Preface: I spend a lot of time on financial forums. What this means is that we are inherently cheap or prudent but have reached a nice point of comfort such that work is no longer required. Yet, I am not sure how much I'd want to spend on a plane. I renewed my medical last week, hope to get in the sky this week. Doing Sporty's ground online.
I think I get the idea of paying attention to "the mission" to determine what plane folks buy.
What I don't get, is where the individualized sweet spot is for plane price, capability, comfort. Even considering the right plane for the mission there seems to be great variability from a high total time 1960's plane to a gently used or even new model.
How did you decide for yourself?
Anyone have a spouse not comfortable flying? I expect mine would prefer smoother flight in a more modern larger flight.
A partnership seems like a good way to move up market, has this worked for you?
It looks like a lot of first planes I'd consider now, were someone else's first planes 15-30 years ago.
Is there an aviation $$$ rule of thumb compared to income or networth?
In the perfect world you would just buy your last plane first. But you have a ways to go to figure out what that is.
Re: Spouses. Given what I see at the airports, if your wife is not a pilot you probably have a 2% chance she will enjoy pattern work and training, 10% chance she will want to tag along on 1hr burger runs and 60% chance she will tolerate it if these are longer trips in fairly comfortable planes that save a ton of driving to visit kids or you getting away as a couple. So in your first 100hrs, especially renting older slower planes you will mostly be in the 2%...10% range.
You make quickly find being cheap and owning a plane may not always mix nicely. Mainly because the repairs are 100% out of your control. To counter that - plan/budget ahead for the surprises. Have an a certain amount of cash set aside just for this stuff. If you don't you will get extremely frustrated.
I like
@RudyP's response regarding toys vs Net Worth.
If you have access to more money than most of us, after you fly the first 100...200hrs and you have the urge for faster trips and dispatch in more challenging wx, I suspect you will find a 2, 3 or 4 way partnership in a SR22T. Many times I wish I was in a 50/50 partnership in a Cessna TTx. Just too much to take on the full brundt of the mx at 100% ownership.
Don't underestimate hangar costs either. Depending on where you are at this could easily be another $800/month you will never see back unless there is some business write off angle to reduce it.
You talk about the "sweet spot". That is tough because as you fly more you learn more and the target moves. When I started I knew a 182 was a good all around plane, fixed gear, great parts availability and just about anyone can work on them. Still absolutely love it. Fast forward 3 years and if I could afford a Cessna 400/TTx that is what I would own and fly. So even if I had access to more cash I would have missed it during that learning phase.
Things you can do right now to save money w/r to plane purchase is get the PPL and fly. Be realistic about how often its just you vs you and wife vs others. Once you exceed two people you start to want a 4 seater with more HP and room. Once you reach (4) you really need a (6) seater if you want room and performance margins.
To assist I suggest you provide answers to these questions:
- Absolute maximum $$$$ you want tied up in the plane purchase?
- How many people you plan on taking with for the majority of flights?
- What location will you be based out of?
- What are your top (3) trips that you think you would do often?
- Would you want to fly them year round?
...you will be surprised how quickly just those answers narrow down the available list of options.
