You've heard of getting an appraisal on a house or a car before, but what about an aircraft? A personal aircraft used for business travel or even for work — such as location or farming services — can be sold at a profit, but how do you know what your smaller plane is even worth? Or, if you do have an idea of its value, how do you get the unit sold? An appraisal is what you need to get started on either buying or selling an airplane or jet of any size.
Whether you want to sell your private aircraft so you can buy a new one, you want to trade the unit in and ensure a great deal, or you want to buy another aircraft, an appraisal is necessary for a safe transaction. An aircraft should always be appraised professionally by an aircraft appraisal service company, which you can find in your area by searching online or asking at an aircraft dealership or manufacturing facility. Here are the reasons why you need an appraisal.
You find out what you have is actually worth
Are you buying, selling, investing, or simply wanting to insure an aircraft you have? Knowing its value is key to getting the most of your investment, whatever your reasons for getting this number are. An airplane and jet appraisal service will be able to assess the current value of what you have or are considering getting so you know what you are looking at, expense-wise.
You find any potential flaws
Your aircraft may have a few small dings or flaws that need to be fixed. If there are problems with the engine, the carriage, or other smaller issues with an aircraft you have or are considering having, it's best to know now before you take the unit out into the air again. Your appraisal often not only includes the current value of the flying machine, but also any potential damages as well, including broken windows, rusted areas, and wing damage.
You can get repairs made on your unit before you sell for improving your top dollar asking price, or if you feel comfortable with the current appraisal, leave your aircraft alone and sell or trade in as-is. An appraisal will at least give you a great idea of what you can expect so you know what to do with your investment in the end.
While owning a private jet or plane is unique, you can get an appraisal for this type of machinery just like you can nearly anything else you own. Just contact a company like Killingsworth Aircraft Valuation Services, LLC.