The federal government is offering big tax deductions in the current 2009 stimulus package.
Many people don’t realize that now is about as good as it gets for buying an airplane. Besides the big tax deductions and straight line depreciation write-offs allowed this year, the prices of aircraft for sale are dropping. There are a LOT of eager sellers for several reasons. One of course is the economy. If the plane is not making money it can be a real burden. Many owners find selling their plane becomes necessary, rather han try to maintain it. Call an accountant and do some research. It’s a great time to buy an airplane. Well maintained aircraft can make good investments, if they are a classic, vintage, have special modifications, etc. These planes are holding their prices even in tough times.
Abundance of good used aircraft on the market
Another reason it’s a good time to buy is that there are SO many planes that have been built in the last 50 years, and they last a very long time. They are maintained well by law, so there are plenty of perfectly good airplanes still flying after 40 years, or even much longer. There are warbirds, for example, that are over 60 years old and many of those are in immaculate condition because of full restoration. They are like new and can continue to fly for decades. When a person becomes passionate about owning a plane, they keep them in great shape for years.
Even further, a whole new industry is growing with light sport aircraft, or LSA. All kinds of engineers and hobbyists are building amazing little planes, with lightweight composite materials and lightweight electronics.
Buying an aircraft is truly within reach of many people who don’t realize it.
Do you think you need a million dollars to own a plane? No way ! You can get a beautiful 2 person Light Sport Aircraft for less than the price of many cars. A good quality used Cessna 172 is also within reach of many people.
A good airplane holds its value much better than a typical car, too, so you can sell it later if you lose interest. You don’t even have to buy a “whole” airplane. There are many options for owner partners, flying clubs, and flight school “lease-backs”.
If you’ve ever fantasized about owning an airplane, do some research now. Your dream could easily come true. There’s an airplane out there with your name on it.
A great resource for more information. AOPA www.aopa.org