I was just talking with CF member, Norm, who called me by accident but offered to chat for a moment. He mentioned that not too many Cascade Flyers own their own airplane. I said that many members have come and gone who have been airplane owners, that it can be somewhat cyclical with the economy and so forth.
This got me thinking about airplane ownership. Right now many airplane valuations are down quite substantially depending on the seller's situation. Your can find some incredible performance from a used airplane out there in the marketplace for some very low prices.
Plus, aircraft financing terms are quite excellent from a historical perspective.
Aopa and Bank of America are teamed up to offer very competitive financing. The folks who run the Bank of America aircraft loans department have weathered a few dozen buyouts and mergers over the years - but they are very knowledgeable and the process remains quite straightforward for new and used aircraft financing.
I just called the Bank of America Aircraft Loans department for a quote. In general, for a used airplane valued from about $55,000 to $99,999 they offer 240 months (20 years), at 6.75%, with a $495 closing fee.
The loan calculator at Bankrate.com says the payment would be: $494.24/month
They also have an excellent process for re-financing - when a new engine is needed, for example. Nonetheless, Google and/or Bing are your friends for shopping the market place for aircraft financing and new and used airplanes.
A Google and/or Bing search brings up in a microsecond all the major aircraft for-sale listings.
So very quickly you can scan the market place for an aircraft that you may be able to enjoy and afford.
Plus, there are MANY other resources available to you, namely - us - the Cascade Flyers and NGPA. Many in the club already own airplanes or, have owned planes in the past. These members will often be your very best resource.
Someone once said, "Nothing will make you become more intimately involved in general aviation, piloting, aerospace, mechanics, new-products, the FAA and government over-regulation - as owning an airplane yourself", who said that? Oh yea - it was me.
AOPA on-line is another tremendous resource for looking into aircraft ownership.
So - if you have or have not been thinking about owning your own airplane - think about it! A great way to spend some surfing time while at work.
Plus, many Cascade Flyers members would like to share costs and go for a ride!
It's true. Some of us like to share costs, especially on the new low-cost airplane that some pilot picked up in this depressed market.
Posted by: Chip | May 27, 2010 at 09:14 AM