I asked myself the same question every day when I first started flight instruction and I’m certain that I was not the first aspiring pilot to have asked, “Should I Own An Airplane?”
There are many factors to consider, so perhaps we should explore some things that go along with aircraft ownership.
Should I Own An Airplane?
Yes, we should all own an airplane! Whether to own an airplane is a personal decision that depends on many things. The mobility of having an aircraft and the opportunities that arise make owning an aircraft one of the wisest decisions you could ever make.
Should I Own An Airplane?
There are so many things to consider when purchasing an aircraft becomes part of the scenario. Let’s look at some items that may come up so you make an informed decision.
A. Cost: Owning an airplane is expensive, accounting for the purchase price, maintenance, fuel, insurance, and hangar or parking fees. 2024 prices make it even worse.
You need to evaluate if you can afford these expenses that you incur daily and if it aligns with your financial goals.
If part of your plan is to use affordability because of flight training costs then you hopefully factor that cost into your budget.
The idea of owning an aircraft to do your flight training makes some very good sense.
It was something that I endeavored to do and it saved me considerable sums of money for much of my training.
I could complete my Private Pilot certificate with only the expense of fuel and an instructor which amounted to considerable savings, (considering the aircraft reserves of course.)
Far more than enough to justify owning it as long as I could sell the aircraft for a profit large enough to cover training.
There was a catch, however, but isn’t there always?
I had to buy a complex airplane to do my commercial certificate, (commercial license in that day and age), and instrument rating. Complex means either/or constant-speed propeller or retractable landing gear.
Check out this article about the constant speed/variable pitch propeller here. It is pretty simple!
That little endeavor paid off very well for me because I bought a 1974 slightly used by the Cessna dealer, an instrument-certified Cessna 182 which was a pretty nice airplane in 1975, was which has a constant speed prop.
I was in heaven owning that airplane.
Sometimes Good Things Happen. (Despite Ourselves).
That turned into a sweet little deal for me as I soon ran into an old friend who was busy covering the country selling Western Art and Silver and Turquoise Southwestern Indian jewelry.
I needed hours to get ready to qualify for my commercial certificate so he offered to pay half of the expenses of the aircraft for me to fly him to his shows.
Also, I got to work for him at the shows and could pay for my additional expenses.
Once I got my commercial certificate, I convinced him to make my airplane payment and insurance costs plus the fuel and I still got paid for working.
I had a blast, and I acquired a lot of hours, a lot of experience, about a year or year and a half worth of airplane payments, and I got to see the width and breadth of this magnificent country that we live in flying in my airplane, and what fun it was!
B. The Catch. (Owning Is Expensive)..
An airplane is a more expensive vehicle than most, but considerably more useful and fun. But there’s a lot of hidden costs. Let’s look at a few.
These days fuel costs are crazy so you know what it costs when you’re burning 13 to 14 gallons an hour to travel 160 miles in a single-engine airplane like a Cessna 182,
Maintenance costs remain fixed as long as there is not anything that occurs other than the annual.
That is why putting aside cash in your reserve accounts is vitally important.
Having an inoperable aircraft and no money to repair it is so vital.
Paying a shop or mechanic can run very high and I cringed at the thought that something serious may turn up like a low-compression cylinder for example.
Insurance is a must-have.
Then add in where the airplane will call home. That would be outdoor tie d0wns or a hanger which can be expensive.
I. A Buying Guide.
There has always been an allure drawing us to the sky and the fascination of owning your first spaceship can be overwhelming unless you pay attention to the certainties. Don’t get in over your head.
A. It is time to consider the advantages and disadvantages of an aircraft specific to your personal needs.
- These are considerations that you only can make. Carefully evaluate your situation.
Buying an airplane is a significant investment and a thrilling experience.
Whether you’re a private pilot or a business owner looking to streamline travel, careful consideration and research are crucial.
Here’s a comprehensive guide to help you navigate buying your airplane:
1. Define Your Purpose:
- Determine the primary purpose of your aircraft (personal use, business travel, recreational flying, etc.).
- Consider the number of passengers you intend to carry and the range you need.
2. Budget Planning:
- Establish a realistic budget that includes the purchase price, operating costs, insurance, maintenance, and any necessary upgrades or modifications.
- Be prepared for unexpected costs.
3. Research Aircraft Types:
- Identify aircraft models that meet your requirements.
- Consider factors such as speed, range, fuel efficiency, avionics, and cargo capacity.
4. New vs. Used:
- Evaluate the pros and cons of buying a new or used aircraft.
- Used aircraft often come at a lower cost but may have higher maintenance expenses.
5. Legal Considerations:
- Familiarize yourself with aviation regulations in your country.
- Ensure the aircraft you’re considering complies with current airworthiness standards.
6. Work with Professionals:
- Engage with a certified aircraft broker or consultant for expert advice.
- Consult with a qualified aviation attorney to handle legal aspects of the transaction.
7. Pre-Purchase Inspection:
- Schedule a thorough pre-purchase inspection by a reputable aircraft mechanic.
- Ensure all logbooks and maintenance records are in order.
8. Financing Options:
- Explore financing options, such as bank loans or aircraft financing companies.
- Consider the down payment, interest rates, and loan terms.
9. Insurance:
- Obtain comprehensive aircraft insurance coverage.
- Compare quotes from different insurance providers.
10. Ownership Structure:
- Decide on the ownership structure, whether individual, joint ownership or through a business entity.
- Understand tax implications and liability considerations.
11. Training and Certification:
- Ensure you and any potential pilots are adequately trained and certified to operate the chosen aircraft.
- Consider ongoing training for proficiency and safety.
12. Negotiate the Deal:
- Negotiate the purchase price, taking into account market conditions, aircraft condition, and included equipment.
- Be prepared to walk away if the deal doesn’t meet your terms.
13. Closing the Deal:
- Draft and review the purchase agreement with legal professionals.
- Complete all necessary paperwork, including the bill of sale and transfer of registration.
14. Post-Purchase Considerations:
- Arrange for hangar space or parking.
- Establish a maintenance schedule and plan for regular inspections.
15. Continuous Learning:
- Stay informed about aviation regulations, safety procedures, and technological advancements.
- Participate in pilot forums and industry events.
Remember, buying an airplane is a complex process, and seeking professional guidance is highly recommended at various stages. Each step requires careful consideration to ensure a smooth and satisfying aircraft ownership experience.
Conclusion.
Climbing aboard your own airplane is an incredible feeling.
I have never felt such freedom with my first purchase. It was just a 172 Cessna and my eyes were on a Cessna 310, but I loved that 172,
After all I could barely afford fuel for a single engine much less the twin Cessna.
However, I was able to get my ticket to fly. And fly I did. All over Montana, Idaho, Washington, and North and South Dakota.
The experience was phenomenal because I actually learned how to put to task all the things I had learned during lessons.
All of the things I have mentioned about buying an aircraft are simply a guide and they are pertinent.
Take your time and find your airplane and I welcome questions,
I am an aircraft sales and leasing expert as well as an Airline Transport Pilot and Flight Instructor and I extend my help in your adventure.
Let’s go Flying!