things to consider when purchasing

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timrev8

Filing Flight Plan
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Tim
I am starting the process of owning and wondering if my small list of initial expenses is accurate

insurance

register with FAA how much roughly??

pre-buy inspection

cost to fly her home

arrange for hanger space

thanks for the input guys
 
Registration fees are tiny. Not something to worry about in the grand scheme.

The other things I would consider would be transition training (fuel and an instructor for a few hours - enough so you are comfortable) and a set-aside for new, old-airplane maintenance. You'll probably find surprises before the next annual or at the next annual. 10-20% of the purchase price is a reasonable set-aside for those things, but may be high or low - you won't know for a year or so. ;-)
 
Sales/Use tax?


After the purchase watch out for the temptation to add all the toys.

Which is more important to you? Will the flying be better with glass? Will the glass help keep you out of trouble if you fly in complicated airspace?

And watch out for the peanut gallery giving you the "while you are at it"...
 
I just purchased a new plane about 4 months ago, and here's a list of some things I have spent money on since then:

New insurance (twice the old insurance cost, as this one is a complex plane)
Hangar space (kept my first airplane on a grass strip for free)
Increase of car liability insurance to $300,000 (required by my airport)
New spark plugs
Garmin GPS updates
New tires
New ventilation ducting
New landing gear donuts
Headsets
Handheld radio
Laminated checklists

I'm guessing that by the time I've owned the airplane for a year, I'll have spent 20% of the purchase cost, as Kyle indicated. Note, however, that I didn't absolutely have to replace any of the items I mentioned in order to make the airplane flyable, so some of this is an owners own personal preference for upkeep schedule.
 
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Airplanes... There is no way to imagine what you may have to spend money on lol. Headsets for the plane if you're going to have passengers, and you will. Cleaning and detailing supplies. What ever mods and personalizations you decide you can't live without on the flight home. A new wing because the prebuy missed the rotten spar and now that you hit some turbulence you have a kink in the wing.... New tire because that first solo landing at your home field? It didn't go too well.

As for the list of knowns, you did pretty good with yours. Just understand that's going to grow and you are susceptible to jackpots that could make the plane worthless tomorrow.
 
Get a full annual inspection by YOUR MECHANIC as part of the purchase. Still, the first annual after that may still be a kick in the teeth. It is just a huge wild card. $4K - $6K, or more is not unusual depending on the type of plane.

What are you considering?
 
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