Ted
The pilot formerly known as Twin Engine Ted
- Joined
- Oct 9, 2007
- Messages
- 30,019
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iFlyNothing
To me, depreciation is only relevant if you plan on reselling soon. What it's worth is a mute point if you intend on keeping it for the long term. I've owned and enjoyed my airplane for 16 years now. Surely, that has to be worth something. My opinion is (although you don't want to pee the money away): if your pockets are deep enough to buy a $400K+ single engine.....fly it, enjoy it, take the depreciation on taxes and move on. Probably not smart to buy an airplane as an investment. Heck, I have a hard enough time justifying my airplane to my spouse. :wink2:
It isn't a mute point, we're talking about it.
I do agree, however that it's a moot point if you're going to keep it a long time. You also make a good point about the tax deduction, which is something I tend to forget about since it doesn't help me enough to be worthwhile. Everyone's tax situation is different.
For me, the purchase cost and resale value are both more important than owning something that's new. Since I enjoy doing upgrades, I don't mind buying something that has room for improvement, especially if it involves the panel. If you're looking at owning something for a long time, this can be even nicer - it gives you the option of making it exactly the way you want it, not worrying as much about resale value on the upgrades you did, and then you also have the satisfaction of knowing you have a perfect plane for you.