What is your total purchase budget? Remember that additional expenses (inspections, delivery/ferrying, insurance, database subscriptions, personal equipment, etc.) can easily add an extra 5-10% to the purchase price.

Will any amount of the purchase be financed? If so, how much?

Have you identified a lender and received pre-approval? If yes, please provide contact information.

In what state will the aircraft be registered? Many states assess sales, use, and property taxes which may add an additional 3-10% to the cost of the aircraft.

Has an insurance broker or underwriter been identified? If yes, please provide contact info.

Has a maintenance provider been identified? If yes, please provide contact info.

Who will be the primary pilot(s)? Please list their experience, licenses, and ratings.

Has a training provider been identified? If yes, please provide contact info. Depending on the type of aircraft you buy, your local CFI is not always the best option.

Imagine the types of trips you plan to fly. No plane will meet 100% of your needs. Finding a plane that will fit 80% of your requirements will help you to not overspend or end up with a plane that is inadequate for your mission.

List your primary destinations and the distance to each, how many people you will routinely carry, typical weight of passengers and luggage carried, if any destinations will be high altitude airports, if you anticipate flying over mountainous terrain, need an IFR certified or pressurized aircraft, will require de-ice capability, or will carry any passengers with mobility issues.

Where will the plane be based? (Private hangars are almost always best followed by a "community", or shared, hangar. Storing your airplane outside should be the avoided if possible. Aircraft stored outside lose value more quickly and are more difficult to sell.)

Are hangars available that will accommodate the size of aircraft you are considering? What is the length of the longest runway? Are instrument approaches available? Please elaborate.

How much are you prepared to spend annually for "fixed" costs (insurance, hangar, maintenance, training, databases, etc.)?

What types of airplanes have you looked at?

Which ones peak your interest? Why? Have you received specific aircraft recommendations from others?

Any types of planes you absolutely DO NOT want to entertain? Why?

Have you spoken with any aircraft sellers directly? Have you made an offer on any airplane?

How do you feel about an airplane with damage history?

Buying an airplane with prior damage history is not always a bad thing, especially if the repairs were performed by a reputable shop with credible experience. However, buyers tend to look skeptically upon an airplane with a tainted reputation. A plane with prior damage history must be bought right to protect you from a large loss when you decide to sell.

What other components do you consider "must have?"

What avionic components would be nice to have but are not essential to you?

What are your thoughts about buying and airplane that may soon require an engine overhaul?

Are you a US citizen?

What type of medical certificate do you currently hold?

Will you be purchasing the aircraft in your personal name, in the names of several partners, or a business?

Do you have a corporation or LLC established? If yes, have you ever owned a plane under that business name?

Is your CPA experienced with state and federal aircraft taxation regulations?

How much aircraft devaluation are you comfortable with? (Generally speaking, airplanes decrease in value over time. Flight time, damage events, loss of logs, deferred maintenance, and lack of upgrades will accelerate any depreciation you may experience. Do not expect to sell an airplane for more than you paid for it.

Do you envision keeping the plane for more than 3 years or do you expect to step up to a more capable model quickly?

What else do you feel is important for us to know.

Feel free to clarify any of your previous responses here.

Prospective Aircraft Owner Survey

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