The Complete Aircraft Purchase Checklist
A step-by-step checklist covering every stage of buying an airplane — from setting your budget to signing the bill of sale.
Set Your Budget
Total budget must include purchase price PLUS first-year costs (insurance, annual inspection, hangar deposit, initial maintenance). Rule of thumb: budget 15–20% of purchase price for year-one setup costs on top of the aircraft price. A $75K airplane really costs $85–95K to get flying.
Define Your Mission
Be honest about what you'll actually fly, not what you dream about. 90% of GA flying is 1–2 people going 200–400 nm. Don't buy a 6-seat turboprop for $100 hamburgers. Consider: typical passengers, range needed, runway requirements, IFR capability, speed vs. cost tradeoff.
Research Models
Use HangarMath to compare total ownership costs across models. Don't just compare purchase prices — a cheaper airplane can cost more over 5 years. Check insurance availability (some models are hard to insure with low hours), parts availability, and mechanic familiarity in your area.
Find the Right Airplane
Trade-A-Plane, Controller, Barnstormers, and type club classifieds. Don't limit yourself geographically — a better airplane 500 miles away beats a mediocre one locally. Get the full logbook history before traveling to see it. Ask for recent annual inspection reports, AD compliance records, and oil analysis history.
Arrange the Prebuy Inspection
The most important step. Hire an IA who specializes in the type — ask the type club for recommendations. Budget $1,500–$3,000. Never use the seller's mechanic. Never skip this step. Get a written report with photos and estimated repair costs. Use findings to negotiate price.
Secure Financing
Shop at least 3 lenders (AOPA Aviation Finance, Dorr Aviation, NBKC). Expect 15–20% down, 10–20 year terms, 7–9% rates. Get pre-approved before making an offer. Financing requires current annual and insurance.
Get Insurance Quotes
Contact 3+ brokers (AOPA, Avemco, BWI, Global Aerospace). Provide: total flight hours, hours in type, ratings, claims history, intended use, hull value. Low-time pilots: expect higher premiums and possible training requirements. Get quotes BEFORE closing — some aircraft types are difficult or expensive to insure.
Title Search & Escrow
Use AOPA Title Service or an aviation title company. They verify clean title, no liens, no accidents. Always use escrow — never wire money directly to a seller. Title search costs $100–$200 and takes 3–5 business days.
Close the Deal
Bill of sale (FAA Form 8050-2), registration application (FAA Form 8050-1), submit to FAA Aircraft Registry in Oklahoma City. Transfer insurance effective date to closing date. Get the seller to deliver the aircraft or arrange a ferry pilot. Get all logbooks, keys, POH, and spare parts.
First 30 Days of Ownership
Find a home airport and hangar/tiedown. Establish relationship with local A&P mechanic. Set up an oil analysis program. Join the type club. Complete any insurance-required training. Fly the airplane — the worst thing for an aircraft is to sit.