Affordable Airplane Ownership-7 Strategies

Looking for ways to afford a new airplane?

Here are a few tips to help you lower the cost of ownership and enjoy the aviation lifestyle!

1. Can you depreciate your new Cessna and qualify for huge tax savings?

Aircraft owners who fly their aircraft in the course of business are entitled to depreciate the cost of the airplane on their tax return. Two types of special depreciation can be used so you can deduct a higher percentage of the cost of the airplane in the year of purchase. The special depreciation rules were created and updated in the aftermath of the September 11 attacks to stimulate the economy by encouraging the purchase of equipment by businesses. So make sure you are receiving all the benefits you can for your own business! Talk to your accountant today or ask us for the name of an Aviation Tax Specialist to help you properly structure your purchase.

2. Can you lease your airplane and earn money every time it flies?

New Skyhawk owners lease their planes to flight schools for one or more of the following reasons:

a. Reduce the cost of flying with revenue collected when the plane flies.

b. Engage in legitimate business activity and qualify for tax savings.

c. Operate a profitable business with multiple leased planes.

Regardless of your motivation, ask your local Cessna representative to help you locate the right plane and the right school to reach your goals.

3. Are you working on your Private or Instrument rating and plan complete soon?

When you become a new Cessna owner, Cessna will pay for your flying lessons! If you’re working on your Private or Instrument rating and finish up within 18 months of your purchase, your lessons are reimbursed with a big fat check from Cessna. We all know that a good pilot is one who’s always learning.

4. Have you worked with your Aviation Consultant to design a plan to trade in and move up as your aviation skills and needs change?

Doesn’t it just make sense to learn in a Skyhawk, and move up to a Skylane or Stationair when your needs require seats, speed and elbow room? Wouldn’t it be great if someone would take your airplane back and trade it for a bigger, faster airplane as your needs change? Suppose you could even agree to a buy back rate before you purchase your airplane so you could calculate exactly how much your flying will cost?

That would be SMART, LOW-RISK buying. Owning the right airplane at the right time can save you thousands of dollars! Contact your Aviation Consultant to learn how you can advance to the right airplane to meet your changing flying lifestyle without losing money on your investment.

5. Have you discovered the easiest and most convenient way to finance your new Cessna?

Your Aviation Consultant has his/her finger on the pulse of the finance world and is checking daily for the best finance rates in the aviation industry and searching for companies that have experience making applying for financing simple. Look for

A simple online application form.
Quick approval, usually in just 24 hours
and companies that work well with the FAA and the manufacturer.

There are plenty of finance companies that offer great customer support, super rates and make applying as easy as applying for a car loan.

6. Have you considered an aircraft lease rather than a purchase?

Do you lease your car? Prefer to pay for just what you’ll use rather than the entire vehicle? You can lease a new Cessna too and for some, this financing option makes plenty of sense. Your needs may be unique but a good Aviation Consultant will design a creative solution for you. Just contact him/her for the solution that’s right for you.

7. Putting it together!

Here’s the best yet! You can actually combine several of the strategies above to really reduce the cost of flying. Take a look:

a. Purchase a new Cessna Skyhawk as a business asset in an LLC

b. Contact your local Aviation Consultant for help with competitive financing.

c. Lease your plane to your favorite flight school.

d. Depreciate the Skyhawk for huge tax savings.

e. Complete your Private rating and get a check from Cessna.

f. Move up to a Turbo Skylane JT-A (Diesel powered!) or Turbo Stationair (Seats six for families ) or even the world’s fastest single engine airplane, the Cessna TTX.

g. Receive top trade in dollars for your Skyhawk with help from your Aviation Consultant and have him/her help you with the 1031 “Like Kind Exchange” to transfer your depreciation to your new asset.

h. Complete your Instrument rating and once again… get a check from Cessna!

I. Enjoy significant savings on your aircraft insurance with an Instrument rating.

You’ve just saved thousands of dollars and own the most popular airplane ever built! Now go design an aircraft ownership strategy that meets your current and evolving mission.

What You Need to Know Before Looking at Used Airplanes For Sale

Looking to buy used airplanes? Well before you start shopping decided exactly what your requirements are. This can help to narrow down the field. How far will you fly? How many passengers will you need to carry? Do you want an antique or a modern airplane? Will your needs change in the near future?

Types

Jet or Propeller? – Jets are much faster but more costly to buy and run.

New or Used? – Used are cheaper most aviation airplanes are over 20 years.

Classics and Antiques – These have a lot of appeal due to their looks and style. They are also great for using at air shows.

Attributes

Cruise – How fast do you need to fly? The cruise speed is the speed the airplane does at 75% power.

Performance – What range does the used airplane have? This is important to take into account when buying.

Seating – How many people do you need to carry? Seating configuration can also be important. Tandem Vs Side by side? Side by side makes it easier to talk to each other while tandem while give the pilot more visibility and legroom.

Wings – High-winged airplanes are better for sightseeing. Low-winged airplanes normally have better visibility for flying in busy airspace.

Landing Gear – Conventional or Tricycle? Tricycle gear is less complex and often has lower repair costs. Conventional is more rugged and sometimes has lower wind resistance

No matter what you are looking for used airplanes have all the benefits of a new plane with out the cost.