Upside to renting? Never worry about surprise payments for mx.
Fixed that for you.
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I worried plenty about the quality of the maintenance of various rentals I've flown over the years. I know exactly what's done or not done on the 182 I own via an LLC.
As far as the costs go, an LLC owned by three or four people can make ownership slightly more complex than single ownership, but move the numbers close to or below rental rates in most areas of the country. The magic number of pilots per aircraft with active pilots is probably 4-5. After 5, the percentage change in fixed-costs isn't worth the scheduling hassle if everyone's flying. And if someone's not flying, that's great on cost-sharing but not good that they're not staying current.
Our LLC has three wallets feeding it. Break-even if you remove the fixed "buy-in" cash is 4 hours/month between our aircraft and a local club 182. A cheaper rental 182 recently came on-line at our home airport, so call it 5.
This year it will be a little higher since I pushed for a pile of avionics stuff be caught up that was deferred or we had to discuss for a while to decide what everyone's requirements were, since I plan to finish an Instrument rating soon and then go hunting for some "soft" IMC to build confidence and time in Actual. We just dropped $3700 into basic gyro replacement, repairing the autopilot, removing the ADF and antennas since it got flakey, and installing a new clock and new plastic/royalite panel covers. Split three ways that's not a disaster. One person often would find themselves grounded for a couple of months with a bill like that to pay off, depending on their budget.
All in all, there's a few things I'd like to do to the airplane if I were made of money, but our little group seems to get along well and think similarly about maintenance and optional things.
And there is absolutely nothing like having your airplane and hangar keys in your pocket and the ability to turn the other way getting off the highway and instead of going to your house, driving right up to the airport, through the gate with your owner gate pass, unlocking the hangar, pre-flighting, and launching without any more paperwork than double-checking the numbers in the notebook and writing down the tach time and fuel load stick readings a couple hours later when you put the airplane back in the hangar.
I can talk with the other two guys and almost always do a week trip or longer (if I could afford the time off from work) on short notice, and no minimum hours per day, and no limitations on where I take the aircraft other than our self-imposed "cross country flights must file a flight plan". I can do it in two 5 minute phone calls if no one has any objections. About all I have to check is when the next oil change will be due. (And if you have time-limited AD's, you have to track those also, just like a rental.) Some people do 100-hour inspections and have them signed off as Annuals every time if they're ultra serious about maintenance. Others go in on-time but do routine maintenance as things come up. We had a minor fuel leak last year that knocked us down for two weeks, but cost well under $1000 to repair.
We also enjoy each other's company and do oil changes and other maintenance activities (wash the plane, fix the tug when it's cranky, etc.) at the hangar together often completely unplanned, we just happen to congregate there. Or meet up at the airport restaurant and grab a bite to eat and then someone will say they feel like running around the pattern. Etc.
If I really felt like the aircraft needed something that the other guys didn't, say LED landing lights or a Pulselight system, I could just buy it and pay for it's proper installation if it were a pet peeve of mine. No one would really mind. Same with tools or other things, just toss 'em in the hangar. We have some old Peltor headsets stored in the plane or in the hangar for that one tme you want to take someone up NOW and you don't have a headset for them.
Tools, pre-heater, powered tug, towels, cleaning supplies, a couple chairs, stepladder, bottles of water (in the summer), oil, tire pump, scale for weighing bags, etc... All stored neatly in the hangar, ready for action. No messing with a lock box, and if the trash hasn't been taken out or someone makes a mess, there's only three people who could have done it. No pre-flight out in the wind on a cold day. Got tunes on the boom box for a three hour "remove the belly grime" session, etc. Sometimes you just go to the hangar to "pet the airplane" or drop off some interesting reading material for the other guys to check out, etc.