M20F EXEC 21 - How To Buy This Aircraft
Buying a used aircraft is a lot like buying a car, looking for dents and rust, checking the engine, etc.
However the process is a lot different.
You hardly ever see "aircraft for sale" ads like you do for cars or even boats.
When an aircraft has been in the air for a long time, going on upwards of 50 years, there are a dozen more factors that you'll need to consider.
The first thing you've got to look into is exactly what kind of aircraft you'll be buying.
There are a couple of questions to ask yourself to help narrow it down.
How far will you be traveling? How many passengers will you be taking with you? Will you be using your aircraft for recreation or business? Now if you've got a solid flight mission in mind, consider where your buying from.
Most peoples first choice is an aviation club in their local airstrip or airport.
This is nice because you'll be able to get a good price for it, because you'll know as soon as someones selling their plane.
The downside is that your choosing from a very limited number of models, forcing you to be more flexible in choosing an aircraft.
Chances are you wont find the Mooney M20 your looking for.
When choosing an aircraft, you do not want to be flexible.
If it doesn't meet the objectives of your flight mission, it's not worth wasting money on.
For example getting a good deal on a 6 seat airplane when you'll most likely be flying solo most of the time isn't really a good deal.
The extra fuel and maintenance costs associated with a larger plane will eat you up in the long run.
If you can't find what your looking for in the nearest aviation club a better way to go might be to get a dealer or a broker.
They will be able to search through a larger inventory of planes and find the ones that fits you best.
You'll have to pay them a fee of course, but usually it's worth it.
It's extremely important to make sure your buying from a legal seller.
To be sure of this make sure he has all the legal documents before you make a deposit.
It's amazing how many sellers don't have all the required documentation, and will try and sell their aircraft anyways.
Don't buy anything without closely inspecting it first.
Tell the seller or (or broker) your going to need to see all the log books and flight hours before purchase.
You can get a mechanic to do an inspection for you and make sure all the maintenance logs are accurate.
However the process is a lot different.
You hardly ever see "aircraft for sale" ads like you do for cars or even boats.
When an aircraft has been in the air for a long time, going on upwards of 50 years, there are a dozen more factors that you'll need to consider.
The first thing you've got to look into is exactly what kind of aircraft you'll be buying.
There are a couple of questions to ask yourself to help narrow it down.
How far will you be traveling? How many passengers will you be taking with you? Will you be using your aircraft for recreation or business? Now if you've got a solid flight mission in mind, consider where your buying from.
Most peoples first choice is an aviation club in their local airstrip or airport.
This is nice because you'll be able to get a good price for it, because you'll know as soon as someones selling their plane.
The downside is that your choosing from a very limited number of models, forcing you to be more flexible in choosing an aircraft.
Chances are you wont find the Mooney M20 your looking for.
When choosing an aircraft, you do not want to be flexible.
If it doesn't meet the objectives of your flight mission, it's not worth wasting money on.
For example getting a good deal on a 6 seat airplane when you'll most likely be flying solo most of the time isn't really a good deal.
The extra fuel and maintenance costs associated with a larger plane will eat you up in the long run.
If you can't find what your looking for in the nearest aviation club a better way to go might be to get a dealer or a broker.
They will be able to search through a larger inventory of planes and find the ones that fits you best.
You'll have to pay them a fee of course, but usually it's worth it.
It's extremely important to make sure your buying from a legal seller.
To be sure of this make sure he has all the legal documents before you make a deposit.
It's amazing how many sellers don't have all the required documentation, and will try and sell their aircraft anyways.
Don't buy anything without closely inspecting it first.
Tell the seller or (or broker) your going to need to see all the log books and flight hours before purchase.
You can get a mechanic to do an inspection for you and make sure all the maintenance logs are accurate.
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