Ok so this thread aught my attention.. and I kinda on the same boat as OP. when I do my numbers, paying $160 wet for 172 just for renting doesn't make a whole lot sense in my mind. I plan to fly 100 hrs a year, that's like less than 2 hrs a week, even if I fly twice a month for short XC, I will cross 100 hr quite easily and I am basing 100 hrs because of the rental fees. if I own, I will surely fly more.
I was looking at some posting here and there and most new-er ones are pretty darn expensive. on this thread, I see someone mentioned that a good 172 would cost around 35k? now that's what caught my eyes. pardon my ignorance, but I know nothing about planes but when I see a plane that was bought in 1969.. I get a bit worried since its older than me and something in my brain tells me that as I am growing older, things in my body keeps failing ...lol .. that is definitely not a case with a machine, but last thing I want to do is get into a initial cost of 35k and then it becomes a money pit.
can any 172 owner comment on what I could possibly expect in terms of running this thing?
hangar cost (heated)
annuals
any other maintenance that I should know about
how much fund should I ideally keep aside for "surprise" stuff?
insurance - this is a big one, I am a student with 4 hrs under my belt
does it hold its price when I sell it, say 2-3 years down the road?
any inputs is much appreciated.
Hangar cost (heated) - $200-$300/mo at most FBOs and airports.
Annuals - $1000 - $2,000 assuming no significant problems are found.
Any other maintenance that I should know about
- §91.207 ELT inspection, usually included with annual inspection.
- Oil change every 50 hours or 4 months, whichever comes first. You're probably looking at just 1 or 2 per year, because another one is performed at the annual inspection. You can do the oil change yourself per 14 C.F.R. Part 43. A shop oil change will cost around $300-400. This is not required maintenance, but is very smart to do to prolong the life of the engine and prevent corrosion. Aviation oil is particularly susceptible to moisture buildup more so than it is susceptible to degradation in its lubrication properties.
- An upgrade to ADS-B Out may be required depending on the airspace where you fly. See 14 C.F.R. §91.225(d) for details. Basic ADS-B Out systems
- §91.411 and §91.413: Pitot/static and transponder inspection (usually performed together, around $300-500 total).
How much fund should I ideally keep aside for "surprise" stuff?
For a C172, I'd say around 10% of the airplane's purchase price. If you find one for $35,000 I'd keep $3,500 available for yearly incidentals excluding routine maintenance. You can expect to pay the most in incidentals during the first year of ownership. After the post-buy kinks are ironed out, this usually stays somewhat consistent, and you could probably lower the incidental fund quite a bit. You really want to have an extensive pre-buy inspection done by a mechanic that is
not used by the current owner before you commit to a purchase. That mechanic's role will be to address potential incidentals up-front.
Insurance - this is a big one, I am a student with 4 hrs under my belt
I would call Avemco, Falcon, and AOPA (who uses Avemco) to find this out. You can use a sample airplane you find on TradeAPlane, Craigslist, etc. for the quote.
Does it hold its price when I sell it, say 2-3 years down the road?
In the short term like 2-3 years, yes. However you usually will not get a full return on investment in avionics. Most of the worth of these airplanes is their time since major overhaul (TSMO) of the engine. For example, a C150 with a new engine could easily run in the mid-$30,000 range, whereas one with an engine that is at 10 hours time before overhaul (TBO) may be in the $10,000 range. Engines for C150s and C172s are advertised to have a 2,000 hour time-before-overhaul. I encourage owners to read Mike Busch's manifesto on engine overhauls; they are not always required (nor safe). That's not to say you shouldn't account for them, as some engines simply don't make it to 2,000 hours.
It's important to calculate the total cost of an engine overhaul and to divide that cost by the number of hours you expect to put on the aircraft. That will form a basis for your hourly costs to operate the airplane. These are costs you will not recoup when you sell the airplane later. AOPA has a great break down as to how they calculated this with their
Reimagined Cessna 150. Keep in mind their costs are for flying clubs. Their insurance estimate, for example, is the cost for rental and instruction insurance. As a private owner, you will probably be paying a lot less.
