What Does It Take to Buy Your First Aircraft?

Thinking of purchasing an airplane? Here’s what you need to know.

Friday, July 12, 2024 at 09:00 AM ET

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Acquiring your first aircraft can be daunting, but there are many options for getting into your own private plane or jet. [Credit: Adobe Stock]

Key Takeaways:

Purchasing an aircraft requires careful consideration of make and model based on individual needs and budget, with various resources available for research.
Aircraft ownership involves significant ongoing costs beyond the initial purchase, including fixed expenses like insurance and hangar fees, and variable costs such as fuel, maintenance, and potential repairs.
Buyers have several financing options, including traditional bank loans, leases, specialized aviation financing (often offering more favorable terms and expertise), and aircraft partnerships to share costs.

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Are you interested in buying your first plane but don’t know where to start?

The aviation community continues to expand every year, and the light sport aircraft market has flourished recently. With the growing number of aviation clubs, hobby groups, events, and publications, you may be wondering if you could have access to an aircraft, or maybe you’re already a student pilot or a member of a flying club with flying hours under your belt and want to own your own aircraft.