What it takes to own a small plane
Owning a private plane is probably one of the highest standards of luxury. First and foremost, only a small percentage of people own private planes. It can be generally associated with celebrities, politicians, and business tycoons. However, some hobbyists also invest on their plane. Let us bust the myth as early as now; you do not need to be a billionaire nor a big shot celebrity to buy your own plane. But you do need to have a substantial amount of money to splurge on it.
What does it really mean to have a plane? What are the things you have to consider before buying one?
- Planes are expensive.
This one is perhaps an obvious point, but it needs clarification nonetheless. While there is an assumption that planes are ridiculously expensive, not all planes are made equally alike. The cost depends on the type of aircraft you are going to buy. For instance, ultra-light, single-seat planes cost around $8,000 to 15,000. In comparison, that amount is just somewhere near the price of top tier luxury handbags in the market. You can also choose single-engine planes. These aircraft are relatively more expensive, but they are more practical since it can carry two or more persons – making the expense amount per flight more cost-effective. If you are one of those truly blessed with riches, then you can opt for bigger private jets. These can easily cost you $75,000 to 300,000.
- The expenses do not stop upon purchase.
Once you have your own plane, you cannot just sit back and relax until it is time for your next flight. In between flights, you have to shoulder expenses for maintenance, inspection, and storage. You cannot just simply park your plane in any outdoor location. The average cost for a hangar is $275 a month, excluding other fees such as tiedown gear.
- You have to pay for insurance.
Any type of transport vehicle needs insurance to cover unexpected incidents, breakdowns, and damages. This is important since there are risks in flying small, private planes. Different types of insurance can be availed of depending on the plane owner’s needs. The usual amount of insurance costs $1,200 to 2,500 a year. It can cover damages from accidents, in-flight, and non-in-flight damages.
- Getting a private pilot.
Unless you are licensed to fly, you still have to look for a trained pilot to fly your plane. While the salary rate of private pilots is pretty reasonable, it still does not come cheap. These individuals are highly trained in their filed. They studied for so many years to ensure their passengers’ travel, so hiring them to fly your plane is still not easy on the pocket.
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