Transcript:

Aircraft are extremely long lived pieces of equipment. Due to the industry’s meticulous maintenance practices and great care in handling them, aircraft commonly have productive lives of 30 or 40 years. Yet most aircraft owners hold on to their planes for just a few years. This means that there’s a large and rich secondary market for used aircraft. Buying one the right way involves retaining knowledgeable experts to assist you. These include an aircraft broker who knows the market and will find you the right plane, a good mechanic to inspect the plane and its log books, and an attorney to structure and paper the acquisition. The industry standard for these transactions is an aircraft sold with good title, but no warranties. This means that you must be sure of your acquisition before going through with the closing. Preparation is the key.