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The most important – and perhaps the most exciting- part of purchasing an aircraft for sale is to shop around. To determine if the price of a specific aircraft seems fair, it helps to know how similar aircraft have been priced. Every aircraft is different with all kinds of variables involved. Keep the following factors in mind when making your comparisons. 1. Location
On top of the cost of the aircraft itself, make sure to include whatever it may cost you to get the aircraft home. Shopping locally would be ideal, but if that isn’t possible, try to stay as close to home as possible to keep costs down. 2. Options/Modifications
When looking to purchase an aircraft for sale that has had after-market modifications made to it to enhance the beauty or performance of the plane, it is very important to have the proper FAA paperwork and log book endorsements to go with it. Modifications are great because they can increase the value or marketability of the plane. 3. Avionics
Radios in an aircraft can add more than $20,000 to the value of the plane. The Aircraft Blue Book and Vref have formulas for calculating the value of avionics upgrades. 4. Interior Condition
It can take a lot of time and money to refurbish the interior of any aircraft. While seat covers can extend the life of an interior, a brand new interior add several thousand dollars to the value of the plane depending on the quality of work. 5. Exterior Condition
Buyers will typically go for an aircraft that doesn’t need a new coat of paint because painting the outside of any aircraft can get very expensive. Aircraft located in humid climates or near salt water tend to have more corrosion. While corrosion can be treated in most cases, depending on the severity, it still reduces the value of the plan. 6. Engine Time
All engines come with a limited life expectancy or Time Before Overhaul (TBO). The fewer hours spent on an engine the better, because plane owners have to overhaul their engine at its approximate TBO. Start saving for the occasion now. If you plan on selling your aircraft before that happens, you should know it could be harder to sell. Make sure you have enough to overhaul an engine if you buy an aircraft that will need it soon. TBO is based on averages. An aircraft could have a TBO of 2000 and still need an overhaul before reaching that amount of hours. However, if taken care of properly, an engine could continue to perform well beyond its predicted time. 7. Total Time
Aircraft with low total time are highly sought after and tend to cost a lot more. Aircraft with high total time are less desirable and will cost substantially less. Newer aircraft values are affected more by total time than older aircraft. Consult the Aircraft Blue Book and Vref for a formula to determine how total time could affect the value of the aircraft you are interested in buying. If some of the above information doesn’t make sense to you, or you need help making an educated purchase, it would be every beneficial for you to enlist the help of a Certified Aircraft Appraiser. They understand all the factors involved in making the right purchase. They are trained to look for items that the average pilot may have missed, such as missing parts or new props. Getting advice from a professional could save you thousands of dollars or save you from making a terrible purchase. You could also consult the AOPA’s Aircraft Valuation Service. It is a free service for AOPA members. According to the information you supply, they will give you a Vref appraisal based on market value. They will consider numerous factors that go into an actual appraisal, ones that you may have missed, which will give you a result that differs from the one you came up with on your own, and one that could save you thousands of dollars in the end.
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