First-Time Aircraft Buyer Guide: Everything You Need to Know

Step 1: Determine Your True Budget

Before falling in love with specific aircraft, establish a realistic budget that accounts for all ownership costs, not just the purchase price.

Upfront Costs to Budget

• Down Payment: Typically 15-20% of purchase price for financing
• Pre-Buy Inspection: $1,500-$3,500 depending on aircraft complexity
• Closing Costs: 2-3% of purchase price (escrow, title search, registration fees)
• Initial Insurance: First year premium due at closing ($2,000-$5,000+ annually)
• Immediate Maintenance: Items discovered during pre-buy ($2,000-$10,000+)
• Sales Tax: Varies by state; some states exempt aircraft, others charge 6-8%
• Initial Reserves: 6-12 months operating costs ($10,000-$20,000)

For a $100,000 aircraft purchase, total upfront costs typically reach $35,000-$45,000. Do not drain all savings—maintain personal emergency funds separate from aircraft reserves.

Ongoing Monthly Costs

• Loan Payment: Varies by terms, but typically $600-$1,200 for most piston aircraft
• Hangar/Tie-Down: $100-$800/month depending on location
• Insurance: $150-$500/month depending on aircraft value and pilot experience
• Operating Costs: Budget $50-$150/flight hour for fuel, maintenance, engine reserves

Use our aircraft affordability calculator to model various scenarios and determine what you can comfortably afford. A common rule: total aircraft costs should not exceed 30-40% of gross monthly income.

Step 2: Define Your Mission

Aircraft selection should be driven by your actual flying mission, not aspirations or pride of ownership. Answer these questions honestly:

• Typical Flight Distance: Most flights under 200nm? 200-400nm? 400nm+?
• Passenger Load: Usually solo? Frequently 2-3 passengers? Need 4 seats?
• Cargo Requirements: Overnight bags? Golf clubs? Bulky equipment?
• Operating Environment: Paved runways only? Grass strips? Backcountry?
• Annual Hours: 50 hours/year? 100 hours? 150+?
• IFR Capability: VFR only? Need IFR for travel? Serious weather flying?
• Performance Needs: Speed critical? Fuel efficiency priority? Short-field capability?

Be honest about your typical mission, not your once-per-year trip. Many first-time buyers overbuy—choosing complex, fast aircraft for missions that would be perfectly served by simpler, more economical options.

Step 3: Get Pre-Approved for Financing

Before shopping seriously, get pre-approved for aircraft financing. This provides several advantages:

• Know exactly what you can afford before falling in love with unaffordable aircraft
• Stronger negotiating position—sellers know you are a serious, qualified buyer
• Faster closing once you find the right aircraft
• Understand what documentation lenders will require
• Identify and address any credit or income issues before critical negotiations

Pre-approval typically requires: recent pay stubs or tax returns, bank statements, credit check, basic pilot certificate information, and general aircraft parameters (price range, age limits). Learn more in our aircraft loan pre-approval guide.

Shop at least three lenders to compare rates and terms. Interest rate differences of 0.5-1% represent thousands in total interest over the loan life. Work with talk to our financing team who understand aircraft financing intricacies.

Step 4: Shop for Your Aircraft

Where to Find Aircraft

• Online Marketplaces: Controller.com, Trade-A-Plane, Barnstormers
• Aircraft Brokers: Professional brokers with inventory and market knowledge
• Type Clubs: Cessna Pilots Association, Piper Owner Society, etc.
• Local Airports: Network with local pilots, sometimes find unlisted aircraft
• Social Media: Facebook groups dedicated to specific aircraft types

Evaluating Listings

When reviewing aircraft listings, look beyond price and pretty photos. Key factors to examine:

• Total Time Airframe: How many hours since manufacture
• Engine Time: SMOH (Since Major Overhaul) and time until TBO (Time Between Overhaul)
• Damage History: Any incidents or accidents? How repaired?
• Logbook Status: Complete logbooks since new? Gaps raise red flags
• Avionics: Modern GPS? Autopilot? ADS-B compliant?
• Annual Status: When is annual due? Recently completed or due soon?
• Storage: Hangared its whole life or outside?
• Modifications: STCs for upgrades add value

Step 5: Conduct a Thorough Pre-Buy Inspection

Never, ever skip the pre-buy inspection to save money or speed up the purchase. This $1,500-$3,500 investment can save you from $30,000+ in hidden problems.

What a Good Pre-Buy Includes

• Complete logbook review for accuracy and airworthiness directives
• Compression check on all cylinders
• Borescope inspection of cylinders
• Oil analysis and filter inspection
• Landing gear inspection and retraction test (if retractable)
• Control surface rigging and balance
• Avionics functionality test
• Flight test for performance, handling, and squawks
• Airframe inspection for corrosion, damage, and structural integrity

Read our complete pre-buy inspection checklist.

Common First-Time Buyer Mistakes to Avoid

• Buying with emotions instead of logic: Do not fall in love with aircraft before thorough evaluation
• Skipping pre-buy to save money: This is the worst possible place to economize
• Underestimating ongoing costs: Budget realistically for all ownership expenses
• Buying too much aircraft: Match aircraft to mission, not aspirations
• Ignoring engine time: Low-price aircraft near overhaul is not a bargain
• Not reading logbooks carefully: Gaps, missing ADs, and damage history hide in logbooks
• Rushing the process: Take time to find the right aircraft and do proper due diligence
• Depleting all savings: Keep reserves for unexpected maintenance
• Buying alone without expert help: Experienced mechanics, brokers, and pilots provide invaluable guidance

Your First Year of Ownership

The first year teaches you more about aircraft ownership than any guide can convey. Expect:

• Learning curve: Every aircraft has quirks—learn yours
• Unexpected expenses: Almost always something comes up in year one
• Insurance reduction: After a claim-free first year, rates often drop
• Operating cost reality: You will learn your actual costs versus estimates
• Mission refinement: You might discover your mission differs from expectations

Keep detailed records of all expenses to understand true costs. This data proves invaluable for future decisions and budgeting.