Personal Airplane CostAircraft personal costs
Well, that made me think - is it really that costly to own an airplane? My research has followed five basic principals that affect the cost of ownership of an aircraft - original cost of ownership, service and running cost, assurance, hall rent vs. tying, and of course upgrades/addons.
I have chosen for the purposes of this paper the Cessna 172 Skyhawk, the replacement of the Cessna 172, one of the most widely used single-engined aircraft on the aircraft scene, which is used for off-road flying and general aircraft pilotage. So, without further saying, here are the actual costs of ownership of an aircraft.
Price: It' s at last time: you have finished all the necessary piloting trainings, you have found a creditor who can help you financing your plane acquisition, and now you are willing to go through the dashed line to complete the transaction. Obviously you can also make a lot of savings if you buy from about $30,000 with a few extra hour, but if you want the new, never-before-worn feeling, it will cost you $274,900.
As stated in an Flying Magazine report in 2012, the Cessna 172R, the less powerful of the two named Cessna Skyhawk aircraft, offers four comfortable seating, bears 918 pounds of "payload", has a maximum cruising 124 knots true airspeed or 142 milliph and can travel 640 sea miles or 736 mile.
Service and operating costs: Servicing - the funny part of ownership, right? As with any kind of transport, aircraft require regular planned servicing to ensure that they fly at full capability. The Aircraft Owners and Pilot Association states that there are some basic servicing charges that every aircraft operator must take into account, such as gasoline, oils, engine power reserves/overhaul and approach charges.
For example, in an AOPA hypothetical cost calculation example, a 100 hour per year flight can make a big difference to 300 hours per year, so it is important to keep in mind that these estimates may differ depending on the flight plan and state of the plane. This is the break-down of the basic service and operational cost, basing on 100 hours versus 300 hours:
A hundred hours: Landing fees= $50/ (varies by airport)300 hours: Even though there will always be unanticipated expenditures, a yearly inspection and much more, this should give the owner an inkling of how much they can begin to save when they approach the property. As with any type of policy, there are a wide range of different choices for flyers to make and a few policies that they need to have.
Remember, it's like having your own healthcare plan - not all planes come with teeth, sight and healthcare - and not every airline passenger plan comes with comprehensive personal injuries and material damages cover. It is also important to realize that there are a number of things that insurers use to determine premium rates, such as flight times; where the plane is parking; how it is being parked (tie-down vs. hangar); the condition in which you are living; the airplane type of life; the amount of cover required; and much more.
Conversely, there are several ways to conserve cash by getting more certification, getting periodic schooling, sharing the plane, and using many other choices. Same AOPA example, the proprietor just purchased a 1975 Cessna Skyhawk and was valued at an annuity of $1,200/year; however, after comparison of some offers for me, the proprietors of the new Cessna 172 Skyhawk can reckon with paying somewhere between $5,000 and $10,000 on avarage per year.
However, for many homeowners there is usually a significant cost differential between the two and is your personal judgment. As there are many factors that need to be taken into account in this determination, the pilot should consider these things in his decision: the meteorological condition under which the airplane will suffer, the closeness to the workshop, the amount of cash it will cost if the airplane is out in the open and the importance of selling the airplane in the near term.
Flight Training Magazine says most people should reckon that they are somewhere in this area: Though there are no suggested numbers in this property area, many new owner forum suggest maintaining a US$5,000 "rainy days fund" so you can schedule unanticipated expenditures or upgrade during the year.
However, the realities of ownership of an airplane no longer seem so impossibly, with many ways to make ownership of an airplane financially feasible. Certainly having an airplane that resembles the world's richest is not a fact of life now, but there are at least possibilities for Joe bottoms like me to get in the sky and fly in peace.
Please see faa.gov for more information on ownership of an airplane.