Should You Buy an Airplane | Build Time | Get to the Airlines Quicker | Cost Breakdown

[@willg967]

Hi Kaity, I soloed in a Piper Worrier and then Partnered with a friend in a Piper Cherokee 180 with brand new overhauled engine. I earned my PPL, instrument and flew it 400hrs. I sold my 50% share 2 years later for the same as the entrance point. For me it worked out great!

[@pilotkaity]

Wow that’s awesome! Do you mind if I ask how much the 50% share cost?

[@willg967]

@@pilotkaity This was in 1997 and it cost me $22,000. haha.

[@jimposey8542]

I gave unlimited use of my old beech baron my mechanic. He handled everything from parts to install to sign-off.

[@pilotkaity]

Wow that’s great!

[@jimposey8542]

@@pilotkaity That was many years ago when I was a much younger man and was doing engineering consulting all over the US. I haven't been behind the stick for 30 years because of my health.

[@therustypilot3452]

The time value of money have to be figured in. If I buy a plane and get my ATP in 18 to 24 months vs going to get a 4 year degree and coming out of school with 350 hours and a cfi/cfii/mei to start building through instructing to 1500 hours both you invest 200$k in with one having a plane to sell vs just debt (hell of a run on sentence but you get the point) The 18 month ATP is making money and getting to a 80 to 100k a year job in year 3 or 4 vs the in debt cfi with 350 hours and another 3 years to get to atp instructing. The 18 month atp will make several 100$k more over the lifetime of employment vs the pilot cfi that is 4 years and massive debt behind them. I’m going to do a video series on my channel for this as bought a AA1B for 27k$ and are on our way with my 21 year old.

[@pilotkaity]

This is a very solid perspective thanks for adding this! I’m definitely interested in watching that video you’re making

[@beckersidaho]

As an airplane owner I can say we couldn’t afford it if my husband wasn’t also an A&P. Some words of wisdom are find a good mechanic, get a THOROUGH pre-buy, and do your research on things like airworthiness directives, cost and availability of replacement parts, and insurance. Also note that engines time out and can cost 20-30k for overhaul.

[@pilotkaity]

Good advice

[@melissamitchell3901]

Very informative. Thanks.

[@pilotkaity]

Glad it was helpful!

[@davidmalone9022]

I owned an airplane - a Cessna 182K - for 24 years - and flew a total of 1700 hours in that time. For me, I needed it to maintain a commuting relationship, flying between Pullman, WA (PUW) and Laramie, WY (LAR) for three long, danger filled years. I had taken a job at the University of Idaho and my wife was still on the faculty at the University of Wyoming. I joke when people ask if I had any close calls that when flying year round in the mountains of the West in a normally aspirated airplane, you're not going to be able to count on one hand the number of close calls. I had already finished my private, and finished up my instrument rating in the 182 (surprise expense - the ADF wasn't working. Replacing it - this was before GPS - cost $2500 in 1991. And as a side note, my first annual was over $6,000. They were much less after that, but get ready for those kinds of numbers, but in today's dollars.) And in those years, I was flying about 100 hours per year doing that commute, as well as a fair number of exploration flights into the Idaho backcountry. So, a couple of points that some may not have considered: 1. If you've taken an introductory flight, maybe even worked your way through your private license, it's still new and exciting every time the tires leave the runway. The enjoyment doesn't really go away, but the excitement and newness absolutely will. After 1700 hours, flying, while still very enjoyable, was pure transportation - much like driving is not quite what it was when you were 16 with a new driver's license. 2. Owning your own plane, unfortunately, does offer the opportunity to cheat a little. It's easy to let a maintenance item slide until the next annual if it's not an airworthiness item - for example, low fluid in a compass, or an inoperative clock. A friend of mine with a 210 always said if there was ever anything he hesitated to fix on his airplane, he would sell it - a good rule. Renting provides better assurance of proper maintenance than if you own your own. 3. On the upside, there is something undeniably "cool" about owning your own plane. And one of my real thrills was being able to offer rides to friends who had never flown before. I would also donate sight seeing rides to local charities. And, I've done a fair number of animal rescue flights. 4. I lived in Lubbock, TX (LBB) for ten years, teaching at Texas Tech. In those years, being able to escape to Albuquerque, San Antonio, Austin, etc., was worth it's weight in gold. Let's just say that my favorite joke about west Texas was that on a clear day, you can see the back of your head. I used the plane a lot there, which made it more affordable since there are plenty of fixed costs for those flight hours to absorb. 5. Post 9-11 made having your own plane much more efficient. The security measures that were put in place in 2001 made commercial flights less appealing, thus making general aviation more so. Ironically, I sold my plane in January of 2020 - right before Covid. In that first year or so, I would have loved having my plane back. And really, when I moved to Utah, I simply didn't have a lot of motivation to leave where I lived (and my best friend and golfing partner wasn't keen on small airplanes, so we didn't even fly to St. George and Mesquite to play golf - we drove.) So, the decline in hours were the principal motivation to sell the plane. Piloting skills are perishable ones - you've got to be flying if you want to be safe. 6. Which brings me to my last point, in contradiction to the often cited adage about buying and selling. Let me tell you, I cried the day I sold my plane. It was far from the experience of buying it. So, needless to say, I would advocate for buying your own, but only if you can articulate very clearly what you will be using it for. And I'll add one more thing: if you are thinking about this to build hours toward an aviation career, there are a lot of good schools that offer financial aid as part of a program (obviously, Embrey-Riddle had made a name in that industry.) Schools like Oklahoma State have excellent undergraduate programs that lead to aviation careers. If I had chosen to pursue a career in aviation, that's the way I would have gone.

[@pilotkaity]

Great comment thanks for sharing your experience! I thought the part about it sometimes being safer to rent a plane due to maintenance was an interesting perspective that I never considered. Do you think you’ll buy a plane again in the future?

[@davidmalone9022]

@@pilotkaity Almost certainly not. I'm retired now, live on the Sea of Cortez, and have shifted to a 38' Ericson sailboat. The crossover elements with flying are really interesting. On the other hand, if someone handed over a Pilatus, I'd be interested in getting back behind a yoke. 😂 By the way, I've only recently discovered your channel. When I was commuting from PUW-LAR-PUW, my routes always depended on the weather. I would often take the "southern route," so have flown that stretch from BOI-OGD and vice versa a lot. I've spent nights (due to weather) in Twin Falls, Burley, Boise, and too many other places to list along the way when the weather went south on me. The weather the Wasatch range kicks up can be utterly impenetrable in a normally aspirated airplane with no de-ice.

[@RusscanFLY]

You’re not lying about the lender situation when it comes to trying to buy an airplane. I had a terrible time, even with an amazing credit rating. It all worked out in the end, but it was definitely a much higher percentage that I had to put down. I just chopped it up to having more equity in the Airplane in the end.

[@pilotkaity]

I’ve seen that many time where people have great credit and DTI but they still have to put a lot down. Seems to just be the way it is with airplane loans

[@747FoSophie]

Shared ownership or join a club that owners the aircraft are a great idea. It also depends at which stage of license you are, the further along in your career you are the easier it becomes to justify buying an airplane. If you are a commercial pilot looking to gain hours to get your ATP rating then it makes sense. I am actually thinking of buying / shared ownership of a gyroplane soon. Happy Wednesday.

[@pilotkaity]

Most people work at some kind of flying job to build time to 1500 but I do think if you’re going to buy then a club is a good option. Happy Wednesday!

[@747FoSophie]

@@pilotkaity Can't always count on having enough time flying for work to get hours if you put yourself on a fast track.

[@jsisson]

I should also add I’ve bought my own plane since that comment and added all the ifr equipment. My private has been almost $10k over what was quoted but if that’s the case with instrument training I’ll save some serious money in just flying costs alone since it comes close to $300/hr with the fuel surcharge. Pair that with an stc that allows mogas, my cost will go down significantly! 1 week instrument course with my own plane will be ~$5,000 compared to my schools $12,000 before any fuel surcharge and other charges. I was able to get a good deal on a Cherokee 140 that even if I needed a new motor I’d still net positive when I lease it back or sell it. I’ll also likely sell shares of it as well

[@pilotkaity]

Do you live in an expensive area?

[@jsisson]

@@pilotkaity Salt Lake City… everything is expensive here! I purchased the plane similarly to how I purchase real estate. As long as worst case scenario I can end up at the very least breaking even, I’d consider that a great tuition cost in a sense.

[@27Riverdale]

I purchased a 1991 TB20 for $190K after getting my IR. In the first year it’s costed me about $38K to fly 102 hours ($373/hour) Hangar: $7092 Insurance: $3250 Annual inspection: $15358 Oil changes: $300 Property Tax: $2815 Fuel: $9100 Oil: $30 Keep in mind this doesn’t include the ~$17800 use tax I paid to CA or the engine MOH reserves. It’s been a bit higher than expected but the freedom to fly when I want for as long as I please is indescribable. I couldn’t be happier! Just do it

[@pilotkaity]

I think most people trying to do this route to save on flight training aren’t in a financial situation to afford it usually

[@jreed1701d]

In my area... even if you bought one you can't get a hangar for it. Every airport around me has ridiculous wait lists or boomers are selling them for as much as a house goes for. Really sucks.

[@pilotkaity]

Hangars are a huge issue all over the country. Makes me want to build some hangars lol

[@sailingsportsandetc.2081]

Would it make sense to buy a LSA or even a LSA partnership and still do light sport CFI?

[@pilotkaity]

That’s what one of the people who commented is doing and he’s happy with that route

[@kryskay989]

Love the info! And love the new setup! Editing at 16:13 is hilarious🤣

[@pilotkaity]

Haha thank you!! My husband does my editing and he has a great sense of humor

[@bowhuntking5913]

How do you deal with the FAA taking soooo long to approve a medical? It's been 10 weeks. It's the only thing I'm waiting for to begin training.

[@747FoSophie]

Didn't your AME give you your certificate?

[@briandesilets8425]

I’m up to over 4 months. The back and forth is brutal.

[@pilotkaity]

It depends on what it’s deferred for. It can be years depending on why

[@FarNorthAdventure]

I am going to be attempting to get mine, I have Crohn’s. Hopefully it goes smooth

[@briandesilets8425]

@@FarNorthAdventure I have a pal that had that. He went carnivore and it went away in about 6 weeks. I’d give it a try, but I love donuts too much

[@FDS345]

I literally just saw a 150 for 7k on Facebook marketplace not even a minute ago

[@pilotkaity]

Why so cheap?

[@FDS345]

@@pilotkaity it need about 10k worth of maintenance 😂, still 17 for a working airplane I’ll take it

[@dennismassie3552]

👋🏻KSRQ☀️🌴🇺🇸✈️🛩️

[@pilotkaity]

Hi!