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 monthly an amount equivalent to the ongoing ownership costs of your desired aircraft to build funds and mentally prepare your budget for the expense.
Invest your savings in a brokerage account instead of a regular savings account to combat inflation, accelerate fund growth, and reach your purchase goal faster.
Once debt-free and with established saving habits, responsibly explore financing options like conventional aircraft loans, home equity lines of credit (HELOC), or cash-out refinancing to cover the purchase price after a down payment.

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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.