Tom Maxwell
Well Known Member
Ongoing Cost of Ownership
The thought of building an airplane is so exciting. After the initial excitement of building wanes to a more realistic level, we all start thinking about the cost to build it and how we are going to finance it. There is a continuum of circumstances all the way from being able to pay cash up front, to "pay as you go," to mortage the farm and first born. I wonder if some of us may be letting the excitement get the best of us and we may not be looking far enough down the road and considering the cost of ownership as well.
The cost to build is somewhat finite and depends upon the configuration and options chosen. We can fairly accuratly state that it will cost $40K, $50K, $60K, or whatever to build a plane. But I wonder what percentage of builders get the plane finished or get 3/4 of the way through and then come to the realization that maybe they can't afford to house, maintain, feed, and fly the thing. Seems to me that I have seen a couple of planes/projects being sold because, "Need the money for a house," or "having a child and need the money for other priorities," etc.
I am not looking for a pep talk about how if I give up cigarettes or make my kids pay their own way through college or drive a 75 Falcon that I can afford to fly. We all have to set priorities and make sacrifices (well most of us do), so I think given the information everyone can make the decisions for themselves. But in order to make an informed decision, we do need to understand what some of those ongoing costs are going to be. What I am looking for is some feedback on how much I should plan to budget in order to fly an RV. Is $300 a month realistic? $500 a month? $1000 a month? $1500? Way more?
I realize that prices for hangar and fuel and insurance vary and cost is dependent upon hours flown, but I am looking for examples from those willing to share their actual experience. If you are willing I would also appreciate knowing how much you fly and a quick itemization of what your budget includes.
Just pulling stuff out of my, errrrrr, hat I came up with this:
Hangar Rental: $1200 - $3000 per year
Fuel: 150 hours per year x $3.75 per gallon x 11 gallons per hour = $6200
Insurance: $1200 - $2000 per year
Oil Changes: 2 x $50 = $100
Maintenance items (WAG): $1500 per year???
Add-ons and upgrades (another WAG): $2500 per year??
Total annual cost of ownership: $12,600 to $15,200
Monthly budget to feed the frenzy: $1000 - $1300 + note if financed
Am I way off?
Yeah I know - Owning and flying an RV - Priceless!
The thought of building an airplane is so exciting. After the initial excitement of building wanes to a more realistic level, we all start thinking about the cost to build it and how we are going to finance it. There is a continuum of circumstances all the way from being able to pay cash up front, to "pay as you go," to mortage the farm and first born. I wonder if some of us may be letting the excitement get the best of us and we may not be looking far enough down the road and considering the cost of ownership as well.
The cost to build is somewhat finite and depends upon the configuration and options chosen. We can fairly accuratly state that it will cost $40K, $50K, $60K, or whatever to build a plane. But I wonder what percentage of builders get the plane finished or get 3/4 of the way through and then come to the realization that maybe they can't afford to house, maintain, feed, and fly the thing. Seems to me that I have seen a couple of planes/projects being sold because, "Need the money for a house," or "having a child and need the money for other priorities," etc.
I am not looking for a pep talk about how if I give up cigarettes or make my kids pay their own way through college or drive a 75 Falcon that I can afford to fly. We all have to set priorities and make sacrifices (well most of us do), so I think given the information everyone can make the decisions for themselves. But in order to make an informed decision, we do need to understand what some of those ongoing costs are going to be. What I am looking for is some feedback on how much I should plan to budget in order to fly an RV. Is $300 a month realistic? $500 a month? $1000 a month? $1500? Way more?
I realize that prices for hangar and fuel and insurance vary and cost is dependent upon hours flown, but I am looking for examples from those willing to share their actual experience. If you are willing I would also appreciate knowing how much you fly and a quick itemization of what your budget includes.
Just pulling stuff out of my, errrrrr, hat I came up with this:
Hangar Rental: $1200 - $3000 per year
Fuel: 150 hours per year x $3.75 per gallon x 11 gallons per hour = $6200
Insurance: $1200 - $2000 per year
Oil Changes: 2 x $50 = $100
Maintenance items (WAG): $1500 per year???
Add-ons and upgrades (another WAG): $2500 per year??
Total annual cost of ownership: $12,600 to $15,200
Monthly budget to feed the frenzy: $1000 - $1300 + note if financed
Am I way off?
Yeah I know - Owning and flying an RV - Priceless!