Originally Posted by
bcpilot
Buying a plane & doing flying in your own plane is not a bad idea, in fact a very good one.
But it may not be the cheapest way to do your ratings. The flight instruction from a good flight instructor, parking, insurance & maintenance costs can build quickly & add up to more than it would cost you at a regular rental FBO. Also don't forget that there could be unexpected repairs from a hard landing, bird strike or anything else.
Another SMART option is do your private in an FBO or a local Flying Club & then buy your own plane. By that time, you will know if you like flying & it is for you.
I knew some guys in college that had a very nicely (for the time) equipped C-172, dual navcomm, digital DME, 3 programmable comms/nav, etc.... (remember I said this was a long time ago) - - - but they leased back to the FBO who took care of the hangaring, maintenance, scheduling, etc....
They got first pick for scheduling of course, and wouldn't let PPLs train in it, but otherwise it was always booked solid for Instrument training and x/c flying by the other CFIs and students. I'm not sure what the insurance deal was or what other specifics there were with lease-back, but it certainly sounded like a great deal then and I wished I had had the opportunity to go that route.
USMCFLYR