Owning an aircraft holds a lot of responsibility. You constantly need to fly and service the aircraft to keep it in good working order.
You also need to get an aircraft appraisal at your earliest convenience.
These are the top five reasons to get an expert appraisal.
1. Time to Sell
If you’re ready to sell your plane and purchase a new one, you’ll need to get an appraisal.
Professional plane appraisers will have extensive knowledge and experience of equipment and conditions of the aircraft. This lets them make a fair comparison to the current market.
Equipment and technology are constantly improving, so keep that in mind when receiving the value total. The book value may be different than market value.
An appraiser can see if spare parts or upgrades were made.
2. Purchasing a Used Plane
Whether you’re an experienced owner or first-time buyer, you’re going to want to know everything about the aircraft you’re buying.
Plane appraisals are conducted by professional third-party appraisal services. Their inspection and valuation might seem too low or too high.
You and the seller don’t have to settle at the price the appraiser gives. It’s a good starting point for negotiations though.
3. Aircraft Appraisals Help With Upgrades
Do you need to upgrade your instruments or propellers? Did you notice low tire pressure during a pre-flight check?
You don’t have to be in the market of selling your aircraft to get an appraisal. An appraisal service can conduct inspections to find problems or make suggestions.
As a pilot, you will be able to discover obvious issues. An expert can help discover mechanical or structural issues you aren’t trained to do. They should also be able to offer solutions.
If you’ve owned your plane for a while, an inspection will reveal the number of years left on your equipment. Aircraft appraisers can help you decide which parts need to be upgraded.
Without their knowledge, you might unnecessarily buy a new craft.
4. Interest Rates
Most people don’t have the cash to purchase a plane outright. Taking out a loan to finance the purchase is a popular way to get an aircraft.
Like real estate, when interest rates drop you can refinance that loan.
An aircraft appraisal will help you figure out the exact amount for the lender. Banks have their own appraisers, but only a third-party service specializing in planes will give you an accurate estimate.
5. Insurance Coverage
Every plane, like a vehicle, needs insurance to operate in the skies. Insurance companies also require the value of your plane.
The easy way out is to guess the value or use the price you purchased for the plane. Only an aircraft appraiser will give you an accurate number.
Your insurance quote and ability to get up in the air depends on the appraisal. Don’t waste time or you’ll be grounded.
Takeoff
It’s imperative to get an aircraft appraisal as part of the responsibility of being an aircraft owner.
An appraisal might be the thing keeping you from takeoff.
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