Owning an aircraft is expensive. However, there are things you can do to reduce the overall costs. Before you buy brand-new, consider the benefits of buying a used plane.
Probably the biggest advantage of buying used versus new is the cost. New airplanes are significantly more expensive than older models. The older plane may need additional maintenance and have higher fuel costs, but those often still fall well below the cost of purchasing a new plane. Finding hardware distributors can help further lower the costs of maintaining your plane whether new or used.
If you plan to use your plane for small business trips or only as a hobby, there is no reason to buy the latest and greatest. Often a used airplane will have everything you need at a fraction of the cost. However, if you plan to make multiple trips a week and think the newer technology is worth the cost, used may not be a good option. Assessing how you plan to use the plane can help you decide what makes the most financial sense.
Upgrading an older model with newer technology is doable for many models. This means that you can save money on the purchase price by buying used and then upgrade to the latest technology. You can have the best of both worlds at a fraction of the cost. Keep in mind that not all new technologies are available as upgrades, but it is not something that is impossible depending on the model.
Every owner wants a reliable aircraft, which is achievable with many used planes. Older planes with a few upgrades often hold tremendous value for their owners. There are so many ways to achieve the results you want without the financial burden of a brand-new aircraft. Many of the older models can meet the speed and performance of newer jets making them a valuable investment.