7 Mistakes When Buying an Airplane (Easy to Make)

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There are a few mistakes that are really easy to make when you buy your first airplane and I wanted to shed some light on them in this video. It's not just the purchase process but even things before you get started, like looking into a hangar and lining up insurance and such, that often gets overlooked. I hope this video helps you in that process!
If we are meeting for the first time, I'm Charlie Gasmire, a commercially licensed pilot and airplane owner, and I make helpful content for private pilots. I own a 1975 Cessna 182 in Dallas, Texas, and make content sharing my lessons learned along the way so that it might help others.
Links mentioned in the video:
- lgainsurance.com
- Financial model and Airplane Buying Roadmap: airplaneacadem...
- Insiders Newsletter: airplaneacadem...
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[@AirplaneAcademy]

Hey guys - I'm working on a big project I can't announce yet but I am going to be sharing more info about it soon on my Insiders Newsletter. I just launched my Insiders Newsletter where once a week I send out an important aviation lesson I've learned and links to my latest content so that you don't miss anything. Sign up at airplaneacademy.com/insiders

[@063317Art]

Gps. Foreflight I do not pay 4 or 5 hundred $ for basic coverage. More in the less than $200 for basic

[@bstack11]

I passed my ppl checkride today. 2 years in the making and your videos helped me along my journey! Thank you!

[@TheShays]

Congratulations 🎉 Welcome to the club!

[@bjornmclir5015]

Congrats on your ppl!! I'm sure it was a huge relief when the DPE let you know you passed, I'm getting ready to do my commercial checkride.

[@AirplaneAcademy]

Congratulations!!

[@spencersmith7533]

Watching this video with $13.45 in my account like:

[@Shaneepe1]

Turning the lamp green… clever ;)

[@Oni76]

I came here just to comment on my appreciation of that subtle editing choice. 😆

[@RoscoeMcGillicuddy]

This is very helpful, as always. Thank you!

[@adamcorby804]

My airport has a 2 year hangar waiting list…and you can’t get on the list until you show proof of ownership. Arghhhhh!

[@JoshSwinson-bj5wn]

That's so backwards. We have free outdoor parking at my airport and hangars are readily available for rent. But I live 3 hrs from the nearest city. Maybe try looking outside city limits?

[@six_twentythree]

These are really great tips! Thank you!

[@AirplaneAcademy]

Sure thing, glad you enjoyed!

[@davidmangold1838]

Great information on shopping, to find the right airplane for you!

[@jerryjohnson21]

Just bought two planes and one of them has to fly to the DR for some paint, so I called the insurance company Ladd Gardner, the lady literally said US insurance company doesn't insure planes that fly internationally, even if their base is in the US... Would NOT recommend them. Literally call anyone else and you'll get insurance quotes no problem.

[@maritestaylor8458]

Very helpful thanks

[@williamk5998]

Still flying with Finkbeiner? Great guy.

[@williamk5998]

By the way, I would add to your list, buy an instrument capable airplane, even if you at this time have no intention of becoming an instrument pilot. If you become an instrument pilot or wish to pursue that, you’ll save a lot of money buying the plane that already exists equipped. If not, you’ll get your money back when you sell it.

[@robertgiudice5257]

Do you have any tips for buying an airplane for the purpose of a leaseback to a flight school? I just finished saving for a down payment on a 172

[@AirplaneAcademy]

I don't have any specific content on that... I haven't done it myself but my perspective on a leaseback is that the airplane is probably going to get put through a lot and you might not have very much access to the plane. I guess in certain circumstances it could totally work but if it were me I'd rather just rent or join a club than own it and lend it to a flight school all day. I'm sure there are lots of smart people that would disagree with me though so I'd poke around for other opinions on that.