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ASK THE STAFF: SELLING YOUR PLANE - (Part 2)

1978 Cessna 182, 2,877 TTAF, 1100 since factory remanufacture.
Dual King KX-155's, King KN-64 DME, Garmin 155 GPS (approach certified), Cessna 300A autopilot. New paint, interior good, all logs, NDH. $69,500. 201 228-2562

 
 

On the previous page we covered getting ready for the sale and how to write an ad that sells your plane fast. Just before you place those ads, however, there are a couple of other aspects to cover.

This may seem like really stupid, dumb, unnecessary advice, but clean, wash, wax and vacuum before your sell! (We wouldn't even mention the obvious if we hadn't seen so many examples of owners that think the specs will sell all by themselves!) It's also VERY important to remove anything that you don't want to sell with the plane, including any yoke or panel mounted GPS units. If a prospective buyer sees the GPS, it becomes a bargaining tool, as in "OK, I'll pay that price, but only if you include the (fill in here)". If you remove it ahead of time, it's no longer an issue, and you won't have to remind every buyer that the GPS doesn't go with the plane.

Spend a few minutes to organize the logs, 337's, yellow tags and any other paperwork. Buy them a new case. It will give the buyer that warm and fuzzy feeling when he sees how much care you've taken with the documents.

Now is also the time to STOP FLYING THE PLANE. Murphy and his law is alive and well, and absolutely love aircraft for sale. It's almost guaranteed if you continue to fly it, something expensive or embarrassing will break.

O.K.- the specs and logs are in order, the plane's prepped, and the ads placed. Let the games begin!

After you've had numerous conversations with prospective buyers (and tire-kickers), the day will finally come when you show your plane. It's generally good practice to avoid a demo flight at this point, especially if the buyer has flown one of this type of plane. Why? There are many reasons (including Murphy above), but at this point the buyer assumes that everything works and the plane flies fine. There is no way you can improve on this impression- things can only get worse.

This is not to say that the buyer shouldn't have a demo flight, but it's better to include it as part of the buying process at the time of the pre-purchase inspection. A demo flight should only take place just before the pre-buy, and of course you will want to be PIC- the buyer should just be observing. Make this flight as short as possible, but be sure to demonstrate that everything works (or doesn't).

Ah yes, the "pre-buy." Be mentally prepared. The mechanic that looks at you pride and joy WILL find things that either don't work, will stop working shortly, or should work differently. They WILL find things you and/or your mechanic never thought about. It's a fact. Do not take it personally- he/she is doing everyone a favor at this point, and if for some other reason the deal falls through, you'll be prepared for the next mechanic (who will, undoubtedly, find different things!).

After the pre-purchase, it's normal to do a bit more negotiating. You, the buyer and the mechanic need to divide the squawk list into 3 basic categories: Airworthiness items, expensive and/or upcoming items, and the rest. Obviously any airworthy items need to be addressed immediately, and little items like dead light bulbs shouldn't even be considered. In between, however, there's lots of room for discussion and negotiation- and the more prepared you are, the better price you'll get.

As a seller, you want to conclude the deal as painlessly as possible. While there are exceptions for every circumstance, it's usually better to negotiate the cost of the more serious items off of the purchase price, than to offer to have those items replaced/repaired. Remember,"Time is the Enemy of all Deals". There are lots of things that can happen (and have!) while your mechanic is cleaning up the squawk list. These include (but are NOT limited to) the buyer changing their mind, or finding a better deal, or the sudden influence of personal or family problems.

If you've priced your plane properly you'll have negotiating room at this point, and you and the buyer will conclude a mutually satisfactory deal. The buyer should have ordered a title search, and you'll need to carefully fill out the bill of sale in the EXACT same way as on the title search report.

Hopefully it will all go smoothly, and you'll be faced with only one last problem:

"What shall I buy next?"
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