Buying Your First Aircraft
A comprehensive guide for first-time aircraft buyers, from setting your budget to closing the deal.
Step 1: Determine Your Mission & Budget
Ask Yourself These Questions
- What will I fly? Recreation, business trips, cross-country, mountain flying?
- How far? Short trips (100 nm) or long-distance (500+ nm)?
- How often? Weekend warrior or 200+ hours annually?
- How many people? Solo, 2-4 passengers, or 6+ seats?
- What's my budget? Purchase price, operating costs, annual expenses?
Total Cost of Ownership Calculator
For a $200K Cessna 172 flying 100 hours/year:
Add financing for $160K loan:
Step 2: Get Pre-Approved for Financing
Why Pre-Approval Matters
- Know your budget and rate
- Sellers take you seriously
- Close faster (24-48 hours)
- Negotiate from position of strength
What You'll Need
- Valid ID
- Recent tax returns (2 years)
- Bank statements
- Proof of income
- Pilot license
- Information about aircraft (or target aircraft)
Step 3: Find Your Aircraft
Where to Look
Aircraft Brokers
Professional brokers specialize in finding and selling aircraft. They handle most of the logistics but typically charge 5% commission.
Online Marketplaces
Websites like Aircraft.com, AvPlan, and Controller.com list thousands of aircraft. You'll handle negotiations directly.
Private Sellers
Sometimes the best deals come from private sellers. Word of mouth and local flying clubs are great sources.
Auctions
Government and insurance company auctions can offer good deals, but require cash and "as-is" purchase.
Step 4: Pre-Purchase Inspection (PPI)
Do not skip this step. A pre-purchase inspection is worth every penny.
What's Inspected
- Airframe and structure
- Engine condition
- Avionics systems
- Maintenance logs
- Accident history
- Flight controls & instruments
Cost & Timeline
- Cost: $1,500-$3,000
- Duration: 6-8 hours
- Performed by: IA/A&P mechanic
- Result: Detailed inspection report
- Use: Negotiate price or walk away
Step 5: Make an Offer & Negotiate
Negotiation Tips
- Start 5-10% below asking. Sellers expect negotiation.
- Use inspection findings. Repairs can be leverage for price reduction.
- Bundle issues. Instead of fixing individually, ask for price reduction.
- Be willing to walk. Don't fall in love with one aircraft.
- Get it in writing. All terms should be documented in the purchase agreement.
Step 6: Finalize Financing & Close the Deal
Once you've agreed on a price, it's time to close:
Lender Requirements
- Pre-purchase inspection report
- Appraisal (lender may require)
- Title search & lien check
- Insurance quote/binder
- Purchase agreement signed
Timeline to Closing
- Day 1: Make offer
- Days 2-3: PPI & inspection
- Days 4-7: Negotiate & finalize
- Days 8-14: Lender processing
- Day 15: Close & receive title
Step 7: Register & Insure Your Aircraft
Before you can fly:
- FAA Registration: File Form 8050-1 and receive N-number (tail number)
- Aircraft Insurance: Obtain hull and liability coverage (typically $50-$300/month)
- Annual Inspection: Have an IA/A&P inspect the aircraft annually
- Airworthiness Certificate: Ensure the aircraft has a valid airworthiness certificate
Common First-Time Buyer Mistakes
Skipping the PPI
Cheap inspection can cost thousands in hidden repairs. Always get a thorough inspection.
Underestimating Costs
Operating costs are often 20-30% higher than estimates. Budget conservatively.
Buying Too Much Aircraft
Start with something affordable and work your way up. Overextending is risky.
No Emergency Fund
Aircraft can break. Unexpected repairs can cost $5K-$20K. Have cash reserves.
Poor Condition Aircraft
Don't buy a "project." Restoration costs can exceed purchase price 5x over.
No Maintenance History
Walk away from aircraft without complete maintenance logs. Red flag.
Ready to Buy Your First Aircraft?
Get pre-approved for financing today and start your aircraft ownership journey.