Ownership cost help...

Michael Hall

Filing Flight Plan
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Jul 30, 2018
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Montea6b
Greetings, new member here. Not sure which forum is best for this, but contemplating aircraft ownership and was looking for some inputs on associated maintenance costs I should budget for. I can figure out financing, gas, insurance, and rough cost of annuals, what I am not so sure of is other stuff. Like oil changes, 100 hour inspection, etc.

Of course there is the unanticipated cost of stuff breaking, but what else might I plan for from the preventative side that I may not have considered? Magneto inspection every 500 hours, right? And what might this run?

FYI, considering a four seat, four cylinder, fixed gear, fixed prop to keep it simple. Something probably vintage mid 70s in the $20-50K range with <1500 SMOH. Cherokee, Grumman American, maybe Cessna, although leaning towards a low wing.

A little more about me for the curious, I’m a retired Navy pilot with ATP and MEL, but no SEL. (took checkride while I was active duty and not current in any SE aircraft) I had been out of flying for 12 years until this summer when I started back in a quest to get current again and accept a part time commercial gig that requires SEL. Renting is killing me, but I need to keep flying to get ready for a commercial SEL check ride.

Other reasons to buy: My wife had to give up finishing her PPL when I retired and we moved away from the base flying club, and I have a nephew entering a university flight program this Fall who could probably benefit from a generous uncle to build time next summer. So, buying a plane makes perfect sense, right?! (if you agree can I send you my wife’s email so you can convince her? :) Despite wanting to fly she remains skeptical of the idea…)

Thanks!
 
I've got a little experience with an aircraft like that, albeit at an accelerated pace due it being a leaseback aircraft.

https://n194sp.wordpress.com/n194sp/squawks/

That's what I've fixed so far on my plane, though I'm a couple months behind updating it. It flies at probably 5X the rate most private owners would, so expect less than what you see.
 
The more you fly, the more frequently stuff breaks. So a rule of thumb I use is about 4X fuel cost to cover everything: storage, insurance, some sort of engine reserve, fuel, and repairs. That will work out to about what it costs to rent, more or less. It could be a little more if your hangar space is expensive, or a little less. But this will be in the ball park, and it squares with my nearly 30 year experience of ownership. Significant upgrades (IFR GPS, autopilot, ADS-B) are extra and substantial expenses if you don't already have them and want to install them. The first couple of years you own an airplane I would count on 3-4 times the typical annual maintenance cost, as you fix squawks the previous owner neglected, but you will want to fix to bring the aircraft up to your standards.

Something like a Grumman AA-5X will have an annual inspection/repair cost of maybe $1000-$1200 at a small quality airport maintenance operation. If ANYTHING breaks, it usually costs at least $1000. Oil and battery changes you can do yourself with minimal training or instruction.

Good luck. Ownership is rewarding, but not for the faint of heart (or wallet).
 
The more you fly, the more you want to add new toys and goodies.
 
Good luck. Ownership is rewarding, but not for the faint of heart (or wallet).

You haven't had to replace 30-40 yr old flooring in a house lately, have you? Not quite the price of a Garmin 650, but getting close.
 
100 hour inspections only needed if plane is used commercially, I believe. Part 91 is annual inspection.

Don’t forget about overhaul set aside. Calculate the cost of that and divide it by hours to TBO, and then consider every hour flown costing that amount.

Don’t forget hangar/tie down.
 
If you do owner assist with an A&P I/A you can cut your annual down to about $400 if no repairs are needed, at least in my area.
 
I have only owned my airplane for a year and a half so your mileage may vary. I budget for about 2500$ per year for maintenance including the annual inspection for my 20 year old airplane once I will be done with all the upgrades.

But the truth is that I purchased my airplane at a very low price knowing full well I would spend upwards of 30k$ to bring it up to my standards. To some people that would seem like an insane amount of money for such a humble airframe. But to me it was well worth it.

Good luck
 
Add altimeter signoff every 24 months and if IFR that signoff too. Don't have my FARs handy for the reference. Depending on your locale that can run from $100 to $450.
 
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