FAQ's updated February 24, 2009
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Do you also appraise piston aircraft?
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What are your aircraft pricing data sources?
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What is USPAP?
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Who requires USPAP compliance?
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Why is a USPAP compliant Aircraft Appraisal important?
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What about "desktop" and "price-guide" services?
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How is Damage History dealt with?
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How long does it take to perform an Aircraft Appraisal?
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How much does an Aircraft Appraisal cost?
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How do I pay for an Aircraft Appraisal?
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Hey! Why have I read this stuff on other web sites?
Do you also appraise piston aircraft?
Absolutely. We specialize in turbine aircraft appraisal, but our piston aircraft clients receive the same care, expertise, and service.
Although we will travel worldwide for an on-site turbine appraisal, it does not make sense to do so for a small piston aircraft as the travel expenses will cost more than the appraisal itself. In such cases, locating a well qualified appraiser who lives nearer to the aircraft is recommended. We can assist you in this search at no charge.
What are your aircraft pricing data sources?
A combination of sources that include, but are not limited to: JetNet, The National Aircraft Appraiser's Association (NAAA), The Aircraft Bluebook, Vref, aviation industry publications, and personal industry contacts. All of our data source subscriptions are kept 100% current.
The data sources listed above are simply tools. They are tools that can be used either correctly or incorrectly. At Jet Appraisal Corporation, our decades of experience assures that these data tools will be used correctly to produce an appraisal that will withstand the scrutiny of any courtroom challenge or bank audit. Our clients deserve no less.
Lastly, it is important to remember that an appraiser does not "set" the price of an aircraft. The market "sets" the price. This is an important concept. The appraiser interprets the market by the correct use of data sources combined with a thorough examination of the subject aircraft.
What is USPAP?
USPAP stands for Uniform Standard of Professional Appraisal Practice. The United States Congress authorized the formation of USPAP in 1987 following the Savings and Loan Crisis. USPAP establishes the accepted standards for all types of appraisals including Aircraft Appraisals.
Download a brochure on USPAP by clicking here.
Who requires USPAP compliance?
Federal, state, and local governmental agencies; the courts; and financial institutions. Interestingly, USPAP standards are now being accepted worldwide in North and South America, Europe, and Asia.
Why is a USPAP compliant Aircraft Appraisal important?
A USPAP compliant appraisal report is defensible both in the courts and to the auditor. USPAP compliance also gives the parties to a subject aircraft the confidence of knowing that the appraisal service performed meets the highest professional standards.
Whenever you hire a professional, there is an underlying expectation that the work performed will conform to the strictest of standards of that particular discipline. You expect this from your Certified Public Accountant (CPA), your attorney, your physician, and now you should also expect it from your aircraft appraiser.
What about "desktop" and "price-guide" services?
These off-site "desktop" and "price-guide" services are not appraisals and they most definitely are not USPAP compliant. What they do is to generate a price value based on a fleet average aircraft with just a few small adjustments to correct from average condition and hours. If you are only seeking one of these generic prices, that's OK. I'll be happy to supply you with one at no charge.
A person sitting behind a keyboard 1000 miles away from the subject aircraft is not performing an appraisal. A legitimate appraisal requires that an independent, impartial, and objective expert personally examine the subject aircraft and all of its documents. A true appraisal report provides a client with a complete record that is unique to that particular aircraft.
Aircraft are like snowflakes: no two are the same. Even "sister ships" on the assembly line are unlike from the day that they leave the factory. Factors that can result in value differences between two "sister ship" aircraft include: avionics packages, interiors, exterior condition, the type of use, quality of maintenance, total flight hours, cycles, component status, whether the engines are on a guaranteed maintenance program (e.g. PBH, JSSI, ESP, MSP), where based (corrosion issues), whether operated under FAR 91, 135, or 121, damage history, missing or marginal logbooks, and whether on a computerized record keeping program (e.g. CAMP, CESCOM, CMP). This is just a partial list. The off-site services do not factor in all of these important considerations. We do.
I have also seen the $19.95 aircraft "appraisal" specials being sold on the internet. These are not appraisals and they are definately not USPAP compliant. These services are simply a waste of money for 99 of 100 people. I'm withholding judgment on that one person, because there might actually be a reason out there that I have not considered.
If you are considering one of these $19.95 services, save your money and call me first. I'll show you how to do the same thing online for free. If you prefer, I'll even send you a price from the latest Bluebook or Vref. There are no "catches", gimmicks, or obligations. Call me.
How is Damage History dealt with?
It is interesting to note the different ways aircraft damage history is dealt with by Jet Appraisal Corporation compared with the price-guides and other services. Although damage history is always a very serious matter, it must be approached in a logical manner when performing an aircraft appraisal.
It is commonly accepted that if there are two identical aircraft being offered for sale, an undamaged aircraft will command a higher price. The "diminution of value" is the difference between these two prices.
The percentage of diminution depends on the type of aircraft, the extent of the damage, and the method of repair. Additionally, the marketplace is less accepting of damage history on certain classes of aircraft. For example, the stigma of damage is far greater to a corporate jet than it is to a single-engine Cessna trainer aircraft.
The common method for dealing with damage history is to simply deduct a fixed percentage from the total aircraft value. When I am performing an appraisal examination and I discover damage history, the loss of value is deducted only from the areas that are affected.
Consider the following hypothetical situation. Let's suppose we have two Falcon 50's that are identical in every way except that one has 3 zero-hour engines, and other has 3 engines that are close to TBO. Now suppose that a fuel truck damages the left wing on each aircraft. Using the common fixed-percentage methodology, the aircraft with 3 new zero-hour engines will suffer a much larger decrease in value. This does not make sense! Our method deducts value from the airframe only and not from the 3 new (and unaffected) engines. The difference between the two methods is important. Our conservative approach more accurately reflects the true loss of value.
How long does it take to perform an Aircraft Appraisal?
This varies according to a number of factors. The biggest factors are: the condition of the maintenance records; the aircraft's age; and the total flight hours. As a general rule, the physical examination of the aircraft and its logbook records will take about 4 hours for a single engine piston aircraft and up to 25 hours for a large corporate jet.
The finished Aircraft Appraisal report is usually ready for delivery 72 hours after the completion of the physical examination of the aircraft and its logbooks. The Appraisal Report is initially delivered via email in PDF format. A presentation quality, hard copy of the report is sent via expedited delivery.
How much does an Aircraft Appraisal cost?
The fee for an Aircraft Appraisal is based on the category and type of aircraft. Additional factors that can affect the appraisal fee include: the aircraft's age; the aircraft's total time; whether the aircraft ever had a foreign registration; plus any other unique or extraordinary factors.
We offer both a standard NAAA Certified Appraisal and the full USPAP Appraisal. In certain situations where a full USPAP Appraisal is not required, the standard NAAA Certified Appraisal will save money. However, a full USPAP Appraisal is strongly recommended for turbine aircraft, and for aircraft of any type that are involved in litigation.
While the table below will give you a general idea of the rates, please call us at 800.258.7191 to discuss the fee for your particular aircraft.
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Category |
Appraisal Type |
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NAAA Certified |
Full USPAP |
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Single engine piston |
$475-$650 |
$975-$2650 |
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Multi-Engine Piston |
$675-$920 |
$1375-$3250 |
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Turboprop |
$1450-$2625 |
$2250-$4150 |
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Corporate Jet |
$2125-$4525 |
$3150-$8950 |
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Transport Category Jet |
Depends on type, please call |
- Travel expenses are additional.
- Third-party services such as title searches are billed at cost.
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How do I pay for an Aircraft Appraisal?
We accept a certified or bank check.
Please note: Unless a billing account has been previously established, payment must be received by Jet Appraisal Corporation before the completed appraisal report is delivered.
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Hey! Why have I read this stuff on other appraisal websites?
Three words: "cut and paste". Yes, I've seen my writing out there also. The other aircraft appraisal websites change a word or two, rearrange the paragraphs, and then pass off my writings as their own. One online plagiarist even had the moxie to post an anecdote I had written a few years ago concerning an interesting Sabreliner 65 appraisal that I had performed. He told my story like it had happened to him! When I called him on it, the story immediately disappeared from his website (and about a year after that so did his appraisal business).
I wrote every word you see here. It has been that way since the first www.aircraftappraisal.com website in 1998. All material on this website is copyrighted.
