9 Mistakes Airplane Buyers Make

1. Not using an aviation attorney. A skilled one can prepare a purchase agreement that is legal in the state of purchase and spells out responsibilities of buyer and seller with regard to payment, aircraft condition, method of delivery, associated documents and more.

2. Accepting incomplete or missing logbooks. This will negatively impact the aircraft’s value and could even mean you can’t fly it after you buy it.

3. Not getting a thorough pre-buy inspection. A seasoned, buyer-selected mechanic who knows the model should conduct it. A pilot who also knows the model should take a test flight with the mechanic onboard.

4. Not having a title search performed. Mechanics’/FBO/storage liens on for-sale aircraft are more common than you’d think, especially with aircraft being sold under distressed conditions.

5. Closing the deal before the seller corrects all discrepancies identified in the pre-buy inspection or drops the price proportionate to the cost of repairs.

6. Failing to thoroughly investigate insurance, tax, registration and operating requirements.

7. Not getting prequalified for financing before shopping.

8. Using the aircraft for personal purposes before establishing a clear business nexus, particularly if your purchase it at year-end. This makes it a personal asset, according to the IRS.

9. Buying too much airplane for your budget.