Five Basic Steps for Buying an Airplane

Buying and selling aircraft isn't something that most people think about doing. Or think about in general for that matter. When we think of airplanes, we think of the big companies that charge hundreds of dollars for tickets and offer complimentary flight peanuts. But individuals buy airplanes all the time. After being in the aviation business for over a year, I've found that there's a whole other part of the business world that deals with people who buy and sell their own airplanes for personal or small company use.

Airplanes are not just for the rich and famous or the big airline companies. Anyone with the drive and means to own their own plane can make it a reality. The process can seem daunting. After all, there's a lot more to buying an airplane than going down and signing a lease at the dealership. A few basic steps, however, can make the process go much smoother.

The five steps listed here are some basics to buying an airplane that will help you get started on your way to being a bona fide aircraft owner.

1. Get to know the FAA - One of the most important things you'll be dealing with as an aircraft owner is the government agency known as the Federal Aviation Administration, commonly referred to as the FAA. This agency deals with the registration and regulation of all aircraft, as well as the registration of financial interests for banks and lending companies. Located in Oklahoma City, Oklahoma, the FAA is the agency that establishes the rules that pilots and aircraft owners follow to hold with government policy. The FAA website will be the first place you want to check out before buying your aircraft. The site offers news and updates, regulations and policies, statistics, and a lot of other information that will come in helpful when buying your airplane.