Selling your airplane is a big decision, and there are many steps involved in the process. When I made a decision to sell my airplane I was so confused and came to know different aspects. In this article, we will cover how to sell your airplane with the help of a broker.
What do you need to know before selling your plane?
The steps to selling your plane are as follows:
- Contact a broker.
- Prepare the aircraft for sale.
- Market the aircraft to potential buyers.
- Negotiate the sale.
If you’re selling your plane privately, you’ll likely need to advertise it in print and online publications, hold an open house, and set a price point according to market conditions and the condition of the aircraft. If you’re selling your plane through a broker, they will take care of most of these tasks for you.
The different rates between a broker and an auction
If you’re thinking about selling your plane, it’s important to know the different rates between a broker and an auction. A broker will typically charge a commission of around 3-5% of the sale price, while an auction will often cost you more up front but save you on maintenance and storage costs.
To get the best deal on your plane, it’s important to work with a qualified broker. There are many brokers out there, so it’s important to do your research and find one who has the experience and knowledge to help you sell your plane at the best possible rate.
Things to consider when going with a broker
- Do your research. When choosing a broker, make sure you ask a lot of questions so you can make an informed decision. Be sure to ask about their experience selling planes and what services they offer.
- Get a good price. Once you have chosen a broker, be sure to ask for a good price on the plane. Don’t settle for less than you’re worth.
- Prepare for the sale. Make sure you have all the documents necessary to sell the plane, such as an airplane bill of sale and title transfer documents. Also, be prepared to answer any questions the buyer may have.
- Have someone help you sell the plane. Having someone to help with the sale can make the process easier and faster.
- Be prepared to walk away. Once you have sold the plane, be sure to close out your Burlington-based broker before you leave the country to avoid any legal issues with the buyer.
How to Sell an Aircraft?
According to the Federal Aviation Administration, selling an aircraft requires a very specific process. Here are the steps:
- Contact a Burlington-based broker. A broker who has experience in aircraft sales will have a more successful sale than one who doesn’t.
- Have your airplane appraised by a personal pilot before you begin working with a broker.
- Get all the necessary documents for the sale ready at home or at the office: aircraft registration records, annual inspection reports and copies of all military or airline related forms that may be needed for proof of ownership.
- Talk with your local FAA Regional Office about how much money can be transferred without paying tax on it and how much tax can be applied to the sale.
- Consult an attorney about your options before you begin to sell your airplane.
- Start the process of selling your airplane by contacting a broker you’ve worked with in the past or one who has experience in selling aircraft for overseas buyers.
- Be sure to provide every document that would be needed if the aircraft ended up being exported from the United States, such as airline accident reports, CVRs and flight plans beyond U.S./Canadian borders, among others.
- Ask for a pricing guide for the type of aircraft you own, consider asking for three price points: current value.
Types of aircraft that are typically sold by brokers
When it comes to selling an aircraft, many people turn to brokers. But what type of aircraft is typically sold through aircraft brokers? Here are three types of aircraft that are commonly sold by brokers.
Piper J-3 Cub
The Piper J-3 Cub is a single-engine aircraft that typically sells for around $150,000. This aircraft is popular with recreational pilots and can be flown in a variety of locations.
Cessna 172 Skyhawk
The Cessna 172 Skyhawk is a popular aircraft for those who want to fly locally. The aircraft typically sells for around $150,000 and can easily be flown in most locations.
Piper PA-28-151 Cherokee
The Piper PA-28-151 Cherokee is a popular airplane for those who want to fly long distances. The aircraft typically sells for around $250,000 and can be flown in a number of different locations.
Conclusion
Selling a plane can be a daunting task, but it’s not impossible with the help of a broker. A broker will take on most of the legwork for you, including finding potential buyers and negotiating prices. If you’re ready to put your plane up for sale and want to get started, contact a broker today!
