Buying a plane versus renting

One caveat. You don't need a lot of money, but you *do* need to be
able to cough up a thousand or two pretty quickly in a pinch (happened
to us on the Carb). I've seen several planes than end up sitting on
the tarmac because the owner can't come up with the cash to fix
something necessary. So they sit, and develop other problems, which
can't be fixed either...so they sit more and develop *more*
problems....you get the picture.


Excellent advice and well put! You gotta have a rainy day fund.


As I said, I believe these things are easier with a parter. Or, as
somebody else mentioned, the club route. After having gotten my
Instrument and Commercial tickets in the Musketeer, we were approached
to sell it to a club (for more than we paid for it). We sold it, paid
off the loan, got memberships to the club and look back on purchasing
the Mouse as one of the best decisions we ever made. If I might add, I
have a few specific suggestions:


Partnerships and clubs are not for everyone. If you like that sort of thing
its a definite plus, but some people just can't stand it. One should always
think carefully about these things, and choose partners as if it was a
marriage.

1. Buy older (1960-1975). Many of these planes are quite sound, and
are inexpensive to buy and operate. A 1970 172 pretty much flys like a
1998 172...for a lot less.


I would have to disagree in many regards. These planes can be much more
expensive to operate if you are not mechanically inclined. It seems to me
that guys who change their own plugs, and help out on inspections do much
better with the older planes. Newer planes seem to get flown more (only my
observation), and that affects the cost per hour, and is better for the
plane. Also, I note that youur range is 1960-1975. What do you use to set
this range? If its the fact that there is no place south for the value to
go, don't count on it. If you are buying for the next five years, ask
yourself what the value of that plane will be in 5 years. A 1960 plane will
be almost 50.


2. Get a *very* good prebuy inspection. Pay the extra, it will be well
worth it.

3. Map out your needs and expectations pretty clearly beforehand, and
select a few candidate models. None of these things are speed demons,
but each has model-specific plusses and minuses, and if you will be
spending 500 hours over the next 3 years in one, you don't want to
keep thinking you made a mistake.


Priceless info as well.

4. Buy it like you want it. That isn't saying you won't add a thing or
two, but if you want certain avionics, a certain kind of interior,
etc. try to find it up front...if you put it in, you will never recoup
the expense, and you often end up spending much more than you expect.

5. Buy for the next five years, not the next 20. I know you
specifically mentioned simple planes, but some people think about
buying Mooneys or older Bonanzas when they have 100 hours. The more
complex the plane, the more expensive it will be. An annual on my
Musketeer ran me $1000. On a similar (but retractable gear) Sierra, it
ran more than twice that. The planes at my airport that actually fly
are the 150s, the 172s and the Cherokees. The ones that sit and look
pretty are the Bones and the Mooneys. Don't expect that this will be
the plane that you will have in 30 years.

6. Get in touch with user groups for the planes you are considering
before buying. The Musketeer pilot group has been amazing. Great
support, wonderful advice, and people who know where the parts are.

Owning does not have to be expensive. We have a guy at our airport who
owns an old Cessna 150 and has flown it for the last decade for an
average of under $25 an hour wet. That might be extreme, but I think
the conventional wisdom that owning has to be more expensive than
renting does not necessarily hold true if you do your homework and fly
a lot.

Good luck,

Cap



Pretty much have to agree with the rest.