Originally Posted by
sourdough44
Yes, there are some 'intangibles' with aircraft ownership that don't show up on the financial ledger when comparing to rental costs.
Come to Oshkosh next week, plenty of happy owners who would be considered 'under water' when it comes to equity.
The main issues is cash flow with other, more essential expenses. We all spend $$ in areas where the next may question the motivations.
That all said I'm on my 3rd airplane, as sole owner.
When I was a pilot with 500 hours trying to build time, I purchased a Piper Comanche 250. It was a wonderful plane and I loved it. However it is not for the faint of heart or wallet and looking back on my experience it might have been better to buy a simpler airplane with a better avionics package. So lets review some of the costs associated with buying an airplane:
1. Outright purchase price. Totally negotiable and highly variable. Know your mark(et).
2. Title search. Yes believe it or not this is done in real estate and aviation.
3. Pre-buy inspection at a Reputable inspection station.
4. Hangar rental. While maybe not necessary in certain parts of the country you will need to know the monthly costs of aircraft storage wherever you are.
5. Insurance. One public airport I went to required that I have even more insurance or they would not rent me a hangar period.
Now just off the top of my head, lets consider some ongoing monetary issues you will run into.
1. Scheduled maintenance. The annual. Also you did buy an IFR equipped aircraft right? Those avionics will need to be inspected on a scheduled basis. And what about all those Airworthiness Directives floating around. Better check into them.
2. Unscheduled maintenance. You break it you buy it. AND the FAA is prone to putting out even more Airworthiness Directives that will directly affect you.
3. Stuff and things. Below freezing? Better have a way to preheat your engine. Want that special tool to change your own oil? Got access to a jack if a tire needs changing?
4. Time is money. How much extra time will you spend looking after Angela? And is it worth it?
It was so nice to fly wherever and whenever and not have to answer to anybody. I learned so much about General Aviation, the National Airspace System and Piper Aircraft. A pilot is legally allowed to do a variety of maintenance to his own aircraft and that is a learning experience. The downsides are time and money. It takes you longer to fly 1 hour in your own airplane than it does a rental. And in the end does it save you money? I don’t have an opinion to offer on that question. There are too many variables. But boy it sure was a fun and rewarding hobby.