Buying a plane advice

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Tony R

Pre-takeoff checklist
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Hello aviators.

I'm pretty close to buying a plane and I'm looking for some wisdom from experienced owners.

So before I get the options about.... It's cheaper to rent... Fly for longer so you know what you want blah blah blah.... That ship has sailed.... I buying an airplane. If I hate it I will just sell it and lose $20k....I'm ok with that.

Now back to what do I need to know.... Here are the costs I know of, typically annuals are 2k. I'm ready for the first annual being 10k... Hangar is $500 per month, insurance is 3k it burns 5 gal per hour of mo gas... Most of my cars burn more. When the engine needs to be rebuilt I budgeted 30k (912uls). I figure I will spend 5k outfitting the Hangar. If I'm around $1,000 per month it is fine. I have adsb in and Garmin pilot on my tablet. So I got the $120 per year covered. What major other expenses am I missing?

TIA
Tony
 
Love this.... Best advice ever. Plane and marital advice all in one. She literally buys anything she wants. I never give her crap. It is the same money. She is efficient with money, thankfully. She is a traditional farm girl.
 
You didn't say that you could take a $100 bill out of your wallet and burn it. You're not ready.
 
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Yup plane is equipped with adsb out. A chute too. I've factored that in the cost too.
 
Hamburgers. They are $100 each in a plane.

You pretty much got it except for needed (not needed) upgrades from time to time.

Good flying!
 
Depending on the shape the plane is in and the age, budget for things to make it look/feel nicer. I keep spending on little things like new carpet, refurbishing the seats, door seals, new plastic, etc. Little things to make it look and feel more modern (my plane is over 60 years old). Those are small amounts but they do add up all things considered.
 
Tony R said:
Hello aviators.

I'm pretty close to buying a plane and I'm looking for some wisdom from experienced owners.

So before I get the options about.... It's cheaper to rent... Fly for longer so you know what you want blah blah blah.... That ship has sailed.... I buying an airplane. If I hate it I will just sell it and lose $20k....I'm ok with that.

Now back to what do I need to know.... Here are the costs I know of, typically annuals are 2k. I'm ready for the first annual being 10k... Hangar is $500 per month, insurance is 3k it burns 5 gal per hour of mo gas... Most of my cars burn more. When the engine needs to be rebuilt I budgeted 30k (912uls). I figure I will spend 5k outfitting the Hangar. If I'm around $1,000 per month it is fine. I have adsb in and Garmin pilot on my tablet. So I got the $120 per year covered. What major other expenses am I missing?

TIA
Tony
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"If I hate it I will just sell it and lose $20k"

Maybe not. I had my first airplane for six years - life got in the way and I decided to sell it. It sold for my purchase price. I kept it is excellent condition and, yes, that cost some $$$ - but I had a lot of fun for the first four of those six years. It was all very "worth it" to me.

So last May my wife says, "Now that we're both retired it might be time for you to get another plane." So, I did. It did run 10K for the first annual - but it is now in excellent condition. I had some things done that were not absolutely - I told the guys I wanted it all done and done right.
 
Your financial analysis is realistic. I will second the admonition that periodic upgrades of avionics and other items (glass, interior, etc.) are going to be a significant expense at some point. The main reasons to own and not rent are (1) convenience, and (2) safety (due to knowing the plane's condition after the last flight, as well as not treating it like a rental).
 
chemgeek said:
Your financial analysis is realistic. I will second the admonition that periodic upgrades of avionics and other items (glass, interior, etc.) are going to be a significant expense at some point. The main reasons to own and not rent are (1) convenience, and (2) safety (due to knowing the plane's condition after the last flight, as well as not treating it like a rental).
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3) not sitting in someone else fresh butt sweat.
 
Not only butt sweat. I was renting a beautiful C172, actually too nice to be a rental, N5169E. Some turd renter took his friends on a flight and someone got airsick and made a mess of the plane. They left it for the next renter. The owner of the plane pulled it from fleet.
 
What plane are you buying?

If you own the plane you can save on insurance by liability only.

My first annuals have been a good chunk. I heard 10% of purchase price was a good rule, I was about that on my first plane, 6.5% on my second. This fixed all the deferred stuff.

budgeting for an item is different than having the money,

4+ yrs on hangar waitlist here so you might be outdoors for a while.

faster can open the world up more.
 
Make sure you get a real thorough prebuy—more than just an annual check. I’ve owned a few planes myself, and (knock on wood) I’ve never had that dreaded first annual people talk about.

Order the FAA CD and run a NTSB CAROL search on both the N number and serial number. Damage history ain’t usually a big deal as long as it matches the logbook and 337 forms.

Helping out with maintenance yourself can save you money and keep your plane in good shape long-term.
 
Tony R, your "I want to buy a planeitis" affliction is strong!

A few boring items, but the small things can really throw a wrench into the process.

1) Do you have the tie down or hangar secured? They are often hard to find. Do you have a place to put this? (repeating what 4RNB posted)

​

2) Do you have your insurance lined up? Read up on how to buy insurance. You can only ask any broker for a quote once. After that, all of the carriers know you asked already for a quote, and the terms and cost will not change.

3) Have you gotten your sales tax obligations, or hopefully avoidance, lined up?

4) Depending on where you're basing your aircraft, do you have handle on the property taxes you'll be paying?

5) Do you have your title company (who will hold funds in escrow, will do a title search, etc.) lined up?

6) You'll need cash on hand in the amount of 20% of the purchase price. Unexpected repairs, hangar deposit, misc things like case of extra oil, new pitot cover, tie down straps, sun shades, Garmin database subscription, wash and ceramic coat finish, a few misc tools, tool caddy, plexus window cleaner, tow bar - the list is long and it all adds up.
 
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You have all those numbers but don’t even mention the class
Microlight
Light simple single engine piston
Complex single
Multi piston
Light turboprop

Your 2k annual might cover the first
 
If this forum only had a search feature. You know, someone could type something like "buying first airplane" and view the hundreds upon hundreds of threads that have been posted on the subject. :rolleyes:

Maybe one day.
 
Doc Holliday said:
If this forum only had a search feature. You know, someone could type something like "buying first airplane" and view the hundreds upon hundreds of threads that have been posted on the subject. :rolleyes:

Maybe one day.
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Yes, but you wouldn’t want to deprive people of another chance to advise someone on how to spend their money. :biggrin:
 
My grandfather from "the old country" used to have a saying, we buy our problems...
 
Doc Holliday said:
If this forum only had a search feature. You know, someone could type something like "buying first airplane" and view the hundreds upon hundreds of threads that have been posted on the subject. :rolleyes:

Maybe one day.
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Time line things important years ago are second to now, prices on everything have gone up and up a lot. Some things are the same as 10 years ago and are still good advice, others may not be so understood by today's cost and new FAA regulation.
 
It may vary a bit depending upon the plane. But understand you'll probably be spending $10-15,000 in the first year or so of ownership.

Your first Annual could be big $$$ as your mechanic finds all sorts of "little" things that the other mechanic was doing over time. But to your new mechanic they are all items that should be addressed. There are also going to be all sorts of little things you want to change. An older radio display that you want fixed, the intercom doesn't let you play music, you want all LED lights... who knows, but new owners often want to change things to be the way they want things. People told me this when I first got my plane and I told them it had everything I needed for now. And then I started changing things. :)
 
brien23 said:
Time line things important years ago are second to now, prices on everything have gone up and up a lot. Some things are the same as 10 years ago and are still good advice, others may not be so understood by today's cost and new FAA regulation.
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Roughly 190 post alone for the year 2024 alone.
 
Headsets, or headset envy.
Tow motor to push/pull plane.
Covers, shades for parking outside.
Parking fees, landing fees, and hangar fees when traveling overnight.
Database subscription for onboard GPS.
Pitot/static checks
ELT battery
Various cleaners, rags
Airport tools, filter cutter, tool box, cabinet
Pre-heater and remote control, with subscription.
Oil analysis every 50 hrs or so.
Oxygen kit
First aid kit
Cup holders
USB charger that doesn’t mess with Coms
iPad holder

I know some of this is not major, and you already allocated funds for outfitting the hangar.
 
M20K said:
Your first Annual could be big $$$ as your mechanic finds all sorts of "little" things that the other mechanic was doing over time. But to your new mechanic they are all items that should be addressed.
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Or you can have "your" mechanic perform the pre-buy and point out all the things he finds an issue with and have the seller either fix them to his satisfaction or reduce the price. So in the end your 1st annual as the aircraft owner should have no or only minor issues to deal with.
 
Doc Holliday said:
If this forum only had a search feature. You know, someone could type something like "buying first airplane" and view the hundreds upon hundreds of threads that have been posted on the subject. :rolleyes:

Maybe one day.
Click to expand...

Maybe we should just shut down POA. After all, almost anything we ask here can be googled and the answer found to. Discussions can be had with AI these days so really this whole forum and talking to other people thing is so 2021 and out of style by now.
 
455 Bravo Uniform said:
Headsets, or headset envy.
Tow motor to push/pull plane.
Covers, shades for parking outside.
Parking fees, landing fees, and hangar fees when traveling overnight.
Database subscription for onboard GPS.
Pitot/static checks
ELT battery
Various cleaners, rags
Airport tools, filter cutter, tool box, cabinet
Pre-heater and remote control, with subscription.
Oil analysis every 50 hrs or so.
Oxygen kit
First aid kit
Cup holders
USB charger that doesn’t mess with Coms
iPad holder

I know some of this is not major, and you already allocated funds for outfitting the hangar.
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This is exactly what I was looking for. Thank you!
 
Tony R said:
Now back to what do I need to know.... Here are the costs I know of, typically annuals are 2k. I'm ready for the first annual being 10k... Hangar is $500 per month, insurance is 3k it burns 5 gal per hour of mo gas... Most of my cars burn more. When the engine needs to be rebuilt I budgeted 30k (912uls).

TIA
Tony
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If you're even the slightest bit mechanically inclined, I'd recommend getting an iRMT rating. You'll save a lot of money over the long run with that.
 
Bell206 said:
Or you can have "your" mechanic perform the pre-buy and point out all the things he finds an issue with and have the seller either fix them to his satisfaction or reduce the price. So in the end your 1st annual as the aircraft owner should have no or only minor issues to deal with.
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Assuming as a new plane owner he has a mechanic to go look at it. I lucked out because I had friends that had Mooneys and was told a couple of guys to go to. But I didn't know until after I bought the plane.

Now a few years later a friend of mine was buying a Mooney and it wasn't practical for my mechanic to do the pre-buy, but he did review all the paperwork and talked to the mechanic that did do the pre-buy. So he was able to say that it sounded like the guy did know what he was doing.
 
I'm finding the most difficult part in CT is finding a hangar. I will not buy a plane without it. I'm not leaving a plane in our weather. It is crazy that I need to wait for a hangar before I buy a plane.
 
Tony R said:
I'm finding the most difficult part in CT is finding a hangar. I will not buy a plane without it. I'm not leaving a plane in our weather. It is crazy that I need to wait for a hangar before I buy a plane.
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Not crazy. Very common. The plane will be fine outside.
 
Capt. Geoffrey Thorpe said:
Wife: "You have a ****ing airplane, I don't see why I can't buy a ......"
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Not joking - my wife asked the hangar rent amount, and then calmly added it into her monthly unallocated budget.

A wise man knows better than to express even slightest bit of annoyance or displeasure….
 
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