The Perfect Time to Buy Used

Tom Benenson

Thursday, December 23, 2010 at 09:40 PM ET

Verified

Cessna 182RG John Miller

Key Takeaways:

The used airplane market is currently a strong buyer's market due to economic slowdowns, resulting in significant price declines across various piston aircraft types and offering opportunities to acquire more airplane for a set budget.
Buyers are advised to clearly define their mission, investigate insurance requirements early, and research fair market values using services like Vref or Aircraft Blue Book.
The most critical step for buyers is to always secure a thorough, independent pre-purchase inspection by a knowledgeable mechanic, including a detailed review of all airframe, engine, and propeller logbooks, to avoid costly hidden problems.
While current depressed prices allow for acquiring more advanced aircraft, buyers must remember that larger or higher-performance airplanes inherently come with increased long-term operating costs (fuel, insurance, maintenance).

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The opening line of Charles Dickens’ A Tale of Two Cities, “It was the best of times, it was the worst of times,” is an apropos description of today’s used-airplane market.

For buyers these are great times to be in the hunt for an airplane that’s gotten some gentle use and good care. But for sellers, faced with an economic need to relinquish the airplane they’ve enjoyed and nurtured, often for years, the times aren’t so good.