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Rent vs. Own
Since this is an aircraft owners newsgroup, that means it's the perfect place to ask about the costs associated with owning an airplane vs. renting.
Since I haven't started my private pilot lessons, I'm not familiar with all of the expenses associated with owning an aircraft. I have listed below a brief list of likely expenses (I think) and I asking for feedback on it. I do understand that costs for each item can vary greatly from place to place and according to many factors, but I think this is a good start. I am imagining the purchase of a Cessna 172 with a couple of private pilot buddies and I came up with this: 1) Storage (what is the price difference between hangar and tie down?) 2) Insurance for plane 3) Normal service for plane (how often does the plane have to be serviced...and approximately how much?) 4) Repairs (I understand this is unpredictable...is their an annual "average" cost for problems?) Can you give me a basic idea? |
#2
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Rent vs. Own
Frank;
Spend a few moments googling Cost of Airplane ownership and you get all the info you need. No use retyping the same things. "Frank" wrote in message . .. Since this is an aircraft owners newsgroup, that means it's the perfect place to ask about the costs associated with owning an airplane vs. renting. Since I haven't started my private pilot lessons, I'm not familiar with all of the expenses associated with owning an aircraft. I have listed below a brief list of likely expenses (I think) and I asking for feedback on it. I do understand that costs for each item can vary greatly from place to place and according to many factors, but I think this is a good start. I am imagining the purchase of a Cessna 172 with a couple of private pilot buddies and I came up with this: 1) Storage (what is the price difference between hangar and tie down?) 2) Insurance for plane 3) Normal service for plane (how often does the plane have to be serviced...and approximately how much?) 4) Repairs (I understand this is unpredictable...is their an annual "average" cost for problems?) Can you give me a basic idea? |
#3
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Rent vs. Own
On Feb 11, 8:05*pm, "Frank" wrote:
3) Normal service for plane (how often does the plane have to be serviced....and approximately how much?) 4) Repairs (I understand this is unpredictable...is their an annual "average" cost for problems?) Nope, no average. You really cannot predict what you will pay for maintenance. However, the cost of ownership will typically be higher for an owner who flys less than 200 hrs/yr. The FBO is averaging the cost of the plane over more pilots. -Robert |
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Rent vs. Own
Robert M. Gary wrote:
On Feb 11, 8:05 pm, "Frank" wrote: 3) Normal service for plane (how often does the plane have to be serviced...and approximately how much?) 4) Repairs (I understand this is unpredictable...is their an annual "average" cost for problems?) Nope, no average. You really cannot predict what you will pay for maintenance. However, the cost of ownership will typically be higher for an owner who flys less than 200 hrs/yr. The FBO is averaging the cost of the plane over more pilots. -Robert But the one thing you cannot put a price on it being able to walk out to you airplane and fly it after a week of bad weather and there is no one in line in front of you. The plane is exactly as you left it and not the prior renter. The condition of the plane is known to you because you assisted the A&P/IA in its annual and any repairs that come along. I fly about 60 to 70 hours a year and I know I am paying more than renting. But I would not trade this for anything. Ross C-172F 180 hp KSWI |
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Rent vs. Own
On Feb 12, 5:09*pm, Ross wrote:
But the one thing you cannot put a price on it being able to walk out to you airplane and fly it after a week of bad weather and there is no one in line in front of you. The plane is exactly as you left it and not the prior renter. The condition of the plane is known to you because you assisted the A&P/IA in its annual and any repairs that come along. I fly about 60 to 70 hours a year and I know I am paying more than renting. But I would not trade this for anything. As well as launching IFR with the family for a trip. How many rental planes out there would anyone here be comfortable going into the soup with? In Sacramento there is one place that rents a 2005 C-182T. That's about the only rentaly plane I would do anything more than a few approaches in if I didn't have my Mooney. Plus, you can get the plane you want. FBOs don't have any reason to buy anything other than 172's, 182's, etc. They want training planes. If you want an Aeronca, Swift, or truely high performance cross country plane, you need to purchase. -robert -Robert |
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Rent vs. Own
But the one thing you cannot put a price on it being able to walk out to you airplane and fly it after a week of bad weather and there is no one in line in front of you. The plane is exactly as you left it and not the prior renter. The condition of the plane is known to you because you assisted the A&P/IA in its annual and any repairs that come along. I fly about 60 to 70 hours a year and I know I am paying more than renting. But I would not trade this for anything. Another thing that is difficult to value is tossing the keys at the FBO person and saying "it's broke, give me another one" when the rental is not up to snuff. The rentals are inspected every 100 hours and whatever it costs to make it airworthy ain't your problem. The thing likely has fuel in it. And it probably just flew around a bit so it is likely to keep doing so when you get in it. As an owner, I would find it hard to start renting. Too old and too fussy. But the cost and aggravation is quite a bit higher as many have already stated. To some this is a wonderful mental and financial challenge. To others, it is a pain in the ass. After 14 years of ownership, I have gone from one end of the spectrum to the other. Good Luck, Mike |
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Rent vs. Own
On Feb 13, 8:15 pm, Mike Spera wrote:
But the one thing you cannot put a price on it being able to walk out to you airplane and fly it after a week of bad weather and there is no one in line in front of you. The plane is exactly as you left it and not the prior renter. The condition of the plane is known to you because you assisted the A&P/IA in its annual and any repairs that come along. I fly about 60 to 70 hours a year and I know I am paying more than renting. But I would not trade this for anything. Another thing that is difficult to value is tossing the keys at the FBO person and saying "it's broke, give me another one" when the rental is not up to snuff. The rentals are inspected every 100 hours and whatever it costs to make it airworthy ain't your problem. The thing likely has fuel in it. And it probably just flew around a bit so it is likely to keep doing so when you get in it. As an owner, I would find it hard to start renting. Too old and too fussy. But the cost and aggravation is quite a bit higher as many have already stated. To some this is a wonderful mental and financial challenge. To others, it is a pain in the ass. After 14 years of ownership, I have gone from one end of the spectrum to the other. Good Luck, Mike Both Mike's and Robert's post show why, if you are fortunate to have a good club in your area, that's the way to go. My club has 3 152's, 2 172's, 2 Warriors, and (for Robert 2 Mooneys on the line. We have a maintanence program run by an A&P and volunteers under his supervision. You can pretty much control your costs by how much you fly in a given month -- the only fixed cost is dues. It really is the best compromise of both. |
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Rent vs. Own
As an owner, I would find it hard to start renting. Too old and too fussy.
But the cost and aggravation is quite a bit higher as many have already stated. To some this is a wonderful mental and financial challenge. To others, it is a pain in the ass. After 14 years of ownership, I have gone from one end of the spectrum to the other. Well said, Mike. As time goes on, I'm starting to see your points. Example: We've owned planes for ten years now. I do a fair amount of my own maintenance, and have participated in every annual. I've laid on my back in puddles of gas and oil, unscrewing access panel and other screws, I've stood on my head under the panel, poking at loose wires. I've hand-packed bearings with grease, learned a lot, got really dirty, and had great fun. Except now I'm finding these things cause me a lot more pain than they used to. I'm ten years older, and I grunt and groan and twitch as I contort myself into small spaces, and I sure don't jump off the front of the wing anymore. Ibuprofen is my friend, and there were times, during this annual, that it just wasn't fun anymore. Flying with my son has re-opened my eyes to the ease of flying rental planes. Yesterday, my 17 year old son (and new pilot) spent a few hours in the shop, helping with the annual. I showed him how to take the nose wheel off the plane, how to repack the wheel bearings, and lots of other little stuff. My A&P walked him through some other items, and I'm sure he learned a lot. Then we went over to the FBO to rent the 150 so he could do a few turns around the pattern. It was so simple! The line guys even asked him if he'd like the plane put in the big hangar, so he could preflight indoors! The fuel was topped off for him, and everything was ship-shape, without lifting a finger. What a contrast to the effort we had put into our own plane that morning! Still, we had to haul all of our stuff -- headphones, log books, charts, etc. That was a pain. And the plane had just been flown by...whom? Was it landed hard? Rolled inverted on its last flight? Is a control cable frayed? How many hours are on the engine? A jillion things that I never worry about in Atlas went through my head as we rolled out to the runway in that rental... Suddenly the grease under my fingernails seemed worth it, again. To the OP: If you can afford it, do it. Owning your own plane is wonderful. -- Jay Honeck Iowa City, IA Pathfinder N56993 www.AlexisParkInn.com "Your Aviation Destination" |
#9
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Rent vs. Own
On 2008-02-16, Jay Honeck wrote:
To the OP: If you can afford it, do it. Owning your own plane is wonderful. I'm coming at this from the other direction. I've always rented, but I'm seriously considering buying. Not only that, I'm considering buying a new aircraft. Everything Jay said is true: you never know what the real, complete condition of the airplane is if you rent. You can't leave your stuff in it. You might well have to clean up after the last guy. It might not even be there at the appointed time, if the previous renter couldn't get it back home in time. Owning is a daunting prospect for me. I'm looking at spending $130-160K. The note, plus hangar rent, plus maintenance, plus fuel, plus lots of other stuff, is going to be a big chunk of money every month. I'm finally in a position where I can afford it, thankfully. Offsetting the big ticket is that I'll fly a new aircraft for the first time in my life (I last flew before Cessna started building piston singles again), and that I'll get to have the plane the way I want it (including a specific N-number, N55ZC, without having to pay for a paint job). If it weren't for medical issues, I'd be looking at an AA-5B instead of a Zodiac or Sierra. The note would be smaller, but the maintenance would probably be higher, and I'd probably have to sink a fair amount of money into upgrades and repairs. Even so, I'd still buy. The advantages are too attractive to me. It probably doesn't make financial sense. As Gordon Baxter put it, "How much does it take to own an airplane? Everything you've got." There's an intangible feeling there that, to me, is worth it. -- Jay Maynard, K5ZC http://www.conmicro.com http://jmaynard.livejournal.com http://www.tronguy.net http://www.hercules-390.org (Yes, that's me!) Buy Hercules stuff at http://www.cafepress.com/hercules-390 |
#10
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Rent vs. Own
These costs vary tremendously by location. At an underused, rural field, hangar rental may be $50/mo. At an overcrowded urban field, the same hangar may be $600/mo. Same thing for maintenance costs. You would do well to go to your local field and ask these questions to pilots with aircraft similar to what you propose to purchase.
"Frank" wrote in message . .. Since this is an aircraft owners newsgroup, that means it's the perfect place to ask about the costs associated with owning an airplane vs. renting. Since I haven't started my private pilot lessons, I'm not familiar with all of the expenses associated with owning an aircraft. I have listed below a brief list of likely expenses (I think) and I asking for feedback on it. I do understand that costs for each item can vary greatly from place to place and according to many factors, but I think this is a good start. I am imagining the purchase of a Cessna 172 with a couple of private pilot buddies and I came up with this: 1) Storage (what is the price difference between hangar and tie down?) 2) Insurance for plane 3) Normal service for plane (how often does the plane have to be serviced...and approximately how much?) 4) Repairs (I understand this is unpredictable...is their an annual "average" cost for problems?) Can you give me a basic idea? |
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