How is an Appraisal Performed?
A properly done Aircraft Appraisal begins with a physical and thorough examination of the exterior and interior of the aircraft. Special attention is paid to the condition of airframe condition, paint, engines, propellers, instrumentation and their representative logbook documentation. The avionics and related flight instruments are inventoried and compared to the onboard equipment list insuring installed equipment and modifications are properly accounted for. This type of physical assessment will help insure asset value is properly attributed to the aircraft. The panel layout, optional systems, deicing systems, cabin and interior condition are also evaluated. Airframe and engine modifications as well as signs of present damage are documented. Service Bulletin status and Airworthiness Directive (AD) status are reviewed as is the status of any historical damage repairs. The condition of "wear items", e.g. tires, paint, interior, etc. are compared to comprehensive aircraft equipment appraisal standards.
The logbooks and related paperwork are carefully reviewed. These documents representing the engines, propellers, avionics, modifications, components installed, including the pilots operating hand book are crucial. Their condition or historical care often represents value better than any other part of the appraisal process. These documents are the best indication of completed maintenance and or maintenance due. Missing or difficult to read maintenance documentations can lead to significant discrepancies in appraisal valuations. Special attention is given to any incidents of past damage as this may or may not have a significant impact on the aircraft's value.
After the aircraft is viewed and paperwork examination is complete, the process of establishing the aircraft's value begins. Utilizing the current databases and proprietary software developed and known to the appraiser, the information from the subject aircraft is entered into the appraisers independent databases and compared to information gathered from the thorough and physical examination preformed on the subject aircraft and or equipment. This insures a proper and more accurate evaluation. Then a decision based on client/appraisers previously agreed upon workscope and available information is made for the proper approach to value is made. A written report is then prepared containing the pertinent aircraft details, reasons for decisions, and an appraisal value expressed in US dollars. A non-bias approach is strictly adhered between the appraiser and the client in an attempt to avoid predetermined outcomes and maintain an acceptable level of trust form the public. The report paid for by the client, and then the document is signed and transmitted to the client.