All you aircraft owners (aircraft financing)
09-02-2010, 07:03 AM
#41
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Ownership
In my experience I have owned several planes and to date have not lost any money upon sale. My best conquest was a float plane that I bought for $15,500 and sold a decade later for $36,500. All I put into it was the occasional annual inspection and that was it.
Currently airplanes have depreciated considerably. My guess is that now is a good time to buy since the prices are very low. Hopefully over the next few years they should recover some and climb back a bit.
A common problem I have noticed is that some pilots can not leave their planes alone (especially mechanics). My brother bought a perfectly good piper Cherokee 140 and then proceeded to change and upgrade nearly everything about it. Along the way he complained about how much it cost to own a plane.
My advice is to resist the urge to automatically overhaul at TBO. Avoid the temptation to upgrade and improve and fly the wings off it as it is. I owned a cessna 150 years ago and let my brother fly it as much as he wanted. I also used it for flight instruction. In the end we put over 600 hours on it and sold it unaltered to an A&P who then tore it apart to make it "better".
The plane was working fine but the new owner could not leave it alone. In the end he sold it in disgust to someone else for a bit more than he paid for it and lost many thousands in costly unnecessary replacements and repairs. The new and current owner has enjoyed it for many years of problem free aviation thanks to the diligent work of the (A&P) previous owner. When buying a plane look at the owner as much as you look at the plane. If the guy was constantly buying small parts and tidbits that seemed to be unnecessary then perhaps it is a good plane to buy.
Lastly don't get into a partnership if you can help it. Buy a 150 yourself and fly the wings off of it without someone else to nickle and dime your plane into being grounded. Don't get a 172 or 182. Don't buy an expensive panel mounted GPS. Don't blow all your cash on trim and paint. Keep an airworthy and safe plane but aside from that just spend your money on avgas and fly.
Skyhigh
Currently airplanes have depreciated considerably. My guess is that now is a good time to buy since the prices are very low. Hopefully over the next few years they should recover some and climb back a bit.
A common problem I have noticed is that some pilots can not leave their planes alone (especially mechanics). My brother bought a perfectly good piper Cherokee 140 and then proceeded to change and upgrade nearly everything about it. Along the way he complained about how much it cost to own a plane.
My advice is to resist the urge to automatically overhaul at TBO. Avoid the temptation to upgrade and improve and fly the wings off it as it is. I owned a cessna 150 years ago and let my brother fly it as much as he wanted. I also used it for flight instruction. In the end we put over 600 hours on it and sold it unaltered to an A&P who then tore it apart to make it "better".
The plane was working fine but the new owner could not leave it alone. In the end he sold it in disgust to someone else for a bit more than he paid for it and lost many thousands in costly unnecessary replacements and repairs. The new and current owner has enjoyed it for many years of problem free aviation thanks to the diligent work of the (A&P) previous owner. When buying a plane look at the owner as much as you look at the plane. If the guy was constantly buying small parts and tidbits that seemed to be unnecessary then perhaps it is a good plane to buy.
Lastly don't get into a partnership if you can help it. Buy a 150 yourself and fly the wings off of it without someone else to nickle and dime your plane into being grounded. Don't get a 172 or 182. Don't buy an expensive panel mounted GPS. Don't blow all your cash on trim and paint. Keep an airworthy and safe plane but aside from that just spend your money on avgas and fly.
Skyhigh
Last edited by SkyHigh; 09-02-2010 at 07:49 AM.
09-02-2010, 07:54 AM
#42
Gets Weekends Off
Joined APC: Oct 2009
Posts: 254
Check out this little fella. Seems to be pretty well equipped for a 152, although a DME would be the icing on the cake. Price seems more than fair. I wish I was in the position to purchase right now, that A&P job can't come soon enough!
1978 152
1978 152
09-05-2010, 10:48 AM
#44
Moderator
Joined APC: May 2006
Position: ATP, CFI etc.
Posts: 6,056
Originally Posted by SkyHigh
In my experience I have owned several planes and to date have not lost any money upon sale. My best conquest was a float plane that I bought for $15,500 and sold a decade later for $36,500. All I put into it was the occasional annual inspection and that was it.
Currently airplanes have depreciated considerably. My guess is that now is a good time to buy since the prices are very low. Hopefully over the next few years they should recover some and climb back a bit.
A common problem I have noticed is that some pilots can not leave their planes alone (especially mechanics). My brother bought a perfectly good piper Cherokee 140 and then proceeded to change and upgrade nearly everything about it. Along the way he complained about how much it cost to own a plane.
My advice is to resist the urge to automatically overhaul at TBO. Avoid the temptation to upgrade and improve and fly the wings off it as it is. I owned a cessna 150 years ago and let my brother fly it as much as he wanted. I also used it for flight instruction. In the end we put over 600 hours on it and sold it unaltered to an A&P who then tore it apart to make it "better".
The plane was working fine but the new owner could not leave it alone. In the end he sold it in disgust to someone else for a bit more than he paid for it and lost many thousands in costly unnecessary replacements and repairs. The new and current owner has enjoyed it for many years of problem free aviation thanks to the diligent work of the (A&P) previous owner. When buying a plane look at the owner as much as you look at the plane. If the guy was constantly buying small parts and tidbits that seemed to be unnecessary then perhaps it is a good plane to buy.
Lastly don't get into a partnership if you can help it. Buy a 150 yourself and fly the wings off of it without someone else to nickle and dime your plane into being grounded. Don't get a 172 or 182. Don't buy an expensive panel mounted GPS. Don't blow all your cash on trim and paint. Keep an airworthy and safe plane but aside from that just spend your money on avgas and fly.
Skyhigh
Currently airplanes have depreciated considerably. My guess is that now is a good time to buy since the prices are very low. Hopefully over the next few years they should recover some and climb back a bit.
A common problem I have noticed is that some pilots can not leave their planes alone (especially mechanics). My brother bought a perfectly good piper Cherokee 140 and then proceeded to change and upgrade nearly everything about it. Along the way he complained about how much it cost to own a plane.
My advice is to resist the urge to automatically overhaul at TBO. Avoid the temptation to upgrade and improve and fly the wings off it as it is. I owned a cessna 150 years ago and let my brother fly it as much as he wanted. I also used it for flight instruction. In the end we put over 600 hours on it and sold it unaltered to an A&P who then tore it apart to make it "better".
The plane was working fine but the new owner could not leave it alone. In the end he sold it in disgust to someone else for a bit more than he paid for it and lost many thousands in costly unnecessary replacements and repairs. The new and current owner has enjoyed it for many years of problem free aviation thanks to the diligent work of the (A&P) previous owner. When buying a plane look at the owner as much as you look at the plane. If the guy was constantly buying small parts and tidbits that seemed to be unnecessary then perhaps it is a good plane to buy.
Lastly don't get into a partnership if you can help it. Buy a 150 yourself and fly the wings off of it without someone else to nickle and dime your plane into being grounded. Don't get a 172 or 182. Don't buy an expensive panel mounted GPS. Don't blow all your cash on trim and paint. Keep an airworthy and safe plane but aside from that just spend your money on avgas and fly.
Skyhigh
Good post, Sky. I can stand solidly behind all this advice. Even better would be doing what you said plus have your own A&P certificate for the occasional repair and annuals, plus an STC for mogas so you can buy car gasoline from the 7-11. There is no cheaper and more cost effective way to own a small airplane than these methods. When you strike it rich one day you can buy a new one, otherwise keep flying as described.
09-05-2010, 02:20 PM
#45
Does NOT get weekends off
Joined APC: Jul 2007
Position: ERJ - 145
Posts: 1,631
Originally Posted by Jones14
Check out this little fella. Seems to be pretty well equipped for a 152, although a DME would be the icing on the cake. Price seems more than fair. I wish I was in the position to purchase right now, that A&P job can't come soon enough!
1978 152
1978 152
Edit: I know there is a long debate about when to overhaul an engine. Some say since part 91 does not have mandatory compliance, to run it way past TBO, while others say go right at (or near) TBO. People who advocate for running way past TBO say you save a lot of money on needless, FAA required work. While others say the wear and tear on the engine by running past TBO will cost more in the long run. Who knows.
09-06-2010, 08:11 AM
#46
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Owner maintenance
Originally Posted by Cubdriver
Good post, Sky. I can stand solidly behind all this advice. Even better would be doing what you said plus have your own A&P certificate for the occasional repair and annuals, plus an STC for mogas so you can buy car gasoline from the 7-11. There is no cheaper and more cost effective way to own a small airplane than these methods. When you strike it rich one day you can buy a new one, otherwise keep flying as described.
I have bought gas from Arco and 7-11 and found it to be full or water and other contaminants. My advise is to find a reputable fuel supplier like a farm co-op and buy your fuel there. I would not chase cheap fuel to put into a plane.
Where I live $17.65 buys me about an hour of flight time on premium auto fuel.
Skyhigh
Last edited by SkyHigh; 09-06-2010 at 01:16 PM.
09-30-2010, 12:06 PM
#47
Moderator
Joined APC: May 2006
Position: ATP, CFI etc.
Posts: 6,056
10-02-2010, 09:40 AM
#48
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Interesting Article
Originally Posted by Cubdriver
Skyhigh
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