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:

Prepare for aircraft ownership by consistently saving the monthly equivalent of the desired aircraft's ongoing costs, which helps build a down payment and accustoms your budget to the future expense.
Maximize your savings by investing them in a brokerage account to outpace inflation and potentially acquire your aircraft sooner than just using a traditional savings account.
Once a strong saving habit is established and consumer debt is clear, explore various financing options like conventional aircraft loans, home equity lines, or cash-out refinances to secure the remaining funds for purchase.

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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.