Resource to determine the cost of owning an airplane?

Question

What sites/resources are available to determine the real cost of owning an airplane? This can be some sort of guide or calculator and it can cost money.

I need the best way to figure out the total cost of owning and operating an airplane. (Don't have a specific model in mind yet)

Answer 1

Without having determined the make and model of aircraft it is very difficult to make a fair estimation of cost of aircraft ownership.  The things you must consider are the cost of insurance, taxes, maintenance, tie-down or hangar fees.  These prices vary greatly depending on the region of the United States in which you live.  I worked at an aircraft maintenance facility in Hartford, CT.  Tie-downs were about $70.00 per month, hangar space started at $500.00 per month.  Annual inspections on the most simple of aircraft started at $1000.00.  Right now I think the most expensive aspect of flying is fuel.  Last I knew Avgas was over $5.00 per gallon.  The most economical aircraft I am familiar with of burns 6 gallons per hour.  Just about any where you land you will having landing and or ramp fees, which vary greatly.  Basically, if you fly to another airport about an hour away, land and maybe have lunch and return home you it will cost around $100.00 in the most economical aircraft.  

Flying is not cheap, but it was one of the greatest experiences I have had in my life.  After my first solo I had a sense of accomplishment and self-confidence that have greatly helped me face other challenges in life.  If you can possibly do it, DO IT!  I soloed almost 25 years ago and I still get goose bumps when I see planes fly over, see another pilot solo for the first time or hear the Pink Floyd song "Learning to Fly".  

Try looking into flying clubs that have many members and hopefully one of the club members will be a flight instructor.  Best of luck to you.  I hope that you are able to own your own aircraft, come to love aviation as much as I do and have many safe flights.  Check out AOPA.org for information too.

Answer 2

Have you considered ultralight planes?  They are a lot cheaper to own and maintain.  Check out http://www.freedomfield.com for ultralights.

Answer 3

Besides obvious things like fuel consumption, a lot of your costs are going to depend on local prices for fuel, hangars / tiedowns, and maintenance, so do some research at your local airport to get a firm idea of those costs. Be sure that you factor in your cost of getting to and from an airport too, especially if you have more than one airport to choose from.

Insurance is another cost that you need to figure out before you buy an airplane, so get some ballpark quotes from at least a couple of insurers for several different airplanes. Rates greatly depend on your flying experience and ratings as well as the airplane you want to insure, where you intend to fly, whether your plane will be hangared or tied down outside, etc.  The amount of coverage also determines price, so be sure that you do not under-insure yourself. I can tell you a few horror stories about that.

Be sure to factor in a conservative  "maintenance reserve" -- a dollar-per-hour amount it would cost to overhaul the engine and accessories and prop, divided by the TBO of the engine. A typical light aircraft engine that has a TBO of 1500 hours is going to cost something like $15 per hour over the life of the engine, accessories, and prop, not including inflation over time. Likewise, depreciate your airplane by a like amount per hour to account for loss in value when you go to sell it.

Don't forget the cost of financing. That can be a biggie. If you want to calculate the full cost of ownership, also factor in the "opportunity cost" of what the cash you put into an airplane might earn if you were to put it in a conservative investment portfolio instead.

No "cost calculator" can help you if you don't have all the above figures in hand. Now, here are a few resources:

http://www.ben.com/flying/costown.html

http://hangarboy.com/CostOfOwnership.htm...

http://www.themotorbookstore.com/aiow2nd...

http://www.usac.com/Ownership/index.asp

The bottom line is that it is usually more expensive than you think it will be. In my experience of having owned 6 airplanes over the past 25 years (a C-150, two C-172's, a Cherokee 140, a Cessna 140, and a Stinson) is that the "break even" point on ownership versus rental is around 50 - 100 hours per year, and that's IF major maintenance or cosmetic work is not required.  If you don't plan to fly that much you need to look real hard at the reasons why you want to own an airplane.

I currently own a 1959 Cessna 172 in great condition. It is IFR equipped with a low time engine, and maintenance is minimal. I'm a 9,000+ hour ATP and fly professionally, so my insurance is reasonably low too. I flew my plane right around 100 hours last year, and including fuel, oil, insurance, hangar rent, annual inspection, finance harges, minor maintenance and miscellaneous expenses, my cost was around $10k for the year. That's about $20 per hour cheaper than the cost of renting a late model C-172 for 100 hours. However, for all the headache and extra time I invest in owning my own plane (like keeping it clean, sweeping the hangar, etc), the only reason I have it is for the flexibility it affords me when I want to travel.

There's an old saying with a lot of truth in it: if it flies, floats or fornicates, it's usually cheaper to rent.

Good luck.