All That You Must Consider Before Owning An Airplane
If you know how to fly an airplane then it’s quite natural for you to be passionate about wanting to own an airplane. However, it is not always necessary for you to know how to fly airplanes in order to own one. If you are a connoisseur of classy and stately airplanes then you might as well want to own one such piece of art. The good thing about buying an airplane is that you don’t have to be rich or famous to be able to own an airplane. This depends totally on your taste. You might as well team up with some friends or neighbors who harbor similar interests and all of you can contribute sufficiently to bring home a brand new airplane.
As soon as you start considering the possibilities of owning an airplane, figuring out the costs is one of the vital elements that you have to think at the first place. There are a variety of types of airplanes that you can choose from and then set the prices and make your list as per your budget and liking. While considering the types of airplanes some of the elements you cannot ignore are the number of seats, useful load that it can take, cruising speed as all these factors have to be compared with the basic cost of purchasing an airplane. You can start with the pricing of airplanes by searching through the avenues like AeroTrader and Controller. If this is your first airplane then a basic model at limited budget would be better since you are expected to be amateur about owning airplanes.
There is a fixed cost that you have to consider before you finalize an airplane. You might want to make a down payment or would prefer to pay EMI in installments every month. The AOPA Loan Calculator can help you sufficiently in this regard. Getting the airplane insured is another big responsibility. The insurance cost will invariably vary from one place to another. Additionally, the cost of maintaining the airplane and stationing it in a hangar is an important factor to enlist. The real time and hourly costs should be your next consideration. Owning an airplane means that you have to feed it regularly with its quota of fuel or oil. 10 gallons hourly, is the minimum estimation amounting to $50 apparently per hour.
Every 3 flight hours your airplane will require one-quart oil priced at $6 per quart. The fuel expenses also vary from one airport to another and that’s why it’s important for you to have an estimation chalked out beforehand. Maintenance cost is definitely a hefty one. You have to get regular repair works done in case anything is damaged inside. Routine inspection including such as replacing airplane tachometers, wire, gauges and preventive repairs are must. Engine overhaul is another factor you cannot ignore. So keeping aside a very good amount of money for maintenance purposes is definitely going to be helpful in the long run.
Whether you want to buy a private airplane or you want to rent it depends entirely on how you are going to use it. If you have a minimum use for the airplane then renting one would be better. On the contrary, if you intend to fly your plane for 200 hours each year then buying your own airplane would be more suitable. Additionally, the luxury of owning your own airplane is definitely more than taking one on rent. For example, while on a holiday, taking your own airplane will be much better than renting one. So what are your thoughts on this?
