Understanding maintenance cost?

[flyingron]

Unless you're flying the hell out of your plane, the reserve on the engine overhaul is NOT going to be OVERHAUL COST/TBO HOURS. You need to be planning on paying that amount sooner than the TBO HOURS in most cases. Now if it was a trainer (or other high utilization) plane in a flight school, you might blast through TBO still running strong.

Of course, as people will point out, you gotta be prepared to shell out a couple of AMUs for random stuff that happens. And occasionally, you'll get a big aw shucks like mine where the engine blows up beyond all recovery.

Other costs include updating the GPS databases (negligible if you're not flying IFR).

As for how to learn...well most learn by doing.

For me, I had the advantage of being involved in the operation of three flying clubs prior to buying a plane of my own. While I wasn't directly involved in the maintenance budgets for these, I was on the board of two and I did a lot of helping ferry the aircraft around at another.

 

[Checkout_my_Six]

FWIW.....I'm on my third aircraft and I've never had $$$$ in a OH reserve nor have I needed it.

 

[Rykymus]

This is what I do for maintenance budget:
1. Separate savings account that I put 1 AMU/mo into. Based on the number of hours I fly per year, I'll have enough to replace the engine when the time comes. (If I don't have any big expensive surprises, then I'll have twice that.)
2. Another savings account that is strictly for my annual. I put 1 AMU/mo in THAT as well. That gives me enough to cover even the biggest annual, and in most cases, enough to upgrade some things during my annual. (Next up, carpet and front windows.)
3. I budget a few hundred/mo for oil changes and 100hr inspections. The oil changes generally occur once per quarter, and the 100hr every six months. (The 100hr aren't required, but they keep things running tip top, and my wife likes the idea of catching something early.)

I'm lucky that I can afford the padding now, but even in the beginning, when I couldn't, owning was still worth it.

 

[mtuomi]

This is what I do for maintenance budget:
1. Separate savings account that I put 1 AMU/mo into. Based on the number of hours I fly per year, I'll have enough to replace the engine when the time comes. (If I don't have any big expensive surprises, then I'll have twice that.)
2. Another savings account that is strictly for my annual. I put 1 AMU/mo in THAT as well. That gives me enough to cover even the biggest annual, and in most cases, enough to upgrade some things during my annual. (Next up, carpet and front windows.)
3. I budget a few hundred/mo for oil changes and 100hr inspections. The oil changes generally occur once per quarter, and the 100hr every six months. (The 100hr aren't required, but they keep things running tip top, and my wife likes the idea of catching something early.)

I'm lucky that I can afford the padding now, but even in the beginning, when I couldn't, owning was still worth it.

Holy ravioli, batman! You could afford a cabin class Twin with that sort of budget!

 

[coloradobluesky]

Oil changes, tires, brakes, battery and light bulbs are consumable maintenance items you simply cannot get away from. Then there is the occasional accessory failure in the prop, alternator, starter, main relay, vacuum pump and so forth. The more complicated your plane, the more of these you will have. Then there is avionics repair. Then there are database updates. Then there is the engine rebuild which eventually will happen. Add in such things as eventual painting and window replacement and upholstery and interior repair. Probably some others I have forgotten.

If you own the plane long enough, or own enough of them, eventually you will converge to the average cost per hour. Owning just one and flying it a short amount of time puts you in the position of being on the plus or minus side of that figure. Doing your own maintenance or hiring it out affects your costs of course.

Bottom line, if it breaks, you have to fix it. You will never really know your maintenance cost until you sell the plane and add it up (assuming you kept track of it). BTW, the easiest way to keep track of expenses is to have a separate credit card and checking acct for the plane (and pay the credit card off with the checking acct).

Good luck and welcome to airplane ownership!

 

[bluerooster]

That's it. Keep a seperate account for the airplane. Add $$$ to it on a regular basis. Use that account for all airplane stuff, and nothing else.
You can easilly track your expenses by looking at the account.

 

[denverpilot]

This is what I do for maintenance budget:
1. Separate savings account that I put 1 AMU/mo into. Based on the number of hours I fly per year, I'll have enough to replace the engine when the time comes. (If I don't have any big expensive surprises, then I'll have twice that.)
2. Another savings account that is strictly for my annual. I put 1 AMU/mo in THAT as well. That gives me enough to cover even the biggest annual, and in most cases, enough to upgrade some things during my annual. (Next up, carpet and front windows.)
3. I budget a few hundred/mo for oil changes and 100hr inspections. The oil changes generally occur once per quarter, and the 100hr every six months. (The 100hr aren't required, but they keep things running tip top, and my wife likes the idea of catching something early.)

I'm lucky that I can afford the padding now, but even in the beginning, when I couldn't, owning was still worth it.

$2300/mo set aside for MX? $27,600/yr.

Holy hell man. How many hours are you flying?!