from state to state but essentially an agreement written by parties to a sale is binding. While oral contracts are also binding there is little or no proof beyond what each party states that an agreement ever existed. When the contract is in writing it proves that an agreement between the parties was finalized, and it states the conditions that each agrees to. This is very important when you are buying or selling an airplane because many technicalities should be observed and a contract ensures that they are.

The most expensive component on your airplane to repair or replace is the engine. There should be little wonder about that because of the number of moving parts, and the fact that they are all very critical to the operation. Each cylinder is constantly developing power, and during the takeoff and initial climb they are asked to work as hard as their design permits.

When an engine reaches its life limit it is time to tear it down, inspect it, replace or repair any parts that are worn beyond limits, and return the engine to operation for however many hours the manufacturer recommends before the whole process is done again. If your airplane is not used for hire nothing says you have to overhaul at the manufacturer’s recommended TBO (time between overhaul), but for every hour that you fly the engine beyond the TBO you are putting more wear and tear on the parts that will eventually have to be inspected and replaced.