Experts predict that companies and individuals will purchase over 8,000 new private jets in the next decade.
Are you hoping to join the ranks of private jet ownership? Whether you’re shopping for a new or used jet, it’s a huge purchase decision. The majority of buyers pay too much because they don’t have a thorough knowledge of aircraft market value.
The good news is that a certified professional aircraft appraiser does. Members of the Professional Aircraft Appraisal Organization know everything there is to know about the appraisal industry.
Most importantly, they know how to find the best private jet for you at the best price. Keep reading to learn more!
1. Determine the Real Market Value
It’s impossible to tell how much a plane is worth just by looking at it.
The negotiated price is often very different than the aircraft’s true value. All too often, a buyer pays too much for a jet, only to learn after the fact that there are underlying problems the seller was (or wasn’t) aware of.
Hiring an aircraft appraiser eliminates these concerns. These professionals have access to creditable sales data that are not available to the public. They also have the tools and resources necessary to research and inspect the particular aircraft.
2. Receive a Detailed Report
A professional appraiser will track down every detail about the airplane you’re considering. This includes:
- the aircraft’s logbooks
- a full inspection of the plane’s interior and exterior
- the maintenance history of the aircraft
- a computer analysis of all relevant data
- an official Certificate of Appraisal with a detailed computerized report
This report offers a professional, unbiased opinion of the jet’s fair market value. This helps to safeguard your purchase against excessive tax assessments or capital gains taxes. It also verifies any damage claims from hail, fire, storms, or other disasters.
Rather than making an emotional decision based on preference or sentiment, aircraft appraisals allow you to make an informed purchase decision.
3. Assistance With Financing & the Sales Process
A Professional Aircraft Appraisal Organization may be able to help you, the buyer, to get the financing or insurance you need.
If you’re selling your plane, an aircraft appraiser will help to set your listing apart from other aircraft on the market. In some cases, it can reduce the amount of time it takes to sell by up to 50%.
What if you’re a financial institution or another type of lender? A certified professional appraisal substantiates both the nature and the value of the plane as it relates to collateral. The bank examiner or loan committee can use this information to support the buyer’s Loan Portfolio.
Do You Need to Hire an Aircraft Appraiser?
Whether you’re buying, selling, or lending, an aircraft appraiser is a vital part of the sales process.
Don’t leave a major purchase like this to chance. Hire a certified professional to ensure you pay or receive fair market value for your aircraft!
Now that you know more about the appraisal industry, what’s next? Keep browsing our site for more information about cars, planes, and other modes of transportation.