Exact Steps to Buying Your First Airplane
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- Опубликовано: 22 май 2022
- Buying an airplane can be confusing and there are a lot of steps involved. In this video I want to try and simplify the process a bit and show the major steps involved in purchasing your first aircraft.
Check out the Airplane Buying System for more detailed information: airplaneacademy.com/own
Here's a video explaining more about the Airplane Buying System: • The Airplane Buying Sy...
Buying an airplane was DEFINITELY one of the best decisions I’ve ever made. The joy & freedom is priceless. YOU can make it happen.
where can i buy one
Just made the final payment for my loaded Diamond DA 42-6 . Look forward to flying her all over India. No more asking and renting.
Looking forward to ferrying her from Austria to Mumbai India soon .
Did you import it and register it India ?
The first step in the airplane purchasing algorithm is:
“Have an excess of disposable income. A very, very large excess.”
Is it though? The average car payment right now is between $488 and $644 a month. I’m sure you can buy and maintain a plane for that monthly
@@jbehuniakjr Maybe for a very basic aircraft, but that probably won't be enough money to also fly it very much.
@@airops423 So realistically its a pipe dream for me? ;(
One thing I would add the comparison file is to get the 100% price. What I mean by that is let's say what you want is an IFR capable plane and you want something like a 430 with a good autopilot, if you find a plane that doesn't have that, add the cost of that modification to the asked price. This way when you compare the price of all planes, it will almost be like apple to apple. Same goes for engine time. If one plane has 1800/2000, add the reserve cost to the price of that engine. Say for an IO 360 about 20$/h, you would add 1800x20 =36k. This way the plane that's more expensive but lower time engine might look like a better deal. Avionics and engine are the main ones, but you can do the same for interior and paint using a percentage. Basically the question were asking ourselves is how much would it cost to bring this plane to an almost like new state (plus some more personal targets like IFR, ADSB, gami injectors, engine monitor, etc)
very smart
Fantastic summary. Buying your first plane is daunting so breaking it into steps is key. Don't forget to quote your insurance and any endorsements you need to satisfy insurance requirements. This is especially true for some tail draggers where low time pilots can be exceedingly expensive to insure. I always say flying requires situational awareness but ownership requires financial situational awareness. But dang that moment you first open your hangar door never gets old.
Well done! I have owned my airplane for twenty years. The decision making process you are using is on target.
If only I had seen your video a year ago I could have saved myself all the time figuring out all this stuff piecemeal ! Nice job - very helpful. Thanks.
Huge thank you! I am jumping into the deep-end of the pool. I am a low pilot on the third go around in ground school. I am actually taking a step further than GS and have created my own weekly cricriculum and purchase a high-end sim system. I am committed this time! I already bought then A20s (and the sim) and am buying a plane in the 2023. I have a budget of 200k
I am leaning hard towards a twin prop complex because ultimately that is what I want. Your posting gave me a new approach to my purchase. Great tips for those of us fortunate enough to have our own plane! Your video was soo! insightive. Thank you for posting! Seriously thank you...
Thanks Donald, and congrats on your progress and momentum! Shameless plug but I'd recommend checking out my course once you're preparing to buy the plane. If you have any questions feel free to reach out. airplaneacademy.com/own
Excellent information. Love that you suggested a spreadsheet. Im a big visual person so that would be a great help for me which I didn't think about doing. Thanks for always finding great topics and epic content!
Sure thing!! Glad you enjoy the channel!
Thank you for the great video! Another option in addition to owning, club, and renting is going into a partnership. Definitely cheaper than owning, and often better plane care as owners are flying. Just a thought.
Absolutely fantastic! Thank you! 🇺🇸👍
Great video, really clear and concise. What camera are you using? You seem like you own a cinematography business.
This is great!
Great information thanks I enjoy all the information.
I have a question? Can you give information about landing changes for arriving Airports , my dream is to obtain my PPL this year .
Instructions unclear? My wife still said no...
None of the steps include asking your wife :D
Never ask the Mrs.
Tell her it’s cheaper than having a mistress. When you get out of the hospital in a week, the two if you can shop for a plane together.
having a mistress,.. is always VERY expensive 🤣
Charlie: A similar colloquialism that applies to racing; How do make a small fortune in racing? Start with a large one! Your approach to aircraft ownership is straight forward and to the point: If you love flying enough, you'll allocate the funds to keep doing it!
And as for "dab smack", you nailed them all in one "swell foop!" Misspelling intended! Keep up the great and informative work Charlie!
Haha thanks Daniel! Nate Bargatze does a good bit on "one fell swoop." Made me think of it. Worth checking out.
Great video! Thanks for the breakdown. I'm new to the idea of purchasing an airplane and I'm running into issues with determining if the avionics are good or not. There seems to be such a huge variety and people typically put down make and models and I have no idea if that's good or not. It gets to be very confusing and a little overwhelming to be honest. I understand that a seasoned pilot or someone that's been around it a little bit might automatically know if it's good or not but I'm new and looking to buy to help get my PPL and other certs. Do you have any advice for a "standard package" of avionics and maybe upgrades? I have learned that additional avionics are needed for IFR flying. Much thanks and love the channel!
Hi Chad - it's a good question and kind of depends on what type of flying you wanting to do. Can't go wrong with a "standard six pack" but then on top of that, GPS, an autopilot of some kind of really nice to have, and then you start to get into other preferences like an HSI (versus a directional gyro) and then also a digital engine monitor. I think the best thing you can do is talk to people and fly as many airplanes as you can. Joining specific type groups for the kind of airplane you want would be super helpful and people within those groups are happy and excited to provide their experience and advice. Try not to get down on yourself, as it's a lot to learn and takes time (I'm still learning every day). The more flying experience you get, the more you will learn your preferences and needs on avionics.
I've learned a great deal from your video's including how to purchase an aircraft. I am now looking to put an action camera into my cockpit and wondered which one you would recommend?
Thanks I'm glad to hear that! I use the latest go pros and various mounts. Inflightcam has some good ones and audio cables, too.
For those that purchase an airplane, did you form an LLC or Corp to protect your assets should something happen?
❤ Thanks Charlie! 😅 "You were smack-dab in dab-smack"
Wow this is some great information. Thank you for sharing. i wanted to ask, the countryside area with the runway and planes off to the side, where is this? Is this like a getaway area where you bring tents and enjoy and then fly out the next day or so?
Hi there - not sure which minute marker you might be referring to, but it's probably either shots from Arkansas or Idaho. Lots of back country strips there.
I just moved to Phoenix last month and plan on starting my journey here. Now I’m just looking for a CFI so I can start around July. Wish me luck
I'm learning at Leopard Aviation at Scottsdale (they have a location at Falcon in Mesa, too.) My primary CFI, Christina, is great!
Good luck!
moving to the phoenix area soon, and am being gnawed on by the flying bug ,.. only flown IN ( as a passenger ) small plane a few times.. loved it 👍
Quite possibly you’ll find someone in those owner groups that know the exact airplane you’re buying. I’m looking at an arrow right now, that is the exact airplane that I took my commercial and instrument check rides in. I know the mechanics that used to maintain it as well.
Love your content bro! Do you do your own editing?
Thanks! I did for a long time but now work with an editor.
What kind of job should I work in order to sustain owning an aircraft while finding sufficient flying time?
How much is hanger and maintenance?
Do you have a video on ways to make money with your plane even if you don’t fly? I want to get a plane and rent it out to a flight school or something. And maybe I could learn to fly it through the flight school. Is that practical? Are there other more practical or financially better ways to make money with it.
What do you mean by "engine reserve, setting aside".! money or what?
It’s actually super simple. You just need a hefty cash flow, very good credit and money to pay down. The dream usually stays the dream for most people because it’s dang expensive overall. I’m a commercial pilot and I still can’t “comfortably” afford ownership just for weekend flying. It’s still a nice dream tho 😉
Can you make a video or steps on buying an aircraft in another country (like Canada). I live in the US.
Hi there - it should be mostly the same except for the paperwork with the FAA since you'll have a different agency running things over there.
I don't understand the hangar space problem. The people in charge of renting space don't show much interest in making money. When they told me there was no space I offered to buy a T-hangar and give it to the airport. They said no. I've searched the Phoenix valley and they all said no.
One other thing Id like to share that I have learned from a friend who owns a beautiful 182 skylane. As a student I've learned so much flying with him. The 182 is one of the best airplanes to fit a well rounded mission hands down! He sold off 4 shares. He has a credit card that stay with the airplane for fuel. They divide the fixed costs 5 ways, they have a google spreadsheet to document the engine hours. Everyone pays $120 per engine hour WET. He said theres never any conflict in scheduling. He also said that more than 5 people it gets more complex with insurances and technicalities as well. I personally love this idea.
The airplane gets flown more often, it allows each owner to have a much nicer, newer airplane than maybe they could afford independently and overall cost is lower than renting and you know who is flying it vs flying clubs. They won't allow anyone who isn't IFR certified to buy anyones share and they have the right to accept or deny someone for any reason they wish since its private. His hangar costs 500 a month which I was shocked at how cheap that was. IN north west nj. I was just talking to him about the cart before the horse thing. I asked if it was required to have an airplane to rent a hangar which it is not.
I agree to get the hangar first as well. His son and friends have a hangar and they have car lifts in it and no airplanes lol. Maybe frowned upon other aviators especially ones on the wait list for one. Personally I would rather have someone flying my airplane contributing to the cost of operation over it sitting. It will stay in better shape and cost less. But that is also subjective to the individual and their mission.
But for a new pilot or student I think its a no brainer to find a few friends or people you know and can trust that may be in the same boat and come together to get a plane. Just thought Id share that as I was fascinated to learn from my friend. He has it pretty well dialed in and I told him I was going to steal his ideas, but of course he said its not stealing as he is a great guy and been helping me along my journey. Which most aviators are amazing people. Which was just a guy I met at sun in fun this year that so happened to live 15 min from me in NJ. Divine intervention id say. Blue Skys to all.
Thanks for sharing your experience here. A partnership / club can be a good fit if you do it with the right people that have the right experience and mindset. Sounds like your friend has found that.
@@AirplaneAcademy Agreed. he’s definitely got it dialed in. And you have to be a well experienced ifr pilot to even be accepted as a buy out from a member. Since it was him that bought the plane and set it all up he definitely is someone I can get good guidance from. And I just realized I said slyline (that’s a car 🤣) I believe it’s skylane. Haha.
@@gtm624 having auto storage and no airplane in your hanger is not just frowned upon. It's against FAA rules if the airport property has received federal funds. Even if the building is privately owned on a leased parcel. Additionally, it's not allowed for safety reasons. Collector cars are far more likely to catch fire than a properly maintained airplane.
@@9HighFlyer9 it’s a small private airport and No public funding. Land is owned and operated. The owner doesn’t care what they do. As long as they paying rent on time. They did have an airplane and will probably have another at some point.
@@gtm624 relax, I'm not from the FAA and as long as it doesn't affect me idc what they do at their airport. I was just countering your assertion that it's merely frowned upon.
Some new pilots or aspiring plane owners may not realize the FAAs restrictions on hanger usage. If they were planning on storing their 69 Camaro there to save a few bucks on storage fees it'd be good to know.
Also, the 182 is definitely the best airplane for most missions the average family will fly. Trade in some fuel for payload and you've still got the endurance to travel as far as most adults or children's bladders will allow. Generally it can get out of any place it can land. The vast knowledge on the airframe and powerplants along with good parts availability keeps maintenance costs down.
Worth it to buy as a student pilot and build time towards ATP?
Kind of just depends on your situation... depends what your alternatives are, your financial situation, and your access to aircraft. Many people going from zero time to airlines are doing it in a pipeline program and getting most of those hours via being a CFI.
👍🏾
Relatives:- We Are Going To Buy A Mercedes Next Year , What Will You Buy When You Grow Up
21 Years Old Me :- Aeroplane😏🔥
You are a pilot right? What do you think the chance is of me becoming a pilot as i have adhd, autism and a few more mental disorders.
Dude! I’m like an hour south of you.😂
smack dab* :)
Personally I think there's a safety issue too. In WWll did a pilot fly a p-51 one day, a P-47 the next day and an F-4U the next day? No definitely not and for good reason.
I don't think I need to explain in detail of what I'm saying here. I want to own an airplane.
If I buy a plane, I’m gonna fly it from New Jersey to Vermont
I need an air plane for building flight hours, most economical, good legroom, and to fly around the world
I got buy my jet
Get an insurance quote before the offer to purchase.
Seriously.
I’m building my first airplane. Experimental Amateur Built is far more affordable.
Can I join a club and not fly? Maybe to learn to fly later.
This video is not at all related to the title
Before you buy a plane, make shure you pay the mechanic like Scotty Kilmer to have the plane checked out to make shure the plane is not wrecked, flooded, or stolen, and let him analyse with his fancy scan tool, if he says its ok go ahead and buy that airplane.
anyone else notice how big his pupils are?
They haven’t made these since the 1980s for a reason
All Aero clubs are a ripoff unless your strictly shooting for the airlines and join something like a sponsored club like United’s Aviate, otherwise stay away from the club scam. Joint ownership is also just dumb as hell and is “just like being married”, when you call your other owner explaining how you bent the twenty thousand dollar prop hitting a deer on takeoff, the excuse’s for why your not getting help will be plenty. Can’t help help you I’m in a mortgage, bla bla bla. Forget part ownership. If your not a business owner and millionaire you will be starving to maintain the plane, so if your not forget it, even if your just looking at a little Cessna 150. If you are, you already know how to register the plane in a “business entity” in a tax free state, not the state you live in. If you don’t know how to do this, you should never ever be looking at airplane ownership.
You gotta make a video about the tax avoision.
If your fist AC is a 182 then you are definitely the 1%.
Really? Buying an airplane that’s cheaper than any small home that’s mortgageable? That’s being in the 1%? You’ve got a tough road ahead son