I was flying back home to my home airport of KDSM from KORD one day. We landed and I stopped into the cockpit to thank the pilots and we had a little chat about how I want to be a pilot and how I am starting my PPL training.

The captain turned to me and asked if I wanted to know what he wished he had done when he was getting hours. Of course, I said yes and he told me he wished he had his own plane to avoid rental fees.
He then asked if my family had a decent amount of money (lucky for me, we have a little more than most) and he said to look into it.

I've been reading a lot about it online and been looking at fees and stuff. Of course, also looking at the prices of a cheaper plane. (172, Piper Warriors, small basic planes like those) and how much they cost per hour. Of course, Insurance, Tie down/Hangar, etc.

OF COURSE the big one that is scary is overhaul. Aircraft Operating Cost -PA28-151 WARRIOR
I've been using this as well. Of course, I have no idea how accurate it is. Rental in my area runs for $120 per hour.

My dad thinks it could be a decent idea because it would teach me basic care of the plane and aircraft responsibility unlike a rental would.

So, I want input. My dad and grandfather are thinking about trying to make this happen before I go to college. Any input? Both positive and negative aspects would be greatly appreciated.

-Cameron

 

I'm a noob on here, but have been in the industry for nearly twenty years, and have looked into the same thing. Here are my thoughts/suggestions:
- Consider joining AOPA and use their many resources (flight planning, training info., ownership, etc...) There is a ton of things you can learn from them. There are other organizations, too.
- General rule of thumb is if you will fly the aircraft about 100 hours per year you will come out about even to renting, more than that and you will be saving money/hour.
- Buy an aircraft with engine time remaining. i.e. you buy one with 1500 hours and put 500 hours on it training, it's resale value drops considerably because the next owner will have to do the overhaul right away.
- Buy an aircraft with the equipment you want. Upgrades never recoup their investment on resale. Let the previous owner take the hit.
- Consider a flight club or partnership as alternate means to reduce your costs. Again, lots of information from AOPA can be helpful.
- As a student pilot, you should be able to get a free 6 month subscription to Flight Training magazine, which will have other good info.
- Caring for your own plane (as far as regs allow) can be rewarding and educational. You can & should work closely with your A&P on the other stuff to get to know your aircraft inside and out.
- You know how well the airplane has been treated vs. how did the last renter treat it/report squawks, etc...
- It's a big investment and if the economy tanks you may be left holding the bag until it recovers.

Just some thoughts. There's probably a lot of other advice out there. Keep reading. Good Luck!

 

The flying club membership is a fine idea. Some live in areas where rentals are hard to come by. If you have good rental options no real need to buy.

That said the Piper Warrior is a great platform for training.

 

I can look into a membership. I am pretty sure there is the DSM Flying Club here in KDSM and KIKV. The issue is when I go off to college, though. Rentals there are pretty expensive as well there as here so having my own plane could come out to be cheaper with how many hours I plan on pumping out in the next few years as well as learning aircraft ownership.

I am really working on throwing every freaking dime I have at this right now and I am planning on making this my career. I'm 18 now and have 3 years before I could get R-ATP. Gotta work fast!

After doing more research, the thought would be to buy the plane, run all the hours we can get onto it until the overhaul and resell it. Luckily, unlike a lot of pilots my age, my parents are helping me with some of the money and they would be paying for most of the aircraft costs.

On top of that, my dad likes the idea of having someone to fly him around to cities around Des Moines for his enjoyment

My dad is talking about having my grandpa also helping out in the endeavour. I feel very lucky to be one of the few with a family with just a little more money than some and the fact that they are willing to help.

Thanks for the input! Any more is always appreciated!

 

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.

 

Costs of ownership are often underestimated, particularly with regard to maintenance. It's one thing to own a car and have occasional preventative maintenance, and the rare mechanical breakdown requiring replacing drivetrain parts, etc. It's not uncommon in an aircraft to need to replace components which cost far more than auto repairs, and in many cases, far more than a car.

The first annual inspection is often a shock to a new owner. This is especially true if the inspector isn't one who rubber stamps the annual and who ignores mechanical or legal issues. It's often at that first annual when the sticker shock starts to come home.

 

Find someone that has an underutilized airplane. Earn their trust and you can fly it much cheaper than a rental.

 

I'm going with don't buy a plane. I assume your Dad was going to pay cash for the plane? Use that money to go to a wham bam thank you ma'am program like FlightSafety Academy. It's better for your Dad to invest in YOU rather than a plane. Then go to a regular college and instruct on the weekends during the school year, full time in the summer. Enjoy college, drink beers, chase women, and build some experience as a CFI. When you graduate, you're off to a regional.

Please don't plan on "pumping out" lots of hours just flying your own plane. And slow down young grasshopper, you don't have to work too fast. Have a life, and build some solid experience, this will go a long way in your interview at a major.

 

^^^^^^^^^

This guy has an idea