The appraisal process begins with an on-site examination of the exterior and interior of the aircraft. Special attention is paid to the condition of the airframe, paint, engines, propellers, and instrumentation. The avionics and related flight instruments are inventoried to insure they are properly accounted for in assessing the value of the aircraft. The panel layout, optional systems, deicing systems, cabin and interior conditions are examined and evaluated. Also evaluated and documented are any airframe and engine modifications. Existing damage is accounted for as well as documentation of all historical damage and status of repairs. The status of Service Bulletins and Airworthiness Directives are reviewed and noted. The condition of “wear items” such as tires, paint and interior are compared to comprehensive and detailed written National Aircraft Appraisers Association (NAAA) standards.
The logbooks and paperwork are thoroughly examined because they are the written history of the aircraft since it was new. These documents reveal the care, or abuse, that has been given to the aircraft, including whether maintenance was performed to keep it in top condition, or just to meet a minimum level of airworthiness. Equally important is missing documentation and unrecorded, or altered, logbook entries. This may include such items as missing 100-hour or annual inspection notations, missing logbooks or defaced logbook pages, undocumented modifications, and missing entries relating to damage history. Special attention must be given to these items because it may have a significant impact on the aircraft’s value.
After the aircraft inspection and paperwork examination has been completed, the process of establishing the aircraft’s value begins. For comparison purposes, research is performed and data is acquired from many aircraft industry sources. Via proprietary software developed by the NAAA, the acquired data is entered and calculations are performed using NAAAs extensive database which is updated monthly. The detailed Aircraft Appraisal is generated; then reviewed by our Senior Certified Appraiser. Once the appraisal has been approved, it is signed and stamped as a Certified Aircraft Appraisal.