Ballpark budget to buy and own an airplane

TTA Cherokee Driver wrote:
Just taking a swag at what it might cost to buy and own a $40,000 plane
in the Cherokee class, here is what I came up with. Feedback from those
who are wiser appreciated:

Assumption: $40,000 plane bought with a 15-year 7.5% loan with 20% down.

Startup costs:

Down payment: $8,000
Loan fees: $250 (guessed from googling on aircraft financing)
pre-buy activities: $2,000 (inspections, travel to view planes, etc)
reserve for first annual/squawks: $5,000 (not really an expense but need
to have available in case)

Monthly fixed costs (some are annual costs divided by 12):

Tiedown: $35 (verified with local FBO)
Loan payments: $300 (used online loan calculator)
Insurance: $90 (online quote from AOPA insurance agency, $1M/$100K, 160
hr VFR pilot)
Annual: $75 (assume $900 annuals)

Hourly costs:

Gas: $24 (8gph @$3 per)
Engine reserve: $15 (assume engine has 1000 hours left and an overhaul
will be $15K)
Other reserves: $10

I didn't check your numbers, but I think you've covered all the bases, except I
don't see anything for general maintenance, spark plugs, oil changes, the odd
window hinge, PTT switch, stuff that breaks, avionics that wear out or become
obsolete. Maybe that's in the "other reserves". I think I'd plan for $1500 for
the annual, but that's a judgement call. Planning for an expensive first annual
is a good idea. Mostly I think you're in the ball park.

Dave