How To Buy An Airplane
Buying an Airplane: The Nuts and Bolts
Buying an airplane is something most pilots dream about. But whether you’re a first time buyer or an old hand at aircraft ownership, a successful purchase requires a clear understanding of the mission, careful consideration of the capabilities and limitations of both pilot and aircraft, and a realistic view of the cost of aircraft ownership. With careful attention to detail, buying an airplane will become a rewarding experience that gives you a new found sense of freedom and pride.
To help the prospective aircraft buyer, we’ve collected a few frequently asked questions:
What kind of ownership is right for me?
Before you decide what kind of plane to buy, you may want to consider what kind of ownership situation is best for you. Here are some common arrangements:
Sole Ownership: This offers the greatest amount of flexibility because you make all the decisions, and the plane is available whenever you need it. This method works out especially well if you have a business use for your plane, thanks to favorable tax laws.
Partnership: This is a great option, but you need to choose your partners carefully. Premier can direct you to a knowledgeable attorney to help you devise a good agreement. In many cases, we can help you find potential partners in your area.
Leaseback: Leasing your airplane back to an FBO or flight school not only defers some of the cost of ownership, it can also turn your airplane into a profit center. The drawback is that strangers will be flying your airplane. Premier will be happy to work with you to set the right expectations and look for leaseback opportunities in your area. To learn more about types of aircraft ownership.