If you’re in the market to buy or sell an aircraft, have you considered working with an aircraft broker? An aircraft is a huge investment and aircraft brokers know the ins and outs of the industry, and they can often get you the best deal. Even the most seasoned aviation enthusiasts can sometimes use a little extra help.
Working With An Aircraft Broker
A private aircraft broker is a company or a person who facilitates the buying or selling of a private aircraft. If you’re looking to buy or sell an aircraft, hiring a broker means that they’ll be with you every step of the process, from the initial discussions until the final paperwork is signed and ownership is transferred.
Brokers are beneficial because they know the market, they can help you avoid conflicts of interest, they can find any potential savings, they know the main pitfalls to look out for, and they can give you valuable insider advice. Aircraft brokers also take away much of the stress associated with buying or selling aircraft because they handle every step of the process themselves, while still keeping you involved and informed.
Co-Own Your Aircraft
It goes without saying that buying an aircraft is a huge investment. During a time when inflation is high and the cost of living is steadily rising, co-ownership is a great option. Aircraft partnerships are when two or more parties jointly own a private aircraft, and they split the cost of purchase, storage, fuel, maintenance, repairs, and other associated costs.
Unless you’re using your aircraft every day, co-ownership is an excellent option that saves you a lot of money. You and your co-owners can work out a schedule for who gets to use the aircraft at certain times, and you’ll still enjoy all the benefits of the aircraft as if you were the sole owner.
Expenses To Consider
It’s no secret that owning an aircraft is a huge expense. Maintenance, repairs, fuel, and storage are just a few of the costs you need to consider before you buy an aircraft. Other expenses you may not have considered include:
- Insurance: There are various types of aircraft insurance, including passenger insurance for anyone who accompanies you on a flight.
- Crew salaries: Private jets often require flight crews, who need to be paid for their services.
- Cleaning: Your aircraft will need to be regularly cleaned, both the interior and exterior, to keep it in great condition.
- Hangars in other cities: If you’re flying your jet to a different destination, you’ll need a place to store it when you land. Your home base hangar isn’t the only storage space that you’ll be paying for.
If you’re thinking about buying or selling an aircraft and you’d like to learn more about working with an aircraft broker, please contact our team at Monmouth Jet Center today. We look forward to hearing from you.