How To Calculate Weighted Average Of Cost Of Goods Sold 10 Tips For Buying Aircraft at an Aircraft Auction

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10 Tips For Buying Aircraft at an Aircraft Auction

One of the best places to buy a quality almost new aircraft at a price far below retail value is an auction. Brands and high-end aircraft (Cessna, Beechcraft, Piper etc.) often become state or bank.

property when the owner is unable to pay debts, and must be sold quickly to avoid storage and maintenance costs. So it is sometimes possible to get a quality, almost new aircraft for 80-90% of the retail price.

Buying an airplane is a big decision and should be done with great care. This is especially true if you are an inexperienced and/or first-time buyer. Income is close to the amount paid

for a home, therefore, as with any home, an expert appraisal is the safest way to go. However, it is very expensive and not everyone feels they want to do this research, especially when buying a used light aircraft.

To help first-time buyers, I’ve compiled the top 10 things to look for when buying a plane at auction. Many of them are similar to the recommendations for buying a used car, and in fact, experienced pilots approach the purchase of an airplane in the same way. However, there are a few aircraft-specific points to consider.

10) Obtain a copy of the FAA type certificate for the aircraft you are interested in. On the Internet you can get one at http://www.faa.gov/aircraft. Here you will find all the conditions of the aircraft – applicable

engine, propeller, gross weight, empty weight, speed, etc. Also introduce yourself to AOPA (Aircraft Owners and Pilots Association). They have detailed information, forums, and guides on buying used airplanes, accessible for an annual membership fee of $39.

9) Check the maintenance history carefully. Regular mechanical checks should have been performed. Pay particular attention to engine hours, equipment, airworthiness directives (AD), damage history, paint,

and internal. Be sure to ask the number of previous owners. Many previous owners can point to previous problems with the aircraft.

8) Ask the owner of the model of the aircraft you are looking for about the most common faults before and what to look for in advance inspection. This is best done at one of the major aviation sites such as http://www.totalpilot.com or http://www.airplanes.com.

7) If you find a good candidate, it’s time for an eye exam. Be sure to check the struts (are they the same?), wings (corroded, loose rivets), flaps (rust?), ailerons (any unusual play if you push a little?), doors and windows (should hold tight) , propeller (track, crack?), engine (hard top, with lets, exhaust ok?).

6) If possible, run the engine and check how it runs. Any sound irregularities? Blue smoke from the exhaust pipe (oil, could mean engine damage)? Excessive white smoke (could mean a coolant leak)?

5) When buying a plane at auction, start by doing your research. Attend the viewing (usually held shortly before the auction, and open to the public). Stay cool during the auction, and decide what you want to bid on

in advance. Never get into a bidding war, it’s a surefire way to get buyer’s remorse.

4) Be wary of any claims that are too good to be true. At auctions, chances are they are just that – not true. The responsibility of the seller at a public auction is relatively low, and two strong words – “AS IS” – generally release the seller from all responsibility. It’s up to you to point them to important statements and watch out for any outrageous promises.

3) If you win the bid, insist on a written contract, and ask that all important figures and claims be mentioned (eg previous owners or repairs, engine hours, or terms). time until you catch the plane). Remember that the price you pay is usually higher than the winning bid. Most auctions include a 5-10% buyer’s premium.

2) consider purchasing title insurance with accident and liability coverage. We have just touched on the main points of buying a good plane, and there are still many problems that may not be seen until the purchase.

1) Don’t be in too much of a hurry. If you look at an aircraft auction, it may feel like a once-a-year sale, but in fact, the market is very large and there are great opportunities at any time. It’s best to watch a few auctions first to get a feel for the process, and only start actively bidding when you have a good idea of ​​the market.

There are several databases of aircraft auctions on the Internet. One of the largest is http://www.seizedaircraft.com, with unlimited access for an annual fee of $19.95.

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