I am almost finished with my PVT (need 2 more hours of hood time). I have been told by a few people that buying a 152 and using it to build my hours for a commerical and instrument license would be a good idea. From first glance it looks like a good idea. Even with the price of insurance and other cost. My question is, have any of you done this, or looked into it and decided not to do it. Any experiences would be greatly appreciated

 

I didn't use the plane to get my ratings, but I owned a Cessna 150 and had a great time owning it. I wish I had it still

SkyHigh

 

Yea,
I must admit that part of me wants one just so I can say I OWN an airplane. But I need to have some financial justification for taking on the additional risk of owning one, instead of just renting. I would never consider it if i was just going to be a casual weekend pilot, but the need to log a lot of hours over the next year or two may make it financially smart to just own one.

 

I have thought about purchasing a 152 after my PPL to build some hours. . . BUT. . . decided against it as I'd end up leaving for a few months for advanced training in another state. After that, it'd be pointless to own my own aircraft while working as a CFI flying someone else's planes.

 

What about buying one and putting it on lease back with a flight school? Have you considered that? In case you don't know, what happens is that that the flight school rents out the airplane, sends it in for Maint, and basically manges the aircraft. Then you call the flight school and book your plane when you want to fly it. If it flies enough to cover the monthly costs you may even make money off of it. Its kind of like a time share for a condo.

 

ooh, that sounds like a good idea. I want to buy an airplane now.

 

I had exactly the same idea, and decided not to do it. You need a retractable gear plane for some of the CFI stuff, so you are still going to have to rent something.

I have heard that the lease back situation is a better deal for the flight school than the owner, but I dont know what the hard numbers are like. You might be better off getting a 172, if you did it.

Or you could buy a plane and sell shares of it to a couple of other people.

 

I have considered the leaseback idea however my local FBO just bought a 152 so they could stop leasing back and keep all the profits. It is a shame to cause the 152 they were leasing was getting about 70-80 hours a month. There are alot of things to consider when leasing back also. In order for most schools to lease it back from you they require that you get insurance that covers student pilots soloing in it. Ive been told for even a small 152 its about 5 grand a year. So if the airport isnt leasing it enough you get stuck paying that money. The nearest airport that would consider it is atleast 50 miles away. That means if i wanted to fly it, which i would a few times a week, I would spend atleast 200 bucks a month driving to the airport just to fly my own plane. Other things like 100 hour inspections and huge amount of hours being put on the airframe, the cost of tires(they get worn out fast when a kid with 4 hours tries to land it and chews the rubber off of it) would cut into the profits. But to make a long story short, Leaseback would not be a viable option for me. Ugh, decision.....

 

yeah, I heard that even small planes tend to be about $250,000 altogether...someone correct me if I'm wrong...but then u'd also have all that gas to pay for...otherwise that sounds like it wuld be a great idea...especially since there's an airport like 10 mins from my house