Aicraft fees?

Question

Other than purchasing an aircraft what other fees would the owner be faced with. Annuals...hangar rental...I was thinking of just going ahead with a permanent tie down. Will cold weather effect the plane. I live in Nebraska. What other fees are there?

Answer 1

gas...

Answer 2

You have the cost of the plane. Can you pay for it out right, if not add interest.  Hangar costs. Maintenance, and that goes beyond just annuals. You need oil changes, and things break. Gas is a big one. Will you be needing o2? Insurance, do you have an instrument rating? If you don't, you should get one to keep your insurance lower. Will you have an IFR gps? They aren't cheap to keep up to date.

If you are smart about it, you can create an llc and use the airplane as a tax write off. I'm no financial expert and I don't know all the laws involved, but owning an airplane could potentially save you money.

You can also volunteer for things like Angel flight if you have the minimum hour requirements. Doing things like that is a huge tax benefit, and a good way to get some of your costs lowered. I worked at an FBO a while back, we gave large discounts to people who were flying for angel flight. It's also possible to get lower hangar rent if you tell someone you make X number of volunteer flights a year.

Tie downs are a good way to save money. The cold will not hurt the plane. Even new composite planes do just fine in cold weather.

Answer 3

I used to own a Piper Cherokee 140.  Maintenance will most likely be the biggest cost of ownership.  

For a similar plane:

*You need to figure in at least $8 per hour for engine overhaul in the future.

*Annual inspection is going to be around $1000 per year with a minimum amount of things that are needed (could be less if the mechanic will let you help out a little).  I had one that cost $6000.

*I paid $800 a year for insurance.  Might be a little higher now.

*Hanger space is probably around $50 to $100 a month (very cheap) depending where you live in Nebraska.  You might even be able to tie it down for free.  I kept mine outside in the extreme cold for a winter without any problems.

*Oil changes every 50 hours and unexpected MX.

The good thing is that airplanes hold their value very well.  I bought mine with 800 hours on the engine and sold it 6 years later with 2100 hours on the engine (timed out) for the same price that I bought it.

Good luck to you!!!