This is my experience with "personal GA airplane" ownership.
The first one I bought was a 1946 Taylorcraft. This was in 1977 or so and was bought for tailwheel timebuilding. Now remember that this was in the seventies... I gave $4000 for it and it was just recovered with a low time engine. I think my insurance was around $300per year and gas, if I recall was around .50 a gallon. The airplane burned around 4 gallonsper hr. Really economical. I flew it enough to get my commercial and sold it for $4300. Luckily, I had no maintenance problems with it.
In late 2006, I bought a 1958 Apache twin. I bought it strictly for twin timebuilding. Same story as the Taylorcraft as far as maintenance (knock on wood). So far just fuel and oil and a hangar. This airplane is IFR capable and I will get my ATP in it and then sell. The problem with this airplane now is the fact that I bought it just before the prices fell and I don't think I can get back what I paid for it. I'm not complaining at all as the airplane has brought my multi time to a hireable level. The only rental in my area is a very worn out Duchess that rents for $250 per hr.
If you can handle any unexpected maintenance boogers that might come up, now is a great time to buy. The prices will go back up.
Good luck with your decision.
The first one I bought was a 1946 Taylorcraft. This was in 1977 or so and was bought for tailwheel timebuilding. Now remember that this was in the seventies... I gave $4000 for it and it was just recovered with a low time engine. I think my insurance was around $300per year and gas, if I recall was around .50 a gallon. The airplane burned around 4 gallonsper hr. Really economical. I flew it enough to get my commercial and sold it for $4300. Luckily, I had no maintenance problems with it.
In late 2006, I bought a 1958 Apache twin. I bought it strictly for twin timebuilding. Same story as the Taylorcraft as far as maintenance (knock on wood). So far just fuel and oil and a hangar. This airplane is IFR capable and I will get my ATP in it and then sell. The problem with this airplane now is the fact that I bought it just before the prices fell and I don't think I can get back what I paid for it. I'm not complaining at all as the airplane has brought my multi time to a hireable level. The only rental in my area is a very worn out Duchess that rents for $250 per hr.
If you can handle any unexpected maintenance boogers that might come up, now is a great time to buy. The prices will go back up.
Good luck with your decision.
