Buying Your First Airplane

This is a complex decision often involving the collaboration of a spouse or significant other, flying partner, and, of course, a banker. And the inflation of the last few years has not made it any easier. However, to prove that all is not lost for the prospective airplane buyer, let’s look at the statistics. 

As of 2021, there were approximately 700,000 individuals holding U.S. pilot certificates and around 212,000 GA aircraft. Of course, these include business jets and other non-Part 135 machines. However, nearly 170,000 of these are piston-powered singles or twins. Even considering that many of these piston GA aircraft are owned by flight schools or other businesses, a significant number of the production airplanes, and nearly all of the homebuilt and experimental, are in the hands of pilots like you and me. 

Based on these statistics, it appears that a significant percentage of the pilot population, at least 15-20 percent, are also aircraft owners. If they can, maybe you can too.

My personal experience as the owner of five different airplanes spanning nearly 50 years tells me that the key to becoming an owner is selecting the right plane, understanding the  purchase process, and being realistic about the financial outlay involved. Oh, and don’t forget a very understanding spouse. So, let’s spend a few minutes figuring out how all this works. 

The good news: An airplane is not a new car.

It’s easy to think of a GA airplane as a very expensive car. However, there are significant differences. Unlike automobiles, especially new ones, an airplane usually holds its value. When you drive that new sports car off the lot, depreciation kicks in with a vengeance. After two years, the average new car has lost 30 percent of its value. However, piston singles, like affordable houses, are in limited supply, so over the years each of the airplanes we have owned has sold for at least its purchase price—and in most cases more. In fact, the last three years have seen a significant increase in the value of our well-cared-for birds. 

The bad news: An airplane is not a new car, especially during the first year of ownership.

OK, so the airplane you have set your sights on looks like a pretty good deal. However, unlike that new car, the maintenance requirements, especially on a used aircraft, will dwarf the relatively trouble-free new car purchase. 

Once you roll a car off the showroom floor, you can expect that, except for oil changes and the occasional recall, it will be a trouble-free year or two. My experience with airplanes, especially used ones, is that even the best ones require a significant amount of maintenance in the first year–scheduled and unscheduled. Before you decide to purchase an airplane, ask an owner or two at your local airport to show you their operations and maintenance receipts for the year, then plan accordingly. Add in the cost of an annual inspection and it is prudent to develop a realistic budget for the first-year surprises that inevitably arise. 

The first step in any aircraft buy should be a visit to a reputable aviation insurance broker. The good news is that insurance for a fixed-gear single may be much less than you think. If you live in a state like Florida, where auto insurance rates are high, an aviation policy may be half of what you pay for your car. I am no expert, but it helps to have more ratings, especially that instrument ticket, more experience and hours, and clean record. However, beyond these basics, an insurance expert can help guide you to the right plane for your needs and pocketbook. 

Simply put, insurance companies vastly prefer simple, fixed-gear singles over complex retractables. Gear-up landings, especially in out-of-production singles and twins, are expensive to repair. These rarely result in personal injury, but the insurance company takes a big financial hit. 

Years ago, I was choosing between an immaculate Piper 260 Comanche and the fixed-gear Cessna Cardinal. The deciding factor was the cost of insurance. Even with thousands of hours of retract time, the Comanche cost at least two and a half times more to insure than a comparable fixed-gear Cessna, Piper, or smaller Beech. And now that I, like so many other pilots, are entering our golden aviation years, my insurance company loves the fact that I spend my flight hours in a simple and well-maintained airplane with all three wheels down and welded. 

Decide what you really need, rather than what you want. If you need an economical time builder, then find a nice two-seat or modest four-seater in good condition. Take a look at relative values in condition online or in print. Try to avoid more exotic or complex flying machines, which will inevitably be more expensive to operate and repair. 

Before you start looking for your airplane, find a trusted mechanic to do a thorough pre-buy inspection. This step has saved so many prospective owners from expensive repairs, or even worse, safety of flight issues. And be careful about airplanes sold with a “fresh annual inspection,” especially if they have been out of license for a while. These may be just fine, but any airplane that has not flown in a while should be considered carefully. 

When we purchased our trusty Cardinal, my wife’s uncle, an experienced A&P inspector, did a very thorough pre-buy for the airplane his niece would be frequently flying. Over 1,000 hours later, we appreciate his attention to detail every day. 

Once you have decided on a target airplane, take your time and be willing to walk away from any deal, even if you have spent time and money traveling to see it. The cost of the trip will pale in comparison to the cost of a troubled airplane. Somewhere along the line, I learned to never commit on the first visit whether it is buying a house, used car, or plane. Walk away, spend the night looking at the pros and cons, do a little more research and comparisons, and ignore the pressure to buy the little beauty before someone else does.

Occam’s razor states that “the simplest solution is often the best.” Simplicity reduces your expenses. Anything that rotates, retracts, has an electric motor, or more complex controls generally costs more to maintain. Fixed-pitch props are cheaper to maintain than the constant-speed variety. Retractable gear, in addition to being an insurance expense, adds to the annual inspection cost and should be overhauled every few years. Manual cable-operated flaps are generally less expensive than electric ones. You get the picture. 

For your first airplane, you might consider the simpler solution. And while you are at it, think about the avionics. Round dials are generally cheaper than glass. However, if you find an airplane with a previously installed and debugged glass cockpit, with modern GPS, ADS-B, etc., it is likely cheaper than installing it yourself after the sale. Your initial purchase price may be higher, but in the end you will save money. 

Find out what your insurance provider requires and then enlist an instructor with time in type and spend some quality hours getting to know the ins and outs of your new plane. A rushed hour of touch-and-go landings is not enough. However, if you have plenty of time in type, this may be less of an issue.

While you are airplane shopping, be careful about demonstration flights. Several years ago, I was taken on a demonstration flight in a beautiful privately owned Piper Comanche. I noticed the owner was very curious about my medical, certificates, and complex sign-off. Once he was satisfied that I was current and qualified to fly his aircraft, off we went. 

About a half hour into the flight the owner allowed that his medical had expired, and I discovered I was PIC. I called the tower and requested a full-stop landing, thanked the owner for the flight, and politely walked away. Oh, and the next time I asked a few more questions. 

Having relocated well over a dozen times, the first step on our moving checklist was signing up on the hangar list at the airports near our new home. Airplanes chained down to the ramp age rather quickly. Bird’s nests, fading paint, and moisture seeping into every crevice all reduce the value of your investment. Our always-hangered Cessna Cardinal sports a 30-year-old paint job and still looks new. 

Considering the cost of a strip and repaint, the hangar seems a wise investment. Additionally, if you can save a little money by accomplishing the owner maintenance items, including an oil change, a hangar makes that so much easier. 

So, you want to purchase your own airplane? Well, you are in good company. There is nothing quite like walking into the hangar knowing that you were the last pilot to fly it and that it is available 24/7.

You know its maintenance status by heart. It is not the cheapest solution. Renting is likely to cost less, especially if you don’t fly many hours. But with a few simple precautions you should be able to find just the airplane that fits your needs and takes you on new and exciting adventures.

Sort of “slipping the surly bonds of earth” on your own terms. It’s a great feeling.