How much did plane ownership cost you in 2024?

What was your all in cost to own a plane (ex nice to have upgrades)

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Nikhiln25

Nikhiln25

Pre-takeoff checklist
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nikhiln25
Curious what the average numbers are. I have a plane that I only bought 2 months ago so I will contribute to this decision next year
 
Ya gotta define better. Including upgrades, fuel, hangar, insurance, annuals, fbo fees, oil, efb fees?
 
Got the tanks redone, of course that meant new boots.
Got the first FIKI install of the G500 (dual GI-275's) in Seneca, and that required correspondence with FAA as I wasn't going to give up FIKI.
Lots of "little stuff" that all piled up.
And.

I just sent it back for a different squawk.
 
Very interested in seeing the results here. Wait till you see what I $pend renting! :eek2:
 
GLMS_NC said:
Ya gotta define better. Including upgrades, fuel, hangar, insurance, annuals, fbo fees, oil, efb fees?
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We go on short one or two or three flying vacations almost once a month. These incur fees such as hotels, rental cars, ramp and tie-down fees, meals, sightseeing, among other expenses we would not have without a plane. I have no desire to add that all up but when added to hangar, insurance, annual, fuel, Jeppesen, Fore Flight, miscellaneous repairs etc I have no doubt we spend a lot. Probably over $30k and possibly over $40k. And that was with no major repair fees.
 
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Operating a PA28R out of Chicago metropolitan area, my TCO came out to $198/hour this year, flying ~160h in 2024. From a cash flow POV, it's substantially above my "run-rate" of ~$160/hr.

This is due to flying 25% less, and replacing a couple expensive items that put in 30 years of honorable service but needed to be replaced (starter + alternator). And choosing to proactively get both mags inspected and then OH'd by G&N. Oh, and a new Concorde battery.
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There is of course a non-cash cost, too. Like the distress of sitting here, adding up all these figures under my green banker's lamp on Christmas day, realizing that developing a severe cocaine addiction would cost about 83% less per year than staying in this hobby :)
(I jest, of course)
 
ArrowFlyer86 said:
Like sitting here, adding up all these figures under my green banker's lamp on Christmas day, realizing that developing a severe cocaine addiction would cost about 83% less per year than staying in this hobby :)
(I jest, of course)
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Thanks for the link. It provides a whole new language. “You spent more than a heroin addiction at Starbucks this year.” “My annual inspection only cost two alcoholisms and a coke habit.”
 
Our partnership operates in arrears, so we won’t get our 2024 costs until Jan 2025. Historically, we average $90/hr (Hobbs) for 175hrs/year. That’s all in, fixed + variable. We did buy an engine last year, but we paid for that out of our maintenance reserves.
 
TCABM said:
Our partnership operates in arrears, so we won’t get our 2024 costs until Jan 2025. Historically, we average $90/hr (Hobbs) for 175hrs/year. That’s all in, fixed + variable. We did buy an engine last year, but we paid for that out of our maintenance reserves.
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That’s pretty good outcome
 
The PA-15 that I just bought a part of would have cost almost $70 per hour - for all fixed and variable costs - had I been a partner for all of 2024. I am hoping that will hold or even fall a little in 2025 (more flight hours to amortize fixed costs). My cost to rent a Cub or a Champ was almost $100 hour including everything.
 
Ownership, not counting operating costs like fuel cost me about $7500. Most of that was hangar rental, which also serves other hobbies that I do in the hangar. The rest was insurance, owner assisted Annual Inspection and parts/materials for maintenance. I had no unexpected expenses this year but flew only about 30 hrs, every one of which I enjoyed. The plane is pretty much sorted out after 14 years.

The total cost per hour was probably something like $300/hr but lowest hourly cost has never been my objective, it’s to own and enjoy the plane however and whenever I like. And to enjoy the hangar and airport scene as well.
 
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Annual = $4500
Hangar = $3000
Insurance = $1200
Misc = $800

Split 3 ways, so not bad. We pay for our own gas.
 
2024 isn’t over yet so it’s not possible to answer, but if like 2023 it will be around $70/hr for 150 hours. Always calculate it for tax purposes as I use it to administer rental properties.

I was buying stuff at a pilot shop, added up to several hundred dollars. The store owner said, “It seems expensive, because it is.” Then he said, “I administer cemeteries and handle the affairs of decedents, and they always have lots of when they die. So spend it.”

That bit about not being able to take it with you is incorrect in one aspect: if there is an afterlife, you can take your memories, because “you” are your memories. So invest in memories, they are the only things you can take with you.
 
I've said it before and I'll say it again, pilots are the only group of people I know that pay attention to and try to justify the cost of their hobby. If boat owners did that, no one would own a boat.
 
I've got a Duke that I bought in late 2023, put about 100 hours on it in 2024. Don't track expenses, but probably spent $50-60k all-in (opex + ownership expenses + upgrades), plus probably another $8k in my partnership Twin Comanche.
 
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