Shopping for an Airplane? Save While You Shop

Sure, it'll give you money to buy your aircraft, but there are other important benefits.

Jason Depew

Thursday, January 27, 2022 at 10:04 AM ET

Verified

The first step to owning an airplane is to start saving something every month. [File Photo: Adobe Stock]

Key Takeaways:

Start saving a monthly amount equal to the projected ongoing cost of aircraft ownership to build funds and acclimatize your budget to future expenses.
Invest these savings in a brokerage account to outpace inflation and accelerate your journey toward aircraft ownership, rather than keeping them in a standard savings account.
Consider conventional aircraft loans or advanced financing options like HELOCs or cash-out refinancing, but only if you are debt-free and have already demonstrated the ability to consistently cover the projected monthly ownership costs.

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We’ve built a calculator to help project the specific costs of owning your aircraft, we’ve looked at some ways to optimize the biggest factors affecting your costs, and we’ve seen how you can put your reserve funds to work for you. Today, we’re going to look at a few ways to raise the funds to purchase your first airplane.

Saving + Training

The first step to owning an airplane is to start saving something every month. If nothing else, put a few hundred dollars away into your future airplane fund. Yes, that means go open an account and transfer this month’s funds right now. I’ll wait.