Things You Should Know About Aircraft Ownership
SouthEast Piper's team of aviation professionals can help you navigate the daunting process of buying, and when the time is right, trading up to your next aircraft or otherwise brokering your aircraft. We will be sure your aircraft purchase and ownership experience is memorable, easy, and pleasurable.
When you work with us in considering your aircraft purchase, we'll walk through the following critical subjects to be sure you purchase an aircraft you are thrilled with and that your ownership experience exceeds every expectation:
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A lot goes into buying a new airplane. SouthEast Piper's team of aviation professionals can help you navigate the process. Click any of the following items to find out more.
1. Identify how you will use your aircraft the majority of the time
How will you use your aircraft most of the time? One of the most common mistakes when purchasing an aircraft is 'buying for the exception...not the rule'. What do we mean by this? Your purchase decision should be based on what your mission profile needs are for the aircraft 80% of the time. How far do you typically need to go? How many people will usually be on board? How many hours of flight time do you have and in which aircraft? How much luggage or equipment will you carry on most missions? Etc...
Say for example, your business requires that two to three individuals must travel anywhere from 150 to 350 nautical miles from your hometown to meet with clients a few days a week. You also have a winter vacation home that is 800 nautical miles away that you and your family of five like to visit once or twice a year. So which aircraft do you need? Many people enter into the decision-making process putting more emphasis on the exception (visiting the winter home) versus the rule (no more than 350 nautical miles for business). Instead of trying to make a safe flight to the winter home non-stop in a bigger, faster, much more expensive aircraft, make the compromise that on those longer trips a stop may be necessary.
The experienced team at SouthEast Piper can help you work through your mission requirements to identify the aircraft which is the best fit for you, your family, your business and your lifestyle as you purchase or trade up to the aircraft of your dreams.
2. Index your aircraft ownership expectations
What should you expect, anticipate, and plan for in the ownership of your aircraft? A SouthEast Piper team member will focus on your specific needs and help provide you with a thorough understanding of what you can expect from aircraft ownership. Some common items we discuss with our clients include:
- Training
- Storage (obtaining a t-hangar or tie-down space)
- Warranty & Maintenance
- Financing
- Insurance
- Taxes
- Ownership Structure
- Professional Crew
- Aircraft Management
- Happiest Routes
And, SouthEast Piper has developed outstanding relationships with parties who can assist in providing additional expertise, services, or products throughout the U.S. so you can be confident you receive the best rates and guidance.
3. Research and arrange aircraft purchase financing
Once we've helped you determine which aircraft suits your needs and you have a solid, comprehensive understanding of what you can expect, it will be time to tackle financing the purchase of your aircraft. We have many relationships with a variety of financial institutions which can often customize a financing package which will meet your cash flow needs and provide you with the best rates and terms available. We can even make sure you are considering any tax benefit opportunities that might exist, and can introduce you to aviation tax professionals who are best suited to your personal financial and tax situation.
4. Understand requirements and arrange your aircraft insurance
If you have already owned an aircraft, you understand the importance of the process by which you secure your insurance. We often see more questions regarding insurance than we do in any other step of the aircraft acquisition process. Some questions we'll consider with you include:
- What should the ownership structure be?
- What are the underwriter's requirements for training?
- How much dual instruction will I need and how can I get the required instruction?
- What kind of liability limits should I and can I get?
- What will my annual premium be?
- Are there any exclusions I should expect?
- Why shouldn't I start working with my insurance broker now for my aircraft coverage?
Our experience and relationships within the insurance community can help you find the best placement of your policy, suited specifically to your needs, at the right price.
5. Service and support after your purchase
The fifth item is the most important in our opinion...Service after the sale. Just because you have purchased an aircraft does not mean your relationship should end with the dealer. You need to know that the dealer you are buying from will be there for you when you have a service issue, now and in the years to come. The dealership you purchase an aircraft from should have the breadth and depth of experience that extends well beyond the sales office and has the staying power to be there when you need them.
SouthEast Piper's team of professionals includes a service advisor and warranty administrator who will get to know you the day you take delivery of your aircraft, and who will be available to you throughout your ownership experience. As an aircraft owner you will appreciate their technical knowledge and ability to support you after the sale in a timely, professional, reliable manner.
Our team can also assist you in making arrangements to utilize a professional pilot for some or all of your flights, we can manage your aircraft to be sure the service schedule is tracked and adhered to, and our ASAP program insures that you don't have any financial surprises in the ownership of your new aircraft.
