Hundreds of thousands of pilots and aviation enthusiasts will attend EAA AirVenture in Oshkosh, Wisconsin—no doubt confronting the temptation of buying or selling their own GA aircraft. [FLYING file photo]
Key Takeaways:
Conduct thorough due diligence, including a pre-purchase inspection by a disinterested A&P/IA, a title search, and meticulous review of all logbooks and FAA aircraft data to identify any damage or undisclosed issues.
Ensure financial preparedness by establishing a realistic budget, setting aside significant reserves (e.g., 10% of the purchase price) for initial maintenance and unexpected costs, and evaluating if ownership is truly more cost-effective than renting.
Prioritize aircraft with "good bones" (no corrosion or significant damage) and consider future mission needs to avoid costly upgrades or buyer's remorse, while sellers should provide accurate descriptions and organized documentation.
The countdown is on, and within days hundreds of thousands of pilots and aviation enthusiasts will attend EAA AirVenture in Oshkosh, Wisconsin—no doubt confronting the temptation of buying or selling their own GA aircraft.
FLYING asked readers for their best advice when it comes to buying and selling general aviation aircraft and if they had any regrets after a deal was struck.
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