Do I want to own a C152 for a couple of months?

SaberFlyer

SaberFlyer

New Member
What would be the costs relating to buying a used airplane, say a 152 for 25K? Monthly? I came across some posts where some had suggested buying your own airplane, get all your ratings, build time, have fun, and then sell it back for a similar price you bought it for. Any ideas? That would be an interesting alternative for students if it worked.
 
10% down plus about another 10% in acquisition costs. $300-400 a month for the bank note. You are looking at about $10-20 per hour in engine reserve money, depending on the engine time. You are looking at about $24/ hour in fuel. I would estimate about $5-10 an hour for mx. Tie-downs usually cost 20-50 bucks a month, hangars can easily cost 10x that. Insurance should be less than $1000 per year. Oil changes every 50 hours.
 
Most states have a tax called use tax. In WA, it's like 8%. If you buy a plane, even for two months, you'll be obligated to pay that.

A much better idea would be to find a guy with a 150/152 that doesn't fly much. Offer to rent it dry and pay the insurance difference. Heck, that seems like a great idea. Wonder why I never thought of it before. Just gotta figure a way to make it look like you're buying a share or something otherwise the guys insurance would go sky high.
 
Would the person who owns the rental plane have to go through the 100 hr inspections, yada yada, or can they rent it "under the table" to a friend?
 
Itchy said:
Would the person who owns the rental plane have to go through the 100 hr inspections, yada yada, or can they rent it "under the table" to a friend?
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If they rent it to a friend under the table can they get away without the inspections? Probably.

But, let a "friend" ball up that airplane and then he'll have some tough questions to answer. As soon as the insurance company finds out they'll void the policy and now the owner will be without his airplane, the money he spent on it, and open to all the attached liabilities. That sort of arrangement happens a lot but its not the smartest thing to do.
 
100 hours are not required for rentals unless you provide the airplane for instruction. So, if you were the CFI, owned the airplane, and instructed with it, you'd need 100 hours. If you rent the airplane to a student who uses a free lance CFI, you don't need 100 hours. I'd ask Midlife to clairify, but that's my understanding.

The deal with insurance is that "rental" shoots the price up about five times. A "co-owner" is simply a named insured on the initial policy. If named insured is a zero time student, you can count of higher premiums, but it's amazingly inexpesive if the guy is considered an owner.

Not sure how to get around the semantics. Avemco used to have a deal where you could actually let someone else use your plane a limited amout, charge them for it, and it wasn't considered a commercial operation. Forgot the details as it wasn't germain to what I was trying to do.
 
Find 5 or 6 guys who have a plane and are looking for a partner.. I think the optimum number to make a group work is 8... or that's the number I keep hearing..

Our first airplane was just like that.. We got lucky and of the 6 guys in the plane, only two of us flew it.. and of those 2, only one of us flew regularly.. Me.. :)

It was like having your own bird and not paying full price.. ;)
 
DE727UPS said:
Most states have a tax called use tax. In WA, it's like 8%. If you buy a plane, even for two months, you'll be obligated to pay that.

A much better idea would be to find a guy with a 150/152 that doesn't fly much. Offer to rent it dry and pay the insurance difference. Heck, that seems like a great idea. Wonder why I never thought of it before. Just gotta figure a way to make it look like you're buying a share or something otherwise the guys insurance would go sky high.
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I'll back that up completely. I paid $265 to get on some insurance, and pay $10 an hour dry. Probably a better deal than most.
 
I'm trying to figure out a good way to get into a partnership. Anyone have any ideas where I might find some info on this? Haven't had too much luck hanging around the airport...
 
AOPA has a lot of info on partnerships on their web site. As for finding one locally, go to the airfield and look on the bulletin boards. You could also copy down all the tail numbers you see on the ramp then look up the owners on www.landings.com under databases at the bottom of the home page. You can see who the registered owner is, and chances are that a partnership owner will be listed under some creative name. (i.e., C-152 LLC instead of John Doe)

You may also find a private owner and make him an offer to buy a short-term ownership. Offer him $1000 for a 12 month share, non-refundable, and you agree to pay into the partnership fund at the rate of $10/hr plus gas and oil. Something like that. This could be an attractive offer if someone isn't flying as much as they thought they would since gas prices went up, or whatever the case may be. It would be a win-win, especially if they have an entry-level airplane like a C-152/172 or PA-28.

When I owned a Yankee and was taking CFI lessons in it, my CFI asked me to add him to my policy. I was allowed to have 3 named pilots at no extra charge. I called the company and gave them his name and ratings, and that was the end of it.
 
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