RE: What would you do?
Really you just have to play the hand you've been dealt. If it was a very difficult plane to find or if you got a screamin deal when the gavel hit you may end up just paying it to get the plane in your hands. If the deal was nothing great on a plane you can buy all day long on ebay then you can push him to pay. I might be inclined to offer to split the difference if I thought he was being honest.