AirMart is family owned and operated, and we’ve been working in aircraft brokerage for 50 years. Our talented team has the knowledge and expertise you need to make selling an aircraft simple and rewarding.
Selling an aircraft can be a complex process that has many factors and requires careful planning, market research, and negotiation skills. Whether you’re selling a single-engine Cessna or a Boeing 747, the key to a successful sale is to follow a strategic approach that maximizes your aircraft sales chances of finding the right buyer and closing the deal at a fair price.
In this article, we’ll provide you with a comprehensive guide on how to sell an aircraft, from preparing your plane for sale to marketing it effectively and negotiating the best price with your insurance company, aircraft broker and potential buyers. Let’s get started!
Before you put or sell your aircraft on the market, you need to make sure that it’s in top condition and ready for inspection most buyers. This means that you should take care of any repairs, maintenance, or upgrades that your plane needs to ensure that it’s airworthy and appealing to potential buyers.
Have your plane inspected by a certified mechanic: This will help you identify any issues or problems that need to be addressed before you put your plane on the market.
Clean and polish your plane: A clean and well-maintained plane is more attractive to buyers and can help you command a higher price.
Update your avionics and technology: Buyers are often interested in the latest avionics and technology, so consider upgrading your equipment to make your plane more appealing.
Gather your aircraft records: Make sure that you have all the necessary paperwork and records for your plane, including maintenance logs, registration documents, and other important information.
Once your aircraft is ready for sale, you need to determine its current market for value. This will help you set a realistic asking price and negotiate with potential buyers.
To determine an accurate value of the market value of your aircraft, you can use online resources such as Aircraft Bluebook or VREF. These tools provide you with a range of values based on factors such personal items such as the age, condition, and features of your aircraft.
However, keep in mind that the market value of your aircraft may be affected by other factors such as the current demand for your plane model, the availability of similar aircraft in the same model on the market, and the general economic conditions. Therefore, it’s important to consult with a professional aircraft appraiser or broker who can provide you with an accurate valuation of book value of your plane.
Once you have determined the market value of your new aircraft is a good deal, it’s time to start marketing it to potential buyers.
There are several effective ways to market your plane, including:
Advertising your aircraft with Airmart.com
Listing your plane on specialized aviation websites and forums
Contacting aircraft dealers and brokers who may have clients interested in your plane
Networking with aviation enthusiasts, pilots, and other industry professionals
Attending aviation trade shows and events where you can showcase your plane
When marketing and selling your aircraft, make sure to highlight its unique features, advantages, and benefits. Provide potential buyers with detailed information about your plane’s performance, specifications, and maintenance history. You can also include high-quality photos and videos of your plane to showcase its appearance and condition.
Once you have found potential buyers for your aircraft, it’s time to start negotiating the purchase price and terms of the sale. This complex process requires excellent communication skills, negotiation tactics, due diligence, and legal knowledge.
Start with a reasonable asking price: This will help you set the tone for the negotiation and avoid unrealistic expectations.
Be prepared to compromise: Negotiations are about finding a middle ground that works for both parties. Be willing to compromise on certain terms or conditions if it helps you close the deal.
Keep your emotions in check: Negotiations can be stressful and emotional, but it’s important to remain calm and professional throughout the process. Avoid getting defensive or confrontational and focus on finding a mutually beneficial solution.
Get everything in writing: Once you have agreed with the buyer, get all the terms and conditions in writing. This will help you avoid misunderstandings or disputes down the line.
Once the seller and you have agreed on the terms of the sale of used aircraft, it’s time to complete the transaction. This involves transferring the ownership of the aircraft to the buyer and receiving payment for the sale of current aircraft.
Here are some key steps that you need to take to complete the sale:
Have a purchase agreement and bill of sale prepared: These documents should include all the terms and conditions of the sale and any warranties or guarantees.
Obtain any necessary licenses and permits: Depending on your location and the type of aircraft you’re selling, you may need to obtain certain licenses or permits to complete the sale.
Arrange for the transfer of funds: Make sure that you receive payment for the sale before transferring ownership of the aircraft to the buyer. You can use a third-party escrow service to ensure a secure and timely transfer of funds.
Complete the aircraft registration transfer: Once you have received payment, you need to transfer the registration of the aircraft to the buyer. This involves submitting the necessary paperwork and notifying the relevant authorities.
In conclusion, the selling process of an aircraft requires careful planning, preparation, and execution. By following these tips and strategies, you can maximize your chances of finding the right buyer and closing the deal at a fair price. Remember to stay patient, flexible, and professional throughout the selling and purchasing process, and seek professional assistance if needed. Good luck with your aircraft sale!
To determine the value of your airplane, research similar aircraft that have recently sold. Factors such as the aircraft’s age, condition, and hours flown can impact its value. You can also consult with aviation experts or appraisers to get a more accurate valuation.
Before selling your airplane, you should clean it inside and out and ensure that it is in good working condition. This may involve making any necessary repairs or upgrades. You should also gather all relevant paperwork, such as maintenance records, logbooks, and registration documents.
There are several ways to advertise your airplane for sale, including online marketplaces, classified ads in aviation publications, and social media. You can also network with aviation enthusiasts and attend aviation events to spread the word.
To screen potential buyers, you can ask for references, check their financial qualifications, and ask about their intended use for the aircraft. You may also want to consider having a pre-purchase inspection conducted to ensure the buyer is serious.
The paperwork required to sell an airplane may vary depending on the jurisdiction, but typically includes a bill of sale, registration transfer, and other maintenance and ownership documents. It’s important to consult with an aviation attorney or regulatory agency to ensure all legal requirements are met.
More than half of our staff are accomplished pilots, with a crew of qualified A&P mechanics, IAs, flight instructors, and CSIPs ready to serve our customer’s needs as well. Our capable team has helped thousands of aircraft owners sell with confidence.