![]() ![]() Just as a single example, our RV-12 cost more than a Cherokee, but we figure our operating cost - all in, wet, including overhaul reserve - at about $33 per hour. It might be more convenient to do your training in a Cherokee or a 172, but if you've been a Kitplanes subscriber and EAA member, you oughta have figured out by now that a solid used Experimental can be a fraction of the cost of a certified plane to own and operate. We have two owners and we're thinking of maybe adding a third. I pulled operating agreements from several sources and built one that fit our structure and airplane. Yes, you need to be careful about how you do it, but I'm here to tell you it can be done. You're not going to be flying every day, why pay for the airplane every day? One co-owner cuts your purchase and fixed costs in half. Just make sure you have a plan and a budget.įinding a partner/co-owner or two, or a flying club, will make things A LOT more palatable. Say you 're buying an 80s vintage Ferrari. Look at it like buying an older used exotic or sports car for, say, $25K or more. If you're on a budget, you will very likely find much better options on your own. Tell me I've got this all wrong.Īirplane finance companies seem to be for people buying really, really expensive airplanes. Nothing could be described in that as extravagant. All I'm asking is, is aviation REALLY available to the middle class? Because The scenario I just painted is, in my opinion, a MINIMUM situation. Now people, I'm not saying I don't have that. ![]() That's nearly $20,000 they want me to have sitting around in savings to buy a $30,000 plane? We are talking north of $12,000 + the $5000 down payment, + the $2000 in closing costs. What's my credit rating? (redacted- but what one would consider "good" - well over 700) What's my debt ratio? What are my monthly debt bills? "Multiply that figure by SIX. This FC wants over $2000 in closing costs. I found out I didn't ask enough questions. Until I called another financing company to check on competitive terms. $515/mo.Īnd after all that, I still wasn't deterred. oh, wait, insurance is higher because of the more expensive plane you just bought. 85 = $29,411 - I've got to buy a $30,000 plan AND have $5000 as a down-payment to get a 15 year term. No, if you finance (not purchase price, but finance) $25K or more you could go to 15 years. You could only get 10 years financing for a $20k plane. Oh, no sir you can't finance a $20K plane for 20 years (I kinda get that). Then I call the (unnamed airplane finance company). That's just 4 hours of instruction to break even. The annual will require me putting back about $100/mo into a savings account, and that's if nothing needs to be fixed at the annual. are you kidding? Okay, tie-down fees at the airport I want to take lessons from are $75 per month. Cool! Insurance looks like about $750 per year, so that's like $62.50 per month. So I jumped on their convenient calculator. I have also seen on the EAA site that they are affiliated with (an unnamed airplane finance company), and that you can finance your plane purchase up to 20 years. Not saying I would take either of those planes, just running a "what if". I found a couple $20,000 +/- planes for sale. So I figure it wouldn't take much past a couple hours per month using my own plane to at least break even. I think they have a Piper that they charge $120 per hour for rental. ![]() The flight school I investigated gives 2 prices for instruction - $40 per hour + the cost of the rental, or $45 per hour in your personal plane. I had decided that the most economical path was to purchase an old Piper 140 in which I would get my training. what you experienced is not the norm everywhere you go." So here is a real-world example of hopes dashed, and I hope someone out there can tell me "it's not that bad. Insurance doesn't seem like a huge expense. These days you can finance your PPL training. The one subject that I see a lot of talk about with the EAA movement and the AOPA is they like to claim that PPLs are being opened up to the middle class, especially with the old fleet of Cessnas and Pipers from the 60s being so cheap on Trade-a-plane and the like. I have been a YouTube junky for the last 3 months. I have been a KitPlanes subscriber and reader for the last 15(?) years. ![]() I am now 51, the kids are all through (or about to be) with college, and I figure it's time to finally pursue my dream. Okay, I'm new to this endeavor, although I have wanted to be a pilot all my life. ![]()
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