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With a growing used aircraft inventory on the market, it is important to look hard at the aircraft and be sure it is the best value. There are several things to consider when you are looking for a good used aircraft for sale. A pre-purchase evaluations partly consists of an audit of the maintenance records. Each unique model has a different maintenance cycle timeline derived basically from its maintenance and inspection schedule, published by the aircraft manufacturer. Understanding where on that timeline that aircraft currently lies can be a huge factor in the valuation of the aircraft for sale. Done right, the maintenance records audit can paint a timeline picture clearly. Imagine buying an aircraft that needs a major inspection, engine overhauls, and a landing gear inspection in the next 12 months. Once you own the aircraft you pay for the maintenance. Many focus only on the major maintenance events and ignore the little stuff. Well, lots of little stuff can quickly add up to a major maintenance event by itself. Audit the Maintenance Records Just as worn parts or hidden damage can come to the surface later in life and cost the buyer significantly, so can undocumented scheduled maintenance, life-limited parts, and inspections. The value of an aircraft for sale can be dramatically affected by missing records or hidden damage to the aircraft. Sometimes as much as 15 to 20 percent of the value of the aircraft can be lost simply by maintenance documentation shortcomings. When you are dealing with a multimillion dollar aircraft, even 1 percent is huge. The audit is cheap insurance. An aircraft maintenance record audit consists of the following checks at a minimum: - Verification of the aircraft/engine/propeller total time in service
- Verification of all scheduled inspections and maintenance checks specified by the aircraft manufacturer (including the engines, props, appliances, and emergency and survival equipment (Ref: Part 91.409 (e))
- Identification of the chosen maintenance program for the aircraft
- Comparison (if necessary) to the manufacturer's inspection program
- Verification of compliance with all applicable airworthiness directives
- Complete status of compliance with applicable service bulletins
- Evidence of possible damage history hidden within the records
- Completeness of all maintenance records including all FAA Form 337s and required supporting approved data for major alterations and major repairs (Ref: Part 91.417)
- Compliance with all instructions for continued airworthiness (ICAs) associated with any major alterations or supplemental type certificates
The audit begins by starting with the most recent logbook and the most recent logbook entry and moving backward through the records reading each entry carefully. It is important that the person performing the audit be familiar with the inspection and maintenance program for the aircraft for sale. This will be helpful in making the maintenance records audit efficient since there are often several hundred scheduled maintenance or inspection tasks that must be documented in the records and extracted by the technician. Upon completion of the pre-purchase records evaluation, the buyer should be presented with a list of maintenance records deficiencies. The deficiency in the records does not mean that the work has not been accomplished, it simply means that the work was not found signed off in the maintenance records provided. The deficiencies are then either addressed by the maintenance provider or further documentation is provided by the seller that shows that the work was done. Once all questions can be answered or otherwise addressed, the records are completed and will then accurately reflect compliance with all the maintenance requirements. All Business. “A Market Flooded With Used Aircraft.” 28 Dec. 2009 [http://www.allbusiness.com/manufacturing/transportation-equipment-mfg-aerospace/11815201-1.html].
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