Cost of Owning an Airplane
There are many factors to consider when you decide to become a pilot or aircraft owner. Aircraft ownership can be a daunting process, but if you use the tools provided by different organizations online you can accurately gauge what the cost may be to own your own aircraft. There are many aircraft ownership cost calculators online that allow you to insert dollar amounts to potential costs of the ownership process.
Ultimately aircraft ownership costs come down to what kind of aircraft you plan on owning. Considering most of aircraft owners in general aviation are fixed wing single engine pilots we can investigate costs of similar aircraft in that category and class. Using a single engine fixed gear and wing aircraft with a value of $100,000 we can break down cost into two different categories; fixed and direct costs.
Another fixed cost item would be hangar space or tie down space. Overall, a hangar space can cost less than having your airplane tied outside in the elements. Having your airplane hangered can help reduce the cost of insurance and upkeep since the aircraft is not exposed to outside hazards.
If you are like the majority of aircraft owners, you may have to carry a loan on the aircraft. This item is also considered a fixed cost. Borrowers with good credit can expect to pay less.
Cost of owning an aircraft becomes a little more confusing when it comes to the direct operating cost. Items such as fuel or oil, maintenance and discretionary items are all costs that need to be factored into the ownership of a plane. While fuel and oil are considered a direct cost, one could argue it is a blend between the two types of cost.
Discretionary or miscellaneous items tend to be more difficult to estimate. New avionics, paint or leather seats are all items that must be considered at some point. Plan on setting aside funds for these items.