What Do I Need to Consider When Buying My Own Plane?
You’ve probably thought about buying your own airplane at some point in your life. Owning a plane is a great luxury to have since you’ll be able to go anywhere you want, whenever you want without the hassle of traffic or the limits of highways. It’s also quite the status symbol since planes don’t really come cheap. If you’re considering purchasing your own plane, you need to be ready to pay not just for the initial costs but also for the running costs post-purchase.
Buying a plane is a major financial decision. Before you go all out into completing a purchase, here are a few things to consider when buying your own aircraft:
What will you use the airplane for?
Obviously, you’ll be using the airplane to fly to places. However, there are different kinds of aircraft, and understanding what you want to use the plane for can lead you to better decisions in choosing the right model.
For instance, will you be using the plane for short trips, or would you be flying long distances more? Also, consider the capacity, are you planning to fly solo or are you bringing your friends and family? It’s also important to consider the technology that comes with the aircraft.
There are planes that are manually operated while there are those equipped with high-tech optimizations for an easier pilot experience, although these models are much more expensive.
Where will you usually go? It’s important to choose a plane that is suitable for certain climates to make sure it can last the weather conditions from your target destinations. How you answer these questions should help you pick out the model that’s best suited to your needs.
How often do you plan on using the plane?
A plane costs a significant amount, and then once you’ve purchased it you’ll also need to pay for regular maintenance, which also tends to be pricey. If you only expect to use the airplane for a few hours each month, it might be more economical for you to rent a plane from a local service instead. This way, you still get a plane to use at your beck and call without needing to worry about caring for it long term.
Do you prefer sole ownership?
If you’re not that big on sole ownership, it makes sense to buy a plane as part of a group. A group purchase will considerably lessen the costs of buying and maintaining an aircraft, but your freedom to use the plane takes a slight hit because you’ll also need to share the plane’s schedule with your co-buyers. On the bright side, if ever the aircraft suffers significant damages that need expensive repairs, being able to share the repair costs can considerably lessen the financial burden.
Additionally, it’s much easier to prepare emergency funds for repairs and maintenance if you’re part of group ownership. There are a lot of unforeseen repairs that come with owning a plane, and if you opt for solo ownership it means you’ll need to come up with thousands of dollars on your own every time you need to repair or replace a part of the plane.
When preparing emergency funds, try to come up with a budget that’s worth at least 25-40% of your airplane’s annual running expenses.
Have you considered parking costs?
Planes aren’t like automobiles that you can just park anywhere you want. You’ll need to pay a little more to park your aircraft, and keeping it in a hangar should cost you no less than $3,400 a year. If that price is too high for you, you can try rural airports since they typically offer a cheaper price for parking airplanes.
Ideally, you can park your own airplane outdoors by just covering it with a customized sheet, but that’s assuming you have enough room in your yard to keep a full-sized aircraft and have the space necessary for it to take-off and land.
A Final Word on Buying Your Own Plane
There are several things to consider when buying your own aircraft. Aside from the hefty initial price of the airplane, you’ll also need to think about possible repair and maintenance costs, parking expenses, insurance, licenses, and of course, fuel to run the plane with. It’s important to be financially ready for the post-purchase expenses if you plan to buy a plane because the long-term costs are surely going to cost more than what you’ll be buying the plane for.
Once you’ve bought your personal airplane, it’s crucial that you get high-quality services in repairs and maintenance. Knisley Welding has been in the aircraft industry since 1974, and they’ve been expertly trained to meet all your aircraft exhaust system needs. If your aircraft needs exhaust part replacements or anything exhaust-related, contact Knisley Welding now to get the best services at the most competitive prices.
(Source: Men’s Gear)