Real Cost of Ownership: Getting the financials ready

A

Apache123

Line Up and Wait
Joined
Aug 3, 2011
Messages
546
Location
Lake Forest, IL
Display Name
Hey, Steve!
Home Airfield
KJOT/KUGN
Did you try going to BOFA direct since they are the money behind AOPA loans?your prices seem a bit high ,I feel your pain.
 
As someone who is considering a first buy, I really appreciate your blog
 
I lined up a hangar prior to bringing my bird home. Off hand I don't remember if I had to pay one or two months hangar rent ($400/month) in advance. Just another little money leak.
 
Brings back memories of my purchase.....

You provide a good post with info for others to see and help in their quest for ownership.

Lets add in air fare to get to the plane, in my case Delaware to Texas for two since my Bride wanted to go with me. I guess there should be hotel costs, car rental and food money too.

The only comment on your post I question is the annaul cost along with the pre-buy cost. In reality it's one or the other. I decided on a pre-buy by a third party that I picked and that was very well versed in the beechcraft line. I flew the plane home to Delaware and had the annual done when it came due by the A&P that maintained the club plane I was flying for a few years. No big surprises at annual and we have lived happy ever after with our purchase.

Good luck finding your Piper Cherokee Six!!
 
I often get questions from starry eyed pilots about Fat Albert The Apache - Say, how much a year does it cost you to operate your plane?
My standard answer is - Since you had to ask, you can't afford it.

Now, that is not being snarky - it's the truth.
They only ask because they see an old plane that sells for dirt cheap and suddenly think they have discovered the hidden secret to affordable flying (in a TWIN yet)
Fat Albert starts good, runs good, and is reliable because?
Money, and lots of it.
 
*sigh* I'm shopping for a -6 too. When I read your last blog post I said to myself "he needs a -6." :) Now I've got competition for the cherry plane... but not if I find it first! :D

In all seriousness, good luck on your search. I'll be following closely, as I'm honestly a little bit behind you in the purchase timeline, but I am looking for exactly the same thing you are. And love the -6 pron in the latest blog post!
 
Question: Why annual + pre-buy up front? Why not just annual?
 
frfly172 said:
Did you try going to BOFA direct since they are the money behind AOPA loans?your prices seem a bit high ,I feel your pain.
Click to expand...

This is an interesting one; yes I did! Lately the Bank of America has a policy of not lending on the older aircraft as much, but it appears that if you go through the AOPA they do.
 
Question: Why annual + pre-buy up front? Why not just annual?
Click to expand...
Never bought a plane, but it seems to me you can start with a pre-buy, look for major deal killers, and if all is well do everything else to make it an annual.

That saves some money if major squawks show up.
 
Derek Zeanah said:
Never bought a plane, but it seems to me you can start with a pre-buy, look for major deal killers, and if all is well do everything else to make it an annual.

That saves some money if major squawks show up.
Click to expand...

That is pretty much how I have handled it in the past, I never try to nickle and dime the seller, but I do want the shop to look for deal killers early in their process. ;)
 
N747JB said:
That is pretty much how I have handled it in the past, I never try to nickle and dime the seller, but I do want the shop to look for deal killers early in their process. ;)
Click to expand...

We started with an annual, but instructed the mechanic to look at a few key areas first. Sent a few frogs home.
 
What is the cost of not flying? Not owning a plane, and not being an aviator?

If you are that concerned about money turn in your medical and PPL. Think of all the money you'll save!!!!!
 
Geico266 said:
What is the cost of not flying? Not owning a plane, and not being an aviator?

If you are that concerned about money turn in your medical and PPL. Think of all the money you'll save!!!!!
Click to expand...


Really, that's all you have to add?

I don't think the OP was bitching about the cost as much as providing some insight for others. Lighten up a bit.

At times this board reminds me more and more of the AOPA forum.
 
Geico266 said:
What is the cost of not flying? Not owning a plane, and not being an aviator?

If you are that concerned about money turn in your medical and PPL. Think of all the money you'll save!!!!!
Click to expand...

The cost of not flying is hard to imagine. I think that this one guy a few years back got it right:

"For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and there you will long to return." Leonardo DiCaprio or something.
 
Geico266 said:
What is the cost of not flying? Not owning a plane, and not being an aviator?

If you are that concerned about money turn in your medical and PPL. Think of all the money you'll save!!!!!
Click to expand...

Uh, what gave you the idea he was THAT concerned about money? He hasn't even called me names for not buying mogas!:D

I am very concerned with money. That is the only reason I have enough of it to support my flying habit. And it is why I fly a 1977 Cessna 172 instead of a Corvalis.
 
Geico266 said:
What is the cost of not flying? Not owning a plane, and not being an aviator?

If you are that concerned about money turn in your medical and PPL. Think of all the money you'll save!!!!!
Click to expand...

whoosh.
 
You must log in or register to reply here.
Back
Top