1. Only rich can afford one. . .
Not so! Many aircraft owners are earning moderate incomes. How do they do it? Mostly through proper planning and a thorough education prior to making their purchase. You can learn about many aspects of purchasing an airplane at
a website that's nothing more than a compilation of helpful resources for those who want to learn!
2. You must fly at least 50 hours a year before an aircraft purchase is justifiable.
Well, it really depends on what you're using as a reference. If you're trying to beat cost of renting. . . find another way. If you have some business use, rental use or a need to access an airplane on demand your own aircraft is certainly justifiable. Read more at http://www.aopa.org/members/files opics/business_overview.html
3. If my business use is not majority of my flying, I can't depreciate my airplane.
Wrong once again! Using Sutherland Lumber case as precedent, you may be able to depreciate majority of value of your aircraft with as little as 27% business. Using Aviation Tax Specialists is critical when planning tax strategies for ownership of your aircraft. You can learn more at http://www.advocatetax.com
4. It's cheaper to own an older aircraft than a brand new one.
Probably not! With today's tax incentives, better interest rates for new airplanes and controlled maintenance costs that a warranty provides, in most cases a brand new aircraft is less expensive. Additionally, your flying comfort level with dependable instruments and equipment of a new airplane will confirm your decision to buy new.
5. Aircraft Salespeople are all "slime."
My favorite! Sometimes reputation of a few can tarnish an entire industry! Not to worry. . . There are some great salespeople out there who have your interest as their main objective. For 10 tips to choosing a super salesperson, visit http://www.airplanenoise.com op_ten.htm
6. I found a "cream puff" with a low-time engine!
Think that low-time engine is a good thing? Think again! The best thing you can do for an airplane is FLY IT! Don't be fooled by this myth. . . It'll cost you! http://www.lycoming.textron.com/main.jsp?bodyPage=/support/publications/keyReprints/general/lowTimeEngine.html