1. What to Look For In A Warbird TransactionExpectations of Buyers and Sellers Presentation by:Mark ClarkPresident of Courtesy Aircraft Sales Darcy Kaapke Marketing Director and Sales Support
4. Other costs to remember: Down payment/Deposit Principal and interest on a loan if taken Training Insurance Storage/Hanger Fees Maintenance and Inspectionsi.e. Annuals, Condition Inspection, Unscheduled Maintenance, Airworthiness Directives, Life Limited Parts FuelFuel burn per hour TaxesVaries state to state- AOPA Website Your Budget There are a wide variety of warbirds for all pocketbook sizes- Aircraft prices can range from $30,000 - $2,000,000+
6. Purpose Defined by the FAA Airworthiness Standard Airworthiness Certificate Special Airworthiness Certificate Limited Type Certificate (LTC)Issued to operate surplus military aircraft that have been converted to civilian use. Not for compensation or hire unless you have exemption from the FAA. This exemption is if the aircraft is used for educational or training purposes. 25 Types i.e. B-25, P-51, P-40, B-17 Restricted CategoryLimited to special purposes including agricultural, forest and wildlife conservation, aerial surveying, patrolling, weather control, aerial advertising or any other operation specified by the Administrator. Not for carrying passengers. Experimental Research and development, crew training, exhibition, air racing, market surveys, and showing compliance with regulations. *Some aircraft can be certified under 2 categories
7. Which Plane?Things to keep in mind:How do you plan to use the aircraft? Airshows, Pleasure, Family TripsWhat is its purpose to you? Find Type and Model – Fighters, Trainers, Transports, Bombers, etc Performance Cruise Avionics Equipment
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9. It is very important to find a qualified, knowledgeable broker. A knowledgeable broker will save you time and also money. Why Use An Aircraft Broker Characteristics of a qualified broker: Qualify YOU for the aircraft. He/She considers the level of your pilot experience & price range. Understands the current market and trends. Can answer technical questions on the aircraft. Can provide or find you training for your new aircraft. Suggest mechanics. Respectful. Buying/Selling an aircraft can be a difficult process for some individuals. People tend to have a special bond with their aircraft, which sometimes makes this an emotional process.
18. Aircraft Documents Airworthiness Certificate Engine and Airframe Logbooks Aircraft Equipment List Weight and Balance Data, Placards FAA Approved Airplane Flight Manual and/or Pilot’s Operating Handbook
19. Manuals Ensure aircraft manufacturer and other manuals are transferred with the aircraft. If they are not available from the previous owner, you can usually obtain them from various companies.
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21. Maintenance Review the maintenance records to ensure they are complete and all inspections are current.
34. Your Time Patience is often needed when purchasing/selling a warbird.What can hold the transaction up? Liens on Aircraft Bank Requirements Financing Insurance Maintenance
35. Liens on Aircraft Have you ever heard the old saying…When the paperwork weighs as much as the aircraft, you are ready to go. Common Issues:Even though an aircraft has been bought and sold several times, it does not mean that the aircraft has “A Clear Title.” Liens can be 30-40 years old on certain Warbirds. A Lien was assigned to someone else. Aircraft could have been leased. There could be a problem if the FAA never received a formal letter stating that the lease was terminated. Paperwork has to match exactly what the FAA has in its records. If not, the corrected paperwork needs to be sent in. Sorting out and finding banks from several years ago (some may no longer be in business, or bought out by another bank), correcting paperwork, and resubmitting to the FAA. Owners: Do a Title Search on Your Aircraft if you haven't-
36. All Banks have a set list of what documents are required for an aircraft loan. Common paperwork needed:Logbook EntriesProof of Clean Title InsuranceTALK TO YOUR BANK REPRESENTATIVE He/She can provide you a list of what is required from you to receive the loan. Some Banks Have a Minimum Dollar Amount Bank Requirements/Financing
37. Depending on the terms of the purchase agreement/contract, many aircraft are sold with a fresh annual or the seller has agreed to have some work performed. Depending on the work load of your mechanic- may not be able to work on your new aircraft right away. Some unscheduled/unknown maintenance may need to be completed if a problem was found or an AD has not been complied with. Maintenance
