Has anyone bought their own aircraft?
- Thread starter Xcaliber
- Start date
Murdoughnut
Well sized member
I bought one as a part of an ownership group including 14 other guys.
Joe Gremlin
Well-Known Member
Did you go into ownership thinking it would likely be a money making investment?
If you buy them right and sell them right, you can sometimes make a buck or two on the deal. But those cases are far and away the exception, not the rule. As a whole, I don't think anyone in their right mind would recommend aircraft ownership as good place to invest your money for the purpose of making a profit.
zulu99
whats that button do?!
Yes. Brought it home last September. My first jump into airplane ownership and one thing I must say, well actually two. It has been really cool having my own plane to take places when and where I want but it is NOT for the weak of wallet. It has been MUCH more expensive than I thought it would be....
jtrain609
Antisocial Monster
How would you say that has worked out, what with the costs associated with the aircraft and the ability to schedule?
fholbert
Mod's - Please don't edit my posts!
If you're are buying a plane you need to have some expendable income. If you don't have the expendable income you can't afford it. If you can't pay cash, think about it again.
Here is a reality check: My airplane cost me over $800 a month if I don't fly it.
~Hangar $400 mo
~Insurance $125 mo
~Annual $225 mo
~Prop Tax $50 mo
~XM Weather $50 mo
However, I fly it every weekend so add.
~Fuel and Oil $600 to $800 mo
~Repairs $100 mo??? (This year, new starter and Transponder repair, Last year $0)
Engine Fund...
Also remember when you first get an airplane it requires several upgrades. JPI 830, GPS, Seat Belt reweb...
Here is a reality check: My airplane cost me over $800 a month if I don't fly it.
~Hangar $400 mo
~Insurance $125 mo
~Annual $225 mo
~Prop Tax $50 mo
~XM Weather $50 mo
However, I fly it every weekend so add.
~Fuel and Oil $600 to $800 mo
~Repairs $100 mo??? (This year, new starter and Transponder repair, Last year $0)
Engine Fund...
Also remember when you first get an airplane it requires several upgrades. JPI 830, GPS, Seat Belt reweb...
Murdoughnut
Well sized member
It's been terrific - in fact, I wouldn't be flying if I hadn't done it this way.
We have one 1981 C172 in excellent condition. Buy-in was $1,300 which is an equity share (you can sell it to someone else - I actually did at one point). Our monthly rate was $100 when I started 3.5 years ago, but is now at $160. Wet rate is $70.
All costs are covered, including insurance, tie down, annual, overhaul, and any other routine MX. I've never once had to pay anything beyond my dues - and that includes the time we dropped $22k on an overhaul in our last aircraft.
With 15 guys (now) the plane still only flies 15-20 hours a month, so scheduling is never really an issue. Only 6 of us actually fly in any given month - we have a lot of members who pay dues, but don't fly. Everyone is very courteous about scheduling, and if you want to take the plane for a week or more once or twice a year, no one is going to give you flak about it.
The only drawback is times like now when our MFD went out and we're trying to decide on a new one. It's tough (and time consuming) getting 15-people to agree and move forward.
drunkenbeagle
Gang Member
No kidding, it is a nice looking plane. I would buy in if it were based at KSPG
I would probably buy a sailboat before I would buy an airplane. Not that it is a better investment, but if I lose my house owning it - at least I can live on the sailboat...
Murdoughnut
Well sized member
No kidding, it is a nice looking plane. I would buy in if it were based at KSPG
I would probably buy a sailboat before I would buy an airplane. Not that it is a better investment, but if I lose my house owning it - at least I can live on the sailboat...
Thanks - I was going to say that Beagle and KVNC can vouch. I would love to have it at SPG too, but the other guys are so married to CAMS' maintenance at PIE, that it'll never move. Plus we have a few members in Tampa and North Pinellas.
Hootie
Old Skool
Don't do it!! Rent it! You have been warned.
The only person I have seen this work out for was a former student of mine who basically owned half of the podunk town the aircraft was based out of. The piper had a stc for auto fuel and the guy had a fuel truck for his construction company. The plane was paye for cash and expensed to his business as he would be able to fly around to various job sights and view tem.
Don't buy (unless you are rich). Rent!!!
The only person I have seen this work out for was a former student of mine who basically owned half of the podunk town the aircraft was based out of. The piper had a stc for auto fuel and the guy had a fuel truck for his construction company. The plane was paye for cash and expensed to his business as he would be able to fly around to various job sights and view tem.
Don't buy (unless you are rich). Rent!!!
KLB
Well-Known Member
I remember when that happened! LOL
Xcaliber
El Chupacabra
Ok, here's one. I have been looking at places to hanger this purely hypothetical airplane. The two local, busier airports nearby are cost-prohibitively high, whereas, the smaller, reasonable-cost municipal airport has a waiting list 100+ people long, of which I was told some have been waiting for more than 5 years. Solution suggestions?
jtrain609
Antisocial Monster
fly22
Well-Known Member
I had the finances and developer set up, not to build a new one, but to add on to U42.
The problem is you don't actually own them after you build them. You get a 99 year lease from the govt, they retain ownership, and you turn it over after the time period. The biggest problem is how vague the control you have for them during the "lease" you have for 99 years. Lots of escapes and not guarantee given to you for full 99 year control. Lots and lots of problems and too many holes in the agreements. After closer look we decided not to do it and figured the money could be tied up in better places.
Now starting a brand new one. If you think you will re coupe the cost by hangar rental, will never happen. You have to cater to a very deep pocket client base to make one happen.
thehobbit
Well-Known Member
Yes as an investment in myself. I bought the aircraft to lower the costs of flight training and it did just that. I wouldn't buy an aircraft if you don't form some sort of an idea of what you are going to use it for. I paid 26500 for the aerobat and sold it two years later for 34,000. After all of the expenses such as annuals, parking, unexpected repairs, and insurance I barely broke even. If I buy another aircraft in the future it will most likely be one of those ultralite trikes that I can work on myself.Did you go into ownership thinking it would likely be a money making investment?
If you buy them right and sell them right, you can sometimes make a buck or two on the deal. But those cases are far and away the exception, not the rule. As a whole, I don't think anyone in their right mind would recommend aircraft ownership as good place to invest your money for the purpose of making a profit.