Owning an Airplane

Happy 4th of July to everyone! Hope the long weekend is going well for all and quality time is spent with your families!

My last post was more or less about the benefits of flying. When comparing fuel consumption of an airplane verses a fuel-efficient car, there isn't much of a difference, in fact the costs associated with fuel is virtually equal. Of course, the larger the car, the more gas it eats up, and the same goes for an airplane. Keeping that in mind, think about your budget for a car. You can buy a brand new semi-luxury SUV starting at $35,000 and upwards. A decent Cessna 172 can be bought used (1975ish) for $30,000-$40,000 and of course for more the newer or more "refurbished" you decide to go. Either way, not bad for the reasons I pointed out in my last post. If I was in the market for another car (of course I won't be anytime soon...but I'm paying off student loans), I'd probably go out and buy a used one for $5000 and buy an airplane to go with it.

Now don't use my spontaneity as an excuse to make a rash decision. Sit down and figure out the costs - insurance, upkeep, hangaring, etc...ask around and make a list, try to think of all that is the unexpected.

Looking at insurance, for a private use airplane the insurance can range considerably, so shop around. Using AOPA's aircraft insurance QuikQuote I looked up the cost for a 1970-1979 Cessna 172. It came to $785 annually with the following conditions:

*4 Seats
*Airport State: California
*Not owned in the name of a business
*Not hangared
*Liability Coverage: $1 million each occurrence - $100,000 per passenger sub limit
*Physical (Hull) Damage Coverage: Ground and Flight
*Insured Value: $35,000
*Medical Payments: no selection
*Private Pilot with 100 hours total time and all of that in the same make and model

The more experience and ratings you receive the less that number will become, just as it is with a car. Use the following link to search in your own state and with your own variables: https://www.aopaia.com/quik_insurance.cfm

Again, to get more precise numbers be sure to talk to an insurance company representative, they can factor in much more than you would be able to with a quick calculator.

The other major consideration is maintenance of your airplane. Realize that the older the airplane, just as with an older car, the more you will most likely be paying. But then of course, if it is a well-maintained airplane, and has been over the years, your maintenance headaches will be fewer.

I hope this helps, I'm no expert on the subject of owning an airplane - I firmly believe you have to have either managed many, or been an owner yourself, of which I've been neither. At the least, I hope this points you in the right direction.

Thanks for stopping by,
Up in the Air