When you want to upgrade to a newer plane with lower operating costs and more advanced features, you can sell your current aircraft to generate the cash that you need for financing. If this is the first time that you’re doing this, GO Air Brokerage offers these tips for getting top dollar during the sale.
Prep the Plane
Buyers want their used purchases to be in as good condition as possible so they feel that they’re getting the best value for their money. You can fulfill that desire by taking care of any repairs or maintenance on your plane that are due immediately or soon.
Consider refurbishing, which can cover everything from replacing worn seats and adding entertainment systems to upgrading the avionics and getting a fresh paint job. These improvements can increase the price that you set by up to 20 percent, according to Flying magazine.
Part of the prep should be logging everything since you’ve bought the aircraft, such as all maintenance and repairs, dates and times, and the names of mechanics who complete the processes. A thorough history helps buyers accurately assess your aircraft and meet your price. You can obtain some records from the FAA, which can prove inconvenient and time-consuming. Keep copies of any logs for yourself if questions arise after the sale.
As a final step, thoroughly clean your aircraft, both inside and out. Remove any personal items. You want buyers to imagine themselves in the pilot’s seat and they can’t do that if your favorite mementos are scattered throughout the cabin.
Advertise
Advertising is the key to letting as many people as possible know about your aircraft sale, and you have many options online for listing your offering, including social media, plane websites, aircraft forums, and aviation chat rooms. Most of these sites cost nothing, so you can spread the word in as many places as possible.
You’ll need high-resolution photos of exterior views (front, back, side, 45-degree angles), interior, avionics, running gear, and any components buyers want to see. Lead your aircraft away from the hangar and onto the tarmac where it can be illuminated by natural sunlight. Document any flaws, such as rust, missing paint, or dents. You don’t want buyers to discover any problems after the sale.
When writing the advertising copy, consider what you would want to know about the plane as a buyer. Look at the descriptions of other planes for sale to come up with the words and sentences that garner attention.
Closing the Deal
After fielding several messages and showing your plane to interested parties, you’re at last ready to close the deal with a buyer. Paying attention to the details at this final step is important because even a slight discrepancy can void the transaction.
You need to verify that the buyer is negotiating in good faith and not trying to steal your asset. Do your due diligence by validating their presence online, checking their pilot certification in the public FAA database, and contacting their bank and workplace.
It’s best to receive the buyer’s funds via bank wire transfer, which contains built-in safeguards for the money and provides documentation, particularly for the IRS.
Be sure to complete all the paperwork thoroughly, including the FAA Bill of Sale, which must be signed by you and your buyer. Send one to the FAA and keep a copy for your records. In addition, both your and your buyer’s insurance companies must be informed of the sale.
Going with a Broker
Selling your aircraft yourself may save money and net you a higher profit, but are you ready to engage in all the time, effort, and paperwork needed to ensure a smooth transaction? If you prefer an easier and more trouble-free way, have GO Air Brokerage handle the sale. We take care of everything for you.