Pilots may save money by buying a used plane in 2011
February 25, 2011, 03:50 pm
Now may be the best time to buy for pilots who have been saving up to purchase a used plane, according to a recent article in Flying Magazine.
Analysis of certain planes, including the Beechcraft C23 Sundowner, the Cessna 172P and the Piper Warrior and Archer, show how steeply the prices have dropped.
"In 2006, the average retail price for the group was $62,000; by 2008 it had fallen to $52,000, and by the third quarter of 2010 the average price for the group was $47,000," according to author Tom Benenson.
More expensive planes reflected similar rates of price drops during the three different years, which is why experts state right now is a excellent time to invest in a used plane.
When looking to purchase a used plane, pilots should determine what type of plane is most suitable for their needs, Benenson advises.
Pilots should also consider the potential insurance costs of their planes when making purchases, and may want to contact their insurers beforehand.
Though insuring a plane against physical damage is important, it is equally as essential to look into life insurance for pilots. Pilot insurance will enable aviators to provide for their families in their absence, should they be fatally injured as the result of a plane crash.
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