JHW
En-Route
both great choices, and for all practical purposes, interchangeable. If that's what you've settled on then I'd stop worring about P vs B and just buy the best example of either type that you can find
Buying a plane upgraded or do it yourself?
- Thread starter Jhernandez04
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Jhernandez04
Line Up and Wait
comanchepilot
En-Route
The simple rule is never upgrade avionics - you will never make even 35% back.
The next one is the interior - interiors are like updating kitchens and bathrooms at your house - they are great to use when you are there and they will help sell it faster but considering you might get something out of it is fantasy . . .
Then we move on to mechanical improvements - the obvious ones like engine rebuilds and propellors make the biggest impact to value - and things like speed brakes and vortex gens at the bottom . . .
And bad paint condition makes it really hard to sell an airplane even if it has a great interior, great panel and new engine . . . . cause a good paint job takes weeks and costs a fortune
The next one is the interior - interiors are like updating kitchens and bathrooms at your house - they are great to use when you are there and they will help sell it faster but considering you might get something out of it is fantasy . . .
Then we move on to mechanical improvements - the obvious ones like engine rebuilds and propellors make the biggest impact to value - and things like speed brakes and vortex gens at the bottom . . .
And bad paint condition makes it really hard to sell an airplane even if it has a great interior, great panel and new engine . . . . cause a good paint job takes weeks and costs a fortune
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John221us
En-Route
Somebody has to pay for that panel and paint, so the rest of us can get that deal. Seriously, if I were going to keep it for a while, as the OP says he is, over investing a little to have something you enjoy isn't such a bad idea. There are lots of things people spend money on with no anticipation of getting it back in any other form besides enjoyment. Heck, I spent a few thousand on a trip to Hawaii and all I have to show for it are some memories and a few photographs.
hindsight2020
Final Approach
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hindsight2020
You're still like 30K ahead of the avionics splurge job though. Not a particularly useful example. Also, the OP doesn't really have it. He's financing a panel job.
Did you finance your trip to HI? For your sake I hope not.But I will agree with you that it takes selfless men like the OP to make gratuitously detrimental financial decisions so that the consumer economy can keep chuggin' along for the benefit of everybody. There should be a real men of genius motif dedicated to people who finance toys. They are our true patriots.
I couldn't afford my fully depreciated conveyances otherwise.
John221us
En-Route
You're still like 30K ahead of the avionics splurge job though. Not a particularly useful example. Also, the OP doesn't really have it. He's financing a panel job.
But I will agree with you that it takes selfless men like the OP to make gratuitously detrimental financial decisions so that the consumer economy can keep chuggin' along for the benefit of everybody. There should be a real men of genius motif dedicated to people who finance toys. They are our true patriots.
So far I have not financed any aircraft or vacations (maybe 30 days on a credit card). My point was more about that he intends to keep it for 10+ years, so anything spent will be almost purely for his personal consumption as this stuff depreciates fast, just like boats, jet skis, motorcycles, etc. Personally I don't have an problem with it. Granted, $3k for HI isn't much, but I have taken many other vacations that range from that up to $20k for a med cruise and never regretted any of it. Depending on a persons means, that could be a lot or a little. There are people on this board who don't think twice about burning $1,200/hr. or more to fly their planes.
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Jhernandez04
Line Up and Wait
You're still like 30K ahead of the avionics splurge job though. Not a particularly useful example. Also, the OP doesn't really have it. He's financing a panel job.
But I will agree with you that it takes selfless men like the OP to make gratuitously detrimental financial decisions so that the consumer economy can keep chuggin' along for the benefit of everybody. There should be a real men of genius motif dedicated to people who finance toys. They are our true patriots.
Technically it's a business expense, not a toy.
And there aren't many my age that just have 100k saved up for a business expense such as this. I'm not 50 with a nest egg, if I want nice things I use my good credit and payment history.
This particular loan will be paid off early. So it's not a bad investment, 4.73% is about the best rate anyone can find.
John221us
En-Route
Your business use is certainly a business expense but I would not characterize it as an investment, unless it somehow created business opportunities you wouldn't have not had otherwise or or increased your billable time significantly. The interest on the loan is just another expense. Don't get me wrong, I am all for it. Expensing things that are also fun is one of the best perks to having a business. Again, I recognize the legitimacy of the expense. Hey, driving costs money too and this does reduce overnight expenses at the location (hotels,etc.).
Jhernandez04
Line Up and Wait
Yea it's great when it's a business expense and my hobby
My CPA basically told me I should sell my plane and buy another one. Who am I to argue with my wife and CPA? LOL
I'll be flying a really well equipped plane when it's said and done. And I'll pay a little extra for that comfort and piece of mind.
JHW
En-Route
I have the opposite view of Joe. Not saying Joe is wrong, we just dave different perspectives.
My view is that the airframe is all that matters. Paint, engines, avionics, interior finishings, these are just attachments to be tweaked and modified. If the plane is a keeper then buy the best airframe can find and then play with attachments to make it into exactly what you want.
Also in my view is that the airplane is a toy and updating it is my hobby. I don't pretend it is an investment or creates value. Except the pawnee, I'll flog that thing till it breaks and then we'll buy another.
My view is that the airframe is all that matters. Paint, engines, avionics, interior finishings, these are just attachments to be tweaked and modified. If the plane is a keeper then buy the best airframe can find and then play with attachments to make it into exactly what you want.
Also in my view is that the airplane is a toy and updating it is my hobby. I don't pretend it is an investment or creates value. Except the pawnee, I'll flog that thing till it breaks and then we'll buy another.