What is the real total cost of airplane ownership? Part I

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OmegaWulf

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OmegaWulf
I know, this appears to be a typical “how much does it cost to own an airplane” posting that you’ve seen here a million times. And I know the typical answer is “it depends,” which is accurate if not helpful. As such, I’ve scoured around the Internet and haven’t found anything too useful. Most articles are very generic and of the “it depends” variety. That’s why I’ve signed up for PoA and decided to ask you—the actual aircraft owners—for your help. I would like to get your input on the specific costs associated with owning your aircraft. But before I get to my questions, I think a little background is in order. Please bear with me, as this is going to be a long post, bit I feel the more you understand where I’m coming from, the easier it will be to understand the info I am looking for and, thus, easier for you to answer. Also, this is not a rent vs. own debate—I know owning is probably more expensive than renting but I don’t care. I would prefer my own plane (and not a club membership or partial ownership). Just a personal preference.

Background

It was 21 years ago that I got my private pilot's license...and I haven't flown since because it has been too expensive. But I thought that maybe by my 50th birthday (which is in 2017), I'd have saved enough to buy my own plane and get back into flying. Aaaanddd…that isn’t going as planned. However, it is starting to look like maybe things will be better financially for me in 2 to 3 more years. So, I wanted to start looking now at the true expense at owning a plane to see if I will truly be able to afford it in 2-3 years.

When I flew, I had 117.6 SEL hours in C172P’s & N’s, and 182RGs, with 60.7 of that solo, 58.2 cross country, and 73.1 pilot in command. Only 6 hours was in the RG, all PIC but none of it solo or cross country. I figure I will need another 20 hours to get back up to speed. Financially, I make around $61k a year. I have a mortgage ($1k/mo. including property taxes and insurance) but other than that, my biggest debt is a car loan, which will be paid off by the time I’m looking to actually buy a plane. I’m not married and have no kids or other such family financial drains. Of course, not being married and having a 2nd person with income means I have to pay for everything myself. Still, I believe that when I’m ready to purchase a plane, I can devote at least $1,000 a month for it. That’s for everything needed; loan payments, gas, maintenance, hangar fees, etc.... Speaking of aircraft loan, my credit rating is good, it was over 700 last year when I refinanced my house. I live in the DFW area (Denton, TX) so that’s where I’ll be keeping my plane, for what that’s worth as far as prices go for anything related.

One advantage I do have is that I have an uncle who has worked as a corporate pilot for decades and is a CFI. He has also owned his own planes in the past. In case you are wondering, yes, I do intend to ask him about his ownership experience and costs, but he mostly owned twin-engine aircraft and hasn’t owned a single-engine plane in probably more than 30 years. I’d like feedback from current owners as well. He can also help me learn the plane I do purchase, so that’s a bonus for getting an airplane I’m currently unfamiliar with.

Mission

I’ve seen people ask about “what’s your mission?” whenever someone asks about aircraft ownership online. I find that funny—it makes me think I’m buying a military aircraft; “sir, my mission is to bomb Jerry into submission and end this terrible war, sir!” But I think what they really mean is “how do you intend to use the aircraft?” Given that, my ‘mission’ is for personal enjoyment. Most of the time, I’ll probably be flying around the local area to keep my skills up and just have fun flying. I’m too old now to have any illusions regarding making a career out of this. Included in that are short cross country trips, under 100 miles (something I can do and be back within a day) or so. I think at least 2 hours a week on average for 100 hours a year. However, I will also be using it for longer cross country trips a couple of times a year. I live in Texas but I have family in Wisconsin, so I’d like to fly up there at least once a year. Then, maybe a few jaunts around the south area for mini-vacations. Say, flying to Houston, Corpus Christi, or New Orleans. I don’t plan flying anywhere where I will have to go over mountains or large bodies of water (unless I win the lottery and get specific training in that) or out of the country.

What I'm Looking For

Unless I win the lottery, I know I'm never going to afford a multi-engine prop or jet air plane. That's totally out of the question. Probably out of the question, too, is even a higher performance general aviation aircraft like a Cessna 182RG or Mooney M-20J. Even though I've seen those in my price range, I'm assuming the high performance equates to higher cost to upkeep. But please correct me if I’m wrong, because I wouldn’t minds having an RG aircraft. So, given all that, here's what I'm looking for in an aircraft:

  • General aviation single-engine prop aircraft.
  • 2-4 seats.
  • VFR, of course, but IFR ready in case I decide to get IFR certified. Chances are I won't, but I want to keep the option open (in case I do win the lottery!)
  • Originally I was thinking under $50,000 but now I’m not so sure for reasons I will get to later. So, as far as price goes, let’s just say any price that is affordable with that $1,000 a month budget, keeping in mind that is a TOTAL amount. If I spend $900/mo. For an aircraft loan, that would leave me only $100/mo. for everything else!
  • Easy enough to fly for someone like me with my experience.
  • Easy and cheap to maintain.
  • Tricycle landing gear (no tail-draggers)
  • Night flying capable
  • Preferably not older than me (50 years)
  • Prefer low wing
Given that criteria, here is a list of aircraft models that I've seen on places like Barnstormers or Trade-A-Plane that I would consider owning. Keep in mind, this is not an exhaustive list:

  • Cessna 152 & 172
  • Piper CHEROKEE 140, 160, 180
  • Piper Tomahawk
  • Piper Comanche PA-24-260
  • Piper Arrow 180
  • DIAMOND DA20
  • Grumman AA series (AA1 - AA5)
  • Aircoupe/Ercoupe 415
  • Zenith 601XLB
  • Rutan Cozy, Varieze, Long EZ
  • GLASAIR 1
  • LANCAIR 320
  • ZENAIR CH-300
  • RV-(1-10)
Are you familiar with any of the aircraft I listed to know if any would be a good or bad buy for me? For example, I read somewhere that the earlier Grumman AA planes (AA1, AA2, AA3) were NOT good planes for low-time pilots. I think the reason was because the wings were a bit shorter and the aircraft was a bit harder to fly, especially when landing. However, I don't know if this is really true or not. Also, it is possible that some of these models would be great to fly, but might be notorious for common mechanical difficulties or just expensive to maintain. A good example of this was the Pontiac Fiero car I owned years ago. It was cheap for me to buy and fun to drive, but the maintenance was through the roof! The engine was in back, in a small compartment, and so was hard to work on. The brakes were also hard to work on and expensive. Not to mention that the belt would always break every six months. And it was light with rear wheel drive which meant that I ended up in ditches more often than I would prefer on snowy, icy roads. I don't want an aircraft like that!

If you asked me right now, “which aircraft do you want?” I’d have to say, I’d like to go with a Diamond DA20, Lancair 320, or one of the RV models I can afford. Keep in mind this is only based on seeing them online and reading a little about them—I’ve never flown in one, much less piloted one! But I certainly want to hear from you if you have. I like the Diamond because they are newer and I can get one built in the ‘90’s at least. Also, from what I’ve read, they are a solid, easy flying aircraft that appear to be good on fuel and maintenance. I did hear, though, that they are not IFR certified (90’s models, not sure of current ones). For the Lancair and RVs, I like that they have better performance speed for those long cross country trips without sacrificing too much in fuel economy. The Lancairs usually have RG, which I like, but I know that could increase the maintenance costs. For all three, I love the fact that they have bubble-type canopies, allowing for better viewing. Again, this is just a preference. It may be that a Piper 160 is better suited for me and my budget, which is why I need your input.

So, given all that about my ‘mission’ and background, I have specific questions for you aircraft owners and your experiences with buying and owning a plane... (continued)
 
PART 2


Old/Cheap vs. New(er)/Expensive

Is it better to get an older plane, which are usually cheaper, or a newer plane that is more expensive to purchase, as far as total cost of ownership is concerned? For example, I could find a Piper Cherokee 140 that was built in 1967 for under $20,000. That would be cheap to buy, but being so old, is there a risk of needing more frequent maintenance, which raises the overall cost of ownership? On the other hand, I could get a Diamond DA20 built in the mid 1990's or early 2000's, that would cost $60,000. Far more expensive to purchase up front, but would a newer plane cost less to maintain? And is a newer plane better because it has more modern technology and parts that are easier to find and cheaper to purchase than an old, outdated aircraft? Keep in in mind my total monthly budget as well. Using AOPA’s loan calculator as a guide, at 5% interest rate (since I have no idea if my actual rate would be lower or higher) for a 20 year loan, it looks like the maximum I could afford to borrow is around $175,000. That’s quite a lot! Heck, it looks like I could afford a brand new aircraft for that until you realize that the monthly payments would be $981, leaving me less than $20 a month for insurance, maintenance, gas, and everything else! On the other hand, I could borrow around $100,000 at a more reasonable $560 a month, but would $440 be enough to cover everything else? I’m guessing not, but that probably depends on the type/model/age of aircraft. Or I could go the cheapest route and get a $20,000 loan for $112 a month. That leaves over $800 for everything else, which sound good but A) do loaners even loan at little as $20k and B) could that $20,000 airplane could end up costing me over $800 in upkeep alone?

Standard Model vs. Obscure/Experimental

Is there an advantage to getting a long established, certified model like a Cessna or Piper, or something no longer in production or experimental, like an Ercoupe or Lancair? I'm guessing most maintenance aircraft shops are more familiar with a Cessna than an Ercoupe, so owning a Cessna would seem to cost less on maintenance. Or do all general aviation aircraft cost pretty much the same to maintain? Also, there's a lot of experimental aircraft out there in the general aviation market; are they worth it? Are there any FAA regulations that would make them more expensive to own? Is it too much of a risk (safety and financially) to buy an experimental than a factory built aircraft? Keep in mind, I’m not looking to build an experimental, just buy a working used one. If I’m not the one who built it, does that mean I can no longer save money on maintenance by being able to do some of it myself? Will financers and insurers even finance or insure an experimental I didn’t build? If so, do they tend to charge more?

High Wing vs. Low Wing

I trained in Cessna 152, 172, and 182RG's, so I fairly familiar with high wing aircraft. However, I would actually prefer to own a low wing aircraft. Are low wing aircraft any harder to fly? Does one have any additional costs over the other to consider?

Stick vs. Yoke

All the planes I’ve ever flown have had yoke controls. However, I see models out there, such as Diamond, Lancair, RVs, and Glasair which use a stick control system. How different is that than a yoke? Better? Worse? Easy to transition?

Traditional vs Glass Cockpit

The last time I flew, METAR was just being talked about and GPS was new and not approved and VFR navigation was done mostly with a map folded up on your lap. I see now that some aircraft have electronic ‘glass’ cockpits made up of various video screens. Are these worth having? I’m assuming they cost more, but are they also more to maintain? Do they offer any real value or are they more of a ‘cool toy.’ Even with a traditional cockpit, are there any avionics still worth getting, like GPS? I don’t even know what the regulations are now-a-days for GPS. Can you use GPS with VFR flying?

Tie Down vs. Hanger

It is probably a no-brainer that putting your plane in a hanger is better than a tie down. However, I think it can be hard at times to find hanger space and hangers are more expensive to rent. Is a tie down even an option to consider, especially in TX where we can get hail storms? How would that affect insurance costs? How much can I expect to rent even a low end hanger (like a T hanger) for? Also, has anyone ever bought/used one of the prefab, temporary hangers I’ve seen online? Some are all metal (like port-a-port) and some are metal frame with fabric covering (like the ClearSpan ones). For around $7k I could get a ClearSpan single aircraft hangar, for the cost of two years of renting hangar space. All I need is a concrete patch to bolt it down to. Has anyone ever done this at their local airport?

Cost of Purchasing and Insurance

Is financing a plane any different than financing a car or house purchase? Is there anything I should be wary of or look out for when looking to finance? Can you finance for more than the cost of the plane? For example, if I find a Piper Arrow I like, but want to upgrade the avionics and interior, can I add that to the financing? Also, is insurance any different than car insurance? That is, for a car I can basically have 'full' or just 'liability' coverage. Are there types of aircraft insurance that I definitely what to have and are there others that are just a waste of money? Do financers usually require a minimum amount to finance? That is, could I finance a $25k aircraft or is that too low for them to consider? Are newer—or older—planes more expensive to insure?

Instruction

Should I look for a CFI that can handle the aircraft I want to buy before I purchase one? It has been a long time since I knew the regulations; does a CFI have to be 'rated' in specific single engine land general aviation models or doesn't that matter? I'd hate to buy a Diamond DA20, for example, only to find out that no CFI in my area can instruct me in it. Of course, I intend to ask my CFI uncle these questions, but he’s been very hard to get ahold of lately!

Other Costs To Consider

Finally, what are all the costs I need to consider? I know that I need to consider financing the cost of the aircraft and insurance. I also know I need to consider hangar or tie-down costs. The annual inspection is another cost I'm aware of, as is the engine overhaul (needed every 1,000 hours or so?). Gas and oil are obvious as well. Am I missing something? I thought I saw something somewhere about propeller overhauls. Is that a thing?

If you could give me examples of the costs you’ve paid with your airplane that would be appreciated. It would also be good to know what type/model aircraft you have, area of the country you live in, and such.

Any answers you can give me would be greatly appreciated.
 
The answer is maybe.

But realistically, your looking for a micro-capstone post based upon an entire industry evaluation. There are way too many questions and variables to even entertain trying to answer these posts my friend.

I think you need to talk to a broker or head down to an EAA meeting where some ol timers have nothing but time to tell you how it is, and how,it should be.


Or in other words, I think you posting is way too much in one bite.
 
haha, I think every one of your bullet points has multi page debates somewhere on POA. Personally, I went with a vintage plane with low time and decent avionics. It fit nicely in my budget and performs well. It's not glass, but it will get me to IFR minimums and fly a GPS route with an autopilot.

I'm not very well versed in airplane mechanics, so it's helpful that I have a reasonably well known plane with the support of forums such as mooneyspace and POA. Experimentals also have great forums, too. Personally, I would want something where I could talk with others about it.
 
Here is a quick reply that has helped me. Old versus new means nothing. Cared for versus not cared for is most important.

Since you state your "mission" is about a 100 hours a year, to get a rough idea of operating costs, look at the rentals around you. I would imagine those dont fly 100 hours a year, but still make money at the price listed. So a 172 around me is about 90-120 an hour for a steam mid 70's plane. 100 hours times 100 bucks is the operating cost. This is insurance, annuals, maintenance, fuel. Probably not engine/radio/interior/paint reserves and most are tied out. Not an exact science but a good idea. FBO's try to not lose money on rentals, so you know they are pretty good at pricing. So you can figure your reserves, hangar and any upgrades you want and have somewhat of an idea of cost.
My choice based on what you listed? Piper Cherokee 140/Cessna 150 or even a Piper Pacer. You dont need speed, and simplicity is better.

Again, I am not an owner yet, so I might be way off base.
 
It seems to me renting or partnership would be a better fit for what you describe. I wouldn't want to handcuff myself financially when I could enjoy many of the same benefits for less money. What's going to happen when you have a $3-5k annual? Will the airplane sit until you get it paid off?
 
This is what I have planned. The day I am ready to buy a plane. I am going to finance it and have 50k in an account ready to deploy for Mx.
 
Just using a 172 as a base I would say you could allow, per month. 100$ for insurance, 100$ for annual, 100 for hanger. Some of those might be cheaper and some higher. Say you spent 30g for plane on 5 year note payment would be 550$ per month. That would leave enough in your budget to buy enough gas to fly about 4 hrs.
 
Unit74 said:
The answer is maybe.

But realistically, your looking for a micro-capstone post based upon an entire industry evaluation. There are way too many questions and variables to even entertain trying to answer these posts my friend.

I think you need to talk to a broker or head down to an EAA meeting where some ol timers have nothing but time to tell you how it is, and how,it should be.


Or in other words, I think you posting is way too much in one bite.
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The irony is that most of the other posts of this type I've read had too little questions to be effective. You offer sage advice, but I will disagree in one context: I'm not trying to get one person to answer based upon an entire industry evaluation. What I'm looking for is individual owners to give answers based on their individual experience. I can then collate for trends. I'm not looking for "one answer to rule them all," but many individual answers. No one person would possibly know the answers for every scenario. For example, maybe you have owned a Cessna 152 for 3 years. You're not going to be able to tell me about, say, owning a Lancair 360 and that's fine. Just tell me your 152 ownership experiences. How much was your plane? How did you pay for it? What kind of maintenance issues/costs have you had in the the 3 years of ownership? How much is insurance? Basically, tell me what owning your 152 is like from a financial point of view. Then, other pilots can also answer what they can about their aircraft. It's like crowd funding but for questions!!

Actually, I think that would make a great section here on its own. A section where owners can share what make/model/year aircraft they own and the costs and issues associated with it.
 
When I had my 172 ,ran a cost sheet on the aircraft,and all related costs. After a year or two ,stopped keeping track. Cost where over 120 an hour without a hanger. That was three airplanes ago,and twenty years ago.
 
Cooter said:
It seems to me renting or partnership would be a better fit for what you describe. I wouldn't want to handcuff myself financially when I could enjoy many of the same benefits for less money. What's going to happen when you have a $3-5k annual? Will the airplane sit until you get it paid off?
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Good points but it is not always (actually probably 'rarely') possible to rent the type of aircraft you want to fly. And you are at the mercy of others as to when you get to fly it.
 
frfly172 said:
When I had my 172 ,ran a cost sheet on the aircraft,and all related costs. After a year or two ,stopped keeping track. Cost where over 120 an hour without a hanger. That was three airplanes ago,and twenty years ago.
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And yet you've owned three planes. I take it the cost was worth it? What is your current aircraft? Was that $120/hr for the 172 including financing and insurance?
 
Theboys said:
...100 for hanger. Some of those might be cheaper and some higher. Say you spent 30g for plane on 5 year note payment would be 550$ per month. That would leave enough in your budget to buy enough gas to fly about 4 hrs.
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He lives in N Texas. IF he finds a hanger it WONT be $100. So modify that to $250 - $300 and now he has no gas. And he hasn't been able to put anything back for 'issues', so his radio goes out and he cant fix it. Its going to be a tough row to hoe trying to own on this budget. A club might be a better option for you.

@OmegaWulf if youre close to DTO, hit me up and we'll go fly
 
OmegaWulf said:
And yet you've owned three planes. I take it the cost was worth it? What is your current aircraft? Was that $120/hr for the 172 including financing and insurance?
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I own a newt liberty XL 2,flying is my major hobby,and the cost is worth it to me. The 120 covered all the costs to own an airplane.
 
I've probably owned 15 planes and I can tell you your budget is going to be hard to work with for any of them. My hanger bills alone eat up your budget. There was a club membership available in Denton area that would probably fit much better for now.
 
JCranford said:
He lives in N Texas. IF he finds a hanger it WONT be $100. So modify that to $250 - $300 and now he has no gas. And he hasn't been able to put anything back for 'issues', so his radio goes out and he cant fix it. Its going to be a tough row to hoe trying to own on this budget. A club might be a better option for you.

@OmegaWulf if youre close to DTO, hit me up and we'll go fly
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Ha, yes I'm within a few miles of DTO! In fact, when I moved to TX 10 years ago, I intentionally looked for a location near an airport just for the off chance I might be able to fly again some day. (heavy sigh)
 
Theboys said:
I've probably owned 15 planes and I can tell you your budget is going to be hard to work with for any of them. My hanger bills alone eat up your budget. There was a club membership available in Denton area that would probably fit much better for now.
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Yeah, that's what I'm afraid of. What type of budget would you consider a minimum?
 
OmegaWulf said:
Yeah, that's what I'm afraid of. What type of budget would you consider a minimum?
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$1300 - $1500 a month should get you 8 - 12 hrs of flying a month, but still wont leave you a budget for incidental repairs
 
I have a Cherokee 180. I kept track of expenses for about 6 months and gave that up. Relatively speaking it's a very economical plane for acquisition and ownership, but there are still expenses. If you are financing and actually flying 100 hrs/year I can't believe you'll be under $1000/month. If I was capped at $1000/month and/or was needing to finance I personally wouldn't consider owning a plane (not a business expense for me). I won't want to be worrying about what happens when the engine craps out or some other large expense if I was pushing my comfortable limit.

If I had a hard cap of $1000/month to allocate to the hobby I'd rent or look at a club. Much more bang for your buck without the risk.
 
As others have pointed out, a $1000/mo ALL-IN budget for owning and flying is going to be very, very difficult, especially with a note on the plane. I'm in a 5-way partnership, and our fixed expenses are pretty low (we paid cash for the plane), but I can blow through $1000/mo pretty easy if we take a trip in the plane.
 
Get a 152, pay cash, park it on the ramp and don't insure it (well maybe liability).
 
What about taking a longer term loan and getting the monthly payment down?
Don't aircraft loans go into 15-20 year terms
 
SixPapaCharlie said:
What about taking a longer term loan and getting the monthly payment down?
Don't aircraft loans go into 15-20 year terms
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Yes, depending on age, price and model. Older and "cheaper" are harder to get long terms on. Twins are even harder.
 
This is why I'm waiting to buy until I can pay for the plane outright and have enough of a mx reserve to put a new motor on it day 1.


Sent from my iPad using Tapatalk
 
Pick a plane in your list, say a 172, and go through the whole process of pricing it out to see whether your budget works. For the record I don't think it will but your should go through the process.

Choose a 172 that is for sale and pretend you're buying it. Ping a few places to see what kind of term and interest you can get on a loan and take that out of your monthly budget.

Next phone around a find a place for your fictitious plane. You need to call around to various airports within acceptable commuting distance. In the NTX area, probably looking at at least $200-$300/month. Take that out of your monthly budget.

Call around and get insurance quotes for your imaginary plane. That process will answer the questions you were asking about insurance. Do you want just hull? Or just liability? Both? None? You're not going to get away with no insurance if you have a loan on the plane but possibly can do hull coverage only. Do spend some time thinking about your situation if you get into an accident that is your fault and there is a judgement against you with no liability insurance. I wouldn't be without it but only you can answer that.

Now for maintenance... Go to some potential shops that you would use and ask them to tell you the cost for the annual. for a 172. Also ask them the average additional cost for squawks during the annual. You'd be surprised you will sometimes get an honest answer. I say "honest" because it is always more expensive than people let on. If you can't get that info, I'd take whatever flat rate annual charge they have and double it to be safe for your average annual cost.

You will know the fuel burn of your virtual plane. Let's say it is 10 gph. For your mission plan on 10 hours a month. So you need to pay for 100 gallons avgas. Look at the fuel cost in your area and take that out.

Oil change... you need to do that every 50 hours so twice a year at least. You can do that yourself. $150/year.

All the above is going to depend on where you are based so you really need to go through this process to know for sure. My prediction is this is going to blow your monthly budget.

Consider finding a club instead.
 
SixPapaCharlie said:
What about taking a longer term loan and getting the monthly payment down?
Don't aircraft loans go into 15-20 year terms
Click to expand...

I got a 15 year term on my Archer. But I'm actually paying it down like a 5 year. Gives me the flexibility to go back to the lower payment if something comes up I can't cover with reserves.

My budget is about $1000 a month and I own. There's nothing to rent where I live so that was my only option. I'll probably only be able to afford 5 hours a month but I also anticipate my winter flying to be very limited in the Midwest so I can save up for more summer flying.

By all standards me owning an airplane isn't very practical. But when is it? Dream fulfilled, even if it causes me to limit my hours. My CFI is looking to use my plane also (not to teach in) so he will help contribute to the maintenance fund and that will help.

I agree with the club option. Wish there were some around here that had something more than C172's.
 
If you can afford $1000 a month, then why don't you just save $1000 a month. In just 2 years, pay cash for one of the smaller/cheaper planes on your list, then you are removing the loan out of the equation...or saving that loan for an engine or something.

I saved $40k in two years, bought a C-150 for about half that (to keep a maintenance nest egg), then saved another $10k in a year while flying the Cessna, sold it, and now have a nice Cherokee. The Cessna had about $10k total in expenses during that year. So far the Cherokee has been only hangar, oil, and fuel.
 
Oh, and I've owned several on your list: Tomahawk, Rutan experimental, Cessnas, and now a Piper. All good / lower expense planes.
 
Cooter said:
It seems to me renting or partnership would be a better fit for what you describe. I wouldn't want to handcuff myself financially when I could enjoy many of the same benefits for less money. What's going to happen when you have a $3-5k annual? Will the airplane sit until you get it paid off?
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I'd have to agree. A REAL partnership "club", not a "For-Profit" FBO Club.

These don't get advertised in Internet searches. You have to stumble across them. Sometimes shares get listed on Craigslist, but in most cases, the only place to find them is by hanging around the airport. That's how I came across the one I just took over.

They are out there, by the dozens. all you have to do is find one. The local EAA Chapter is probably the best pace to start looking (IMHO).
 
I bought a plane in June 2007. I usually keep all of my receipts, but I'm sure I lost many when I moved from WV to AL in 2014. But I have never added them up, either a grand total or even a yearly total. I don't want to know . . .

Be sure to include the following as Costs of Ownership:
  • Hangar or tie down rent
  • Annual
  • Pitot static tests
  • ELT testing & replacement batteries
  • Insurance
  • Biennial flight reviews
  • Medical certification for yourself (Class 1/2/3 or the new unnamed one)
  • GPS data updates
  • Sectionals & approach plates (paper or electronic)
  • Oil changes
  • Replacement tires & tubes
  • Replacement batteries (shockingly expensive for their size--$300!)
  • Stuff to wash, wax, clean windows & vacuum
  • Some tools & supplies for owner maintenance
Then there are operating costs:
  • Fuel
  • Oil
  • Ramp fees when traveling
  • Hangar when traveling, if desired
And some optional acquisitions:
  • Canopy cover when traveling
  • Tool set to keep in the plane
  • Headsets for all seats
  • WAAS GPS
  • ADS-B equipment
  • Tablet for electronic charts & plates
  • Avionics upgrades
  • Additional training for new ratings (Instrument makes the plane much more useful)
  • Type club membership
  • Flying Association(s) membership dues
  • Magazine subscriptions
  • Personalized stuff (blankets, hats, chocks, shirts, license plate frames, etc.)
  • Buying a hangar
  • Moving to an air park
And the feared ones (some optional):
  • Engine overhaul
  • Prop overhaul
  • Blown turbos
  • Mechanical breakdown
  • Corrosion
  • Bent sheet metal
  • Recovering fabric planes
  • Avionic repairs
  • Auto pilot installation
  • Glass panel upgrade
There is literally no end to the amount of money you can spend AFTER buying an airplane . . . . .
that's why I don't want to add it up!

[edit: nite that I dint include any hourly charges for engine/prop overhaul, repairs or new avionics. Instead, I out the entire cost there, whether it happens on your first day of ownership or your 10,000th day.]
 
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Wisecracks aside, I do know how much a decade-old Cirrus costs to own. If it flew deminimis hours, about $20k per year, including data subscriptions. Add about $160 per hour. That's cash costs, on average, including engine reserve. Add to that depreciation, which might be about 4% each year but I'm not sure.
 
Geez, if you can't own/fly on $1K/month, I don't stand a chance!

Seriously though, getting a loan for 10-15 year span will help on the monthly cash flow. I'd say something like a Mooney M20 (E/F-Models seem like a good variant) may be a great option for him. Excellent fuel mileage, good for 2-3 pax, suitable for short burger runs but still capable of making the run from TX to WI without having to endure C-172 speeds. The Johnson bar flaps/manual landing gear make maintenance of those items pretty minimal. You can pick them up for $35K-$45K all day long, which on a 10-yr note would put the monthly payment somewhere between $400-$450/month I'd guess.

So that leaves about $500/mo for hangar, insurance, and consumables (fuel/oil, whatever). While he would eat up that $500 in fuel/oil flying 10-hrs per month, I wonder if his estimate of 100 hours annually is a bit ambitious. While there is plenty of good flying weather in TX, there are a lot of icing issues and adverse weather in late Dec-March which may cut the overall flying down a good bit. Those 100-degree days in July-August don't make anyone want to go up after 10am, either.

The best solution to sole ownership in the case is definitely going to be saving up at least 50% of the purchase price of a $50K bird and then just having a low monthly payment or no-payment. The $1K can then easily cover hangar and incidentals without affecting the budget too much. However, at an airport in the DFW metroplex, I'd think there would be a ton of flying clubs/partnerships available that would end up being close to the same as sole-ownership in terms of ease-of-use, and be much cheaper on the finances. Especially if the club has multiple aircraft to choose from.
 
The budget sounds tight. I'd recommend a club or a co-ownership at those prices.

Our 182 co-ownership has tracked our numbers for years and we can't beat the cheapest rental rate for a 182 at the same airport and still keep the aircraft maintained to the level we want it maintained at.

That says both good and bad things for some rentals, if you think about it.
 
FWIW:

I'm getting my financial ducks in a row to buy a plane. Factoring in Orlando prices, I'm figuring $1500 per month PLUS the cost of any note on the plane. This would get me about 100 hrs. per year. This would be a 160-180 HP, fixed gear plane. It includes a small but reasonable budget for refurbishments. If you drop this, in my world, it lowers the cost by $4000 per year ($334 per month).

The real kicker is that maintenance expenses are not a perfectly straight line. Some months the number is zero and others can be ugly. I have owned two planes in the past and expect no difference now. The second item to factor in is the possibility of catch up maintenance after the purchase. I'd be happy if I didn't have to drop $5000 extra each year in the first two years of ownership.
 
Not to derail the thread, but what other hobby could you write a post to a message board and say "I want to buy in and own something basic, entry level, and use it about average over the year, but can only spend $1000 a month"? Seems like any other hobby, fishing, RV'ing, boating, golfing, motorcycling, hiking, etc, you saying you want to join and do the entry level stuff but you only had $1000 a month to spend would get laughs and then thousands of examples how you could probably do that hobby for half that amount.

If I went back to riding Harleys, and wrote on the message board, "looking to finance a Sportster, ride about 10 hours a month, but I have a hard limit of $1000 to spend each month, can I afford it?" people would be laughing that I would even ask that question (

Example-When I bought a brand new Road King , added accessories and financed it after 20% down, monthly payment was under 350, insurance was 60 bucks a month, and fuel was a rounding error. That would leave me with over $500 a month each month for clothes, tshirts, etc. It was a new bike so I just paid for oil changes twice a year and the biggest thing I worried about was a tire replacement at a few hundred. This was for a bike that is twice what an entry Sportster would cost. And this is for new bikes


I would imagine the same type of thing if this post was written on a boating message board. Entry level used boat needed, for going slow and needs to handle 2 people. Maybe some longer trips. Can only spend $1000 a month...

Maybe I am wrong, maybe some hobbies are this expensive, but I don't see it.

Seems like flying is truly becoming a rich mans/womans hobby if a $1000 a month is considered too little discretionary income to become an owner and be able to use the plane. Seems like the consensus here is $1000 a month for owning/financing a plane, and then another $300 to $500 a month if you want to actually use it. Or paying cash and then you could consider yourself lucky if you didn't go over the $12000 a year in maintenance and usage.

I am not knocking the OP, he is upfront with what he is comfortable with, and I am not knocking flying but to most we (me) it seems like we dont get to pick our passions, they pick us.



To get back on the thread, the OP might consider LSA's. Comes with some restrictions, but might be perfect for him.
 
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