So you’ve been saving up your money and have a substantial amount of cash. You’re thinking of buying that plane, but the thought of paying upfront always scares you.
Instead, why not sell an airplane to fund your new venture? Selling a plane isn’t always easy, but there are several ways to go about it that can help make the process simpler.
If you want to learn how to sell an old airplane, this quick and easy guide will give you all the information you need to get started.
Table of Contents
Refurbishing the Airplane Prior to the Sale
This process requires assessing the plane’s condition to make sure all parts are functional, checking for rust and corrosion, inspecting the plane’s interior and exterior, and ensuring the plane’s systems are up-to-date. After the assessment, any and all necessary repairs and replacements must be addressed.
Additionally, prospective buyers must be provided with records of all service and maintenance done to the airplane. Through this process, a seller can ensure that the plane will be in the best condition possible and can appeal to buyers seeking an operable and safe plane to purchase.
Listing the Airplane for Sale
Start by taking pictures of the aircraft, as this is usually the first thing interested buyers will see. Make sure to highlight all of its features and attributes to give potential buyers a good understanding of what they can expect from the airplane.
Be honest and accurate with your listing; don’t try to make the aircraft sound more appealing by overstating its features.
Advertising your Aircraft
The first step to selling an airplane is to advertise your aircraft effectively. You should consider using multiple marketing routes like magazines, online services, email campaigns, direct mail, newspapers, trade shows, social media platforms, and more.
Be sure to include plenty of pictures and videos, providing potential buyers with a virtual tour of your airplane. To reach potential buyers, make sure to use the best marketing route.
Negotiating the Sale of the Aircraft
When negotiating the sale of an aircraft, always remember to stay within the airplane value set on the aircraft. This will ensure that you are not underselling the airplane. Also, the buyer and seller need to negotiate an agreement that is mutually beneficial.
During the negotiation process, the buyer and seller should discuss all the details, such as the purchase price, payment terms, and other details. The repairs needed, if any, should also be considered. There are aircraft sales to consider for a wide range of services.
Finalizing the Sale & Transfer of Titles
This includes using a Trusted Third Party Escrow Company to transfer titles, payouts, and payments. This is done for both the buyer’s and seller’s protection. The buyer and seller need to collate all of the documentation associated with the sale and transfer.
Lastly, the buyer will need to arrange for insurance for the plane and any necessary licenses or certificates before officially taking possession.
Sell Your Old Airplane
Once you have decided to sell your old airplane, it’s important to make sure you are properly prepared. Market your aircraft properly, think of the entire process as you would selling a house, and you will be on your way to success.
With the knowledge from this article, you should now be prepared to take the steps necessary to sell your aircraft. Let’s get started!
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