jrh
Well-Known Member
I think I've posted this before, but here's the breakdown for my plane:
Hangar: $1000/year (Nebraska is cheap...Philadelphia was four times this amount)
Insurance: $700/year (started at $1200 and dropped now that I have a bunch of tailwheel time)
Maintenance: $3000/year (I'm picky about maintenance)
Fuel: $2300/year (100 hours of flying)
Total: $7000/year
I paid cash for the initial purchase, so there's no payment on a loan to worry about. I don't budget for engine overhaul because it is a low time engine and it will be a long time before I cross that bridge, if ever. I'll find a way to deal with it when the time gets closer.
Don't buy a plane if you want to save money. If you want to fly for cheap, you'll almost always break even or come out ahead by renting. Buy a plane because you really need to and/or love the idea of having *your* plane. Owning a plane has tons if intangible benefits. I have no regrets with mine.
Hangar: $1000/year (Nebraska is cheap...Philadelphia was four times this amount)
Insurance: $700/year (started at $1200 and dropped now that I have a bunch of tailwheel time)
Maintenance: $3000/year (I'm picky about maintenance)
Fuel: $2300/year (100 hours of flying)
Total: $7000/year
I paid cash for the initial purchase, so there's no payment on a loan to worry about. I don't budget for engine overhaul because it is a low time engine and it will be a long time before I cross that bridge, if ever. I'll find a way to deal with it when the time gets closer.
Don't buy a plane if you want to save money. If you want to fly for cheap, you'll almost always break even or come out ahead by renting. Buy a plane because you really need to and/or love the idea of having *your* plane. Owning a plane has tons if intangible benefits. I have no regrets with mine.
