Owning a Plane verses Renting?

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BrandonPaith

Filing Flight Plan
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BrandonPaith
What are the pros/cons in renting your plane versus buying your own plane?
 
I live in Kansas City, and just use like a Cessna 182 as a baseline. I haven't even started lessons yet (first one is Thursday). I was just curious as to why some opt to purchase and some prefer renting.
 
Exactly the same as owning or renting a car. Except that it is easier to schedule a car in most cases, and the cars you rent will be brand new.
 
One costs a lot and gives you the most flexibility. Assuming you can afford that flexibility.
 
Unless you fly more than 100 hours per year - better off renting. There are too many fixed costs associated with ownership. 100 hours per year is the point where owning begins to make some sense from a financial standpoint. If you fly less than that, you are paying a lot of money for the airplane to sit.
 
I own my plane. I can fly it whenever I want for as long as I want (an hour or a week), know its idiosyncrasies, am very knowledgable in its avionics, and know exactly how it will perform and how it has been maintained.

If I rent there may be question marks in most if not all of those areas.
 
Also it is generally recommended that you rent until you get your pilot's license and some hours under your belt. Buying an airplane to train in, and then selling it 2 years later to upgrade usually winds up being a lot more expensive than renting through your training and purchasing that upgraded plane once you have some hours under your belt and know what you want.

The cost of making transactions is significant. A purchase or sale usually involves travel and inspection costs. You might pick through 3-4 planes before you find the right one at the right price.
 
i own single seat gliders because i'm selfish and don't like sharing. well, except i own one of them with a partner. when i need to get some instruction, give instruction, or give a ride i use a club 2 seater.
 
dell30rb said:
Unless you fly more than 100 hours per year - better off renting. There are too many fixed costs associated with ownership. 100 hours per year is the point where owning begins to make some sense from a financial standpoint. If you fly less than that, you are paying a lot of money for the airplane to sit.
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Depends on what you can rent for. I have my choice of three nicely maintained 172's for $25/mo and $40/hr dry. I do not think there is any amount of hours that would make it cheaper to own.

Don't get me wrong, I love owning. My point is that I don't think owning is about saving money. It is about options.
 
alfadog said:
Depends on what you can rent for. I have my choice of three nicely maintained 172's for $25/mo and $40/hr dry. I do not think there is any amount of hours that would make it cheaper to own.

Don't get me wrong, I love owning. My point is that I don't think owning is about saving money. It is about options.
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The reason those are so cheap is that they are in a club and get used a lot. If you flew 400 hours per year it would probably be cheaper for you to own. $40/hr dry for 400 hours is $16,000. You could pay for a tiedown, put 6k in the overhaul fund, $800 for insurance and a $4000 annual and have five grand left over.
 
dell30rb said:
The reason those are so cheap is that they are in a club and get used a lot. If you flew 400 hours per year it would probably be cheaper for you to own. $40/hr dry for 400 hours is $16,000. You could pay for a tiedown, put 6k in the overhaul fund, $800 for insurance and a $4000 annual and have five grand left over.
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OK, fair enough, 400 hours per year would do it. Of course that would also mean that I was spending $32k/year on my "hobby". Fine if you can afford that. I can't.
 
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alfadog said:
OK, fair enough, 400 hours per year would do it. Of coures that would also mean that I was spending $32k/year on my "hobby". Fine if you can afford that. I can't.
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We've spent more than that in the 8 months I've had the Mooney JUST on mx. I dunno if I'd own another airplane.

Good times.
 
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DavidWhite said:
We've spent more than that in the 8 months I've had the Mooney JUST on mx.

Good times.
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Well, thank goodness you and yours can apparently afford it. Speaks to my comments about owning as means to save money.
 
I wonder this so often myself. Based on what I've learned so far, here's how I'm approaching thinking about this question.

1) Are you flying a lot now, and do you think you'll be flying a lot in the future?
2) How important is control over maintenance and scheduling to you?
3) How much are you willing to bet on whether or not you'll keep flying a lot in the future?
4) How much maintenance risk are you willing to take on?

If you're spending a LOT of time and money renting, it's cheaper to own. (I see the 100 hours figure thrown around a lot.) But you can't throttle your usage like you can with renting. If I buy a plane, I have a minimum I have to spend every month/year in order to be able to fly it, and that's not at all counting any fuel or unexpected maintenance costs. Some costs, such as tie down space and loan payments, never go away so long as you own the plane.

Owning gets you a consistent flying experience where you can manage the maintenance yourself, have no schedule conflicts, and, if you're flying a lot, is cheaper overall.

Renting means you can throttle your flying costs up and down as much as you like, don't have to directly manage maintenance, is cheaper if you're not flying a lot, and have more variety in terms of planes you can fly. If one plane is in the shop, just switch to a different one. Plus, you can walk away from your club/whatever any time you like.

Owning means financial risk, and higher expense for most people. You're tied to this plane until you sell it. If it's in the shop, you can't fly until it is repaired.

Renting means less control, and higher expense for some people. It also means being beholden to what planes the club has available at the time you want to fly.


Of course, I don't know any of this stuff myself directly. This is just what I've collected from conversations and reading, from people that actually know what they're talking about. I'm just summarizing what I've learned so far here. :) (So don't quote me. :p)

There's also more than just owning vs. renting. There's doing both, leasebacks, partnerships, etc. All of these change the formula a bit more.

For me, my plan is to rent for now, save up money, and when I have the money to buy, seriously consider where I'm at in terms of the answers to those questions and what i value.
 
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Rental, high variable cost, low fixed cost

Owning, hgh fixed cost, lower variable cost

It costs me a lot more to own, but if I had to rent I wouldn't fly much (if at all) because when I do get a chance to go for a ride it's a spur of the moment decision. And, I would have to think - do I really want to spend $xxx. today? Owning, the bills come in, the bills get paid. The marginal cost for an airplane ride is pretty low.


If you are trying to make a good economic decision - don't learn to fly.
 
I asked this same question a couple months ago and came to the realization that if you have to ask the question then your not ready to own a plane.

Go with renting, try to find a club
Or find a good partnership with 2-4 more people so the cost isn't all on you.
 
Rental, high variable cost, low fixed cost

Owning, hgh fixed cost, lower variable cost
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To which I would add:

Multiple ownership, lower fixed costs, lower variable costs.

If budget is an issue at all, and if you don't have a solid profit related reason to fly, then some form of multiple ownership is the only way to fly IMHO.

Even the smallest general aviation airplane can generate far more hours than most people want to fly, and even the smallest general aviation airplane has high fixed costs just to keep the airplane airworthy, even if it is never flown.

Some sort of partnership or ownership club is the way to go for most GA pilots. There is NO comparison between renting from an FBO and any sort of true ownership situation.

When you rent from an FBO you control nothing. The airplane may or may not be actually available when you schedule it. Maintenance may or may not be performed to some standard. Equipment may or may not be working on a given day. The last pilot may or may not have trashed the interior. The last annual may or may not have been pencil whipped. If you have to invest in a multi-hour checkout for insurance purposes, then there is no promise that the airplane you checked out in will still be available for rent. When you rent you almost always have a minimum daily charge, and the hobbs meter is almost always connected to the master switch.

Renting airplanes really sucks, except possibly in one of the few FBOs that actually takes some kind of pride in their rental fleet, and these FBOs charge a lot because it takes a lot to keep a rental fleet from deteriorating into junk quickly.

When you have an ownership interest you fly the same airplane or small set of airplanes all the time. You have a voice in the maintenance, a voice in the scheduling, a voice in upgrades, no minimum daily charge, and you can and should participate in the ongoing maintenance of the airplane.

When you have an ownership interest you know the plane isn't going to just disappear from your ramp one day with no notice.

I can see renting airplanes for specific purposes, such as training or experiencing a new type of flight. That kind of short term useage makes sense.

For routine GA flying on a budget multiple ownership is the only way to fly.
 
"Some sort of partnership or ownership club is the way to go for most GA pilots."

:yeahthat:

I'm in a group of 16 around 2 aircraft. Very affordable for me, and very rare that someone has the aircraft scheduled when I want to go fly for fun.
 
AggieMike88 said:
"Some sort of partnership or ownership club is the way to go for most GA pilots."

:yeahthat:

I'm in a group of 16 around 2 aircraft. Very affordable for me, and very rare that someone has the aircraft scheduled when I want to go fly for fun.
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I belong to a club with 50 members and 4 airplanes. A C-172N, C-172P, C-182P and PA-28R-200. In the 13 years I've been a member I've been unable to fly due to lack of available aircraft exactly once. I've flown something other than the plane I originally had in mind a few times, but that's no big deal. With the hours I fly each year this is far less expensive than owning.
 
I the only thing i could think of worse than renting would be being in a partial ownership situation. It's like the worst of both worlds.

If you're using a financial spreadsheet to figure it out... rent.
If you want a plane because you're anal and can't agree on pizza toppings with another human being and don't really care what it cost. Buy one.
 
Love owning my own airplane,I maintain it to my standards .I do rent when my plane is in Florida and I am in Boston or vice versa.with a rental you usually get what you pay for.I do fly 130 + hours a year so owning makes sense to me.
 
IMO you need one of these two before you debate buying.

1) you need to be a pilot and "airport bum" for at least 1-2 years, have well over 100hrs flight time

2) you need to have a family member to guide you that meets #1

After you meet 1 or 2 you'll know the answers.

I own my plane and love it, my buddy just bought a plane to learn how to fly in, we both fit the above criteria though.

Seen others that don't meet #1 or #2 get eaten alive in the ownership game.
 
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Remember when you rent you aren't just paying for the privilege of flying you are also paying for the privilege of giving the plane back when you are done.
 
I've had it this way:
I can rent a C-150 for $125/hr and hope it's available when I want/get to fly, or I can Fly my very own PA28-180 for $60/hr, plus gas, and it's allways available when I'm ready. Or I can fly my very own AA-1, for about $35/hr plus gas, or my very own Cherokee 140 for about $50/hr plus gas.
This is actual rate for what I can currently rent vs aircraft that I have owned.
A doggy 172 rents for about $150-$175/hr, an nice glass 172 goes for ~$200/hr, a plain jane 182 is over $200. But it's not much good for just "toodling around" (unless you rent it) and for a 2 hour flight for an over nighter will cost you 4 hours rental, per day. A Grumman tiger rents for about $270/hr. Now if yer only flying 1 hour per year, I'd say rent.

As an owner I know just exactly who flew it last, and how that person treated it.
I also know what was done at last annual, and What needs to be done in the future.
My insurance is way less expensive than that of the rental fleet, thus lowering the cost somewhat.
I prefer ownership over rental because I can fly when I want to, without having to schedule a week in advance, and hoping the wx will cooperate. As an Owner I can get a "window" in the weather, and utilize it to get in a few t&gs on the spur of the moment.
 
Capt. Geoffrey Thorpe said:
Rental, high variable cost, low fixed cost

Owning, hgh fixed cost, lower variable cost

It costs me a lot more to own, but if I had to rent I wouldn't fly much (if at all) because when I do get a chance to go for a ride it's a spur of the moment decision.
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This.

With my work, I had a difficult time scheduling flights. When I had the chance to fly (unexpectedly, usually), planes weren't available.

But it costs. But the availability is worth it to me.
 
No matter what anyone has stated, the is an old adage my father once shared; If it races, flys, floats or fornicates, it is cheaper to rent.

I guess that is why I have 5 race cars, 2 boats, 1 plane and 1wife. Proof once again, kids don't listen to their parents.
 
bluerooster said:
I've had it this way:
I can rent a C-150 for $125/hr and hope it's available when I want/get to fly, or I can Fly my very own PA28-180 for $60/hr, plus gas, and it's allways available when I'm ready. Or I can fly my very own AA-1, for about $35/hr plus gas, or my very own Cherokee 140 for about $50/hr plus gas.
This is actual rate for what I can currently rent vs aircraft that I have owned.
A doggy 172 rents for about $150-$175/hr, an nice glass 172 goes for ~$200/hr, a plain jane 182 is over $200. But it's not much good for just "toodling around" (unless you rent it) and for a 2 hour flight for an over nighter will cost you 4 hours rental, per day. A Grumman tiger rents for about $270/hr. Now if yer only flying 1 hour per year, I'd say rent.
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Where are you paying those prices?
 
Hi All,

I've always appreciated going to my aircraft knowing that it was just as I had left it. I also knew how it had been treated and how the engine had been handled. I could track certain things like oil and fuel consumption that can often be early warning signs of trouble ahead.

Cheers
 
I've owned for almost 3 years now. Cheaper? Not really when looked on a spread sheet - and I fly a lot. But it's like the MasterCard ads: the accessibility, the joy, the satisfaction, the pride, piece of mind - priceless.

Another thing - maintenance is not something you always have to deal with immediately, making owning an aircraft much more adaptable to the ebb and flow of funds. With renting, you're paying for the maintenance after each flight. Many little squawks that develop can be deferred to the annual, or just ignored until you can't face it anymore. With my 60 year old twin it could be financial strains for a period with big items, then there could be 200hrs of flying without a single squawk and where you'd just put fuel in.
 
Ten of us own a 172 together. We are true partners, not a club. The best thing is that in the 4-1/2 years since I bought a share, three of the partners have not flown at all, and only three of us fly more than once a month. I fly once or twice a week and it's almost always available. They don't fly, but they pay their hangar, insurance and maintenance bills every month and they're a bunch of fun, good people. We are pretty good about coming to agreements on upgrades and maintenance. We have bylaws, as well as online scheduling. It's worked well.

The best thing about owning - partner or outright - is that when you roll the hangar door open, it's your plane in there. It's clean, you know how it's being flown and maintained, you can take it all day and only put .9 on the clock and not pay for two or three hours, you can schedule it but then cancel for any or no reason and not be penalized. And you can decide on a whim to pop over to the airport in the middle of the evening and go up for some night flying.
 
RENT:
Cheaper most likely
No capital tied up
Easy to switch when a plane is in maintenance, etc...

OWN:
Always available to you
You can leave your stuff in it
No club/FBO rules
No other renters beating the hell out of it
Absolute control over maintenance.
 
Threefingeredjack said:
Exactly the same as owning or renting a car. Except that it is easier to schedule a car in most cases, and the cars you rent will be brand new.
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-- and more available

((not so many FBOs dabble in aircraft sales like in the old days, when ramps were full of new airplanes, just like at a car dealer. Now, many rental planes go first to students, and then -- only if the day's schedule is clear -- are they offered to the non-student requesters))
 
oldShar said:
Now, many rental planes go first to students, and then -- only if the day's schedule is clear -- are they offered to the non-student requesters))
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Hmm, I've never heard of that. Where is this happening? It must be a more "formal" school, perhaps 141-only, that focuses just on churning out students. My experience with FBO's has been that the scheduling is all done by the renter, and if the time is available you can have it, no matter what your purpose may be.
 
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