Update on my low cost ownership experiment

[psween]

Some of you may remember that I pulled the trigger and bought a 150 over the summer. I entered into a unique partnership in which my partner will keep the airplane in Wichita for 4 months of the year and I will keep it in Minnesota the remaining 8 months. This is due primarily to me living on a grass runway that we don't clear in winter, so the airplane would have to be moved elsewhere or parked for those months anyway. In any case, here' s some numbers for those thinking about airplane ownership. Purchase price $12,750 (of which I paid $8500, 2/3 share). Insurance was $475 for the first year, with both partners having zero 150 time. First annual was $637. Replaced one fuel sender for $375. I'm burning an average of 5.2 gph over the course of the last 3.5 months. I put in 35 flights, 48 landings, and 20.0 hours in that time. Without going ultralight or exp. I don't think it's likely possible to get much cheaper ownership. It may not be the best route for everyone, but for me it's the best decision I've made in a long time. Should have done it sooner. Now the waiting until I can pick the plane up in April, or as soon as the snow melts off my runway.

Patrick

 

[Jake]

Hey that all sounds great, thanks for the real world numbers!

 

[weilke]

There is no cheaper way to fly than a 100hp two seater in a partnership. Cheaper than a jet-ski.

 

[luvflyin]

How did you and your partner find each other. I've looked for a partner kind of like that for a long time. I'm a snowbirder, up north in the summer and down south in the winter.

 

[Let'sgoflying!]

Yes; good numbers, thanks.
Do you pay 2/3 1/3 on maintenance and service?
And when a big item is due like ADS-B or engine overhaul?
I miss my 150.

 

[rocketflyer84]

Nice.

IMO it's important to also factor in reserves for future expected expenses to get the best idea of what the plane is actually costing. I.E. estimated time till engine overhaul / expected cost = your "engine fund contribution" for each hour of flight.

I know a few partnerships that take this approach in charging themselves "rent" on airplane use so when big expenses come up the money is already set aside in reserve funds for the plane. Others just don't care and don't mind whipping out the chequebook for 5 figured expenses.

 

[GRG55]

...I miss my 150.

The Vike is proving too spacious is it?

I learned to fly in a 150 in the summer of 1974 and those are still some of my most memorable rides. After I soloed I used to take it up, dispense with the Cessna curriculum, and spend the hour alternately "struggling for altitude" then spin it, and do it all over again. I think the oldest 150 in the school fleet was only 5 or 6 years...those were the days.

 

[Let'sgoflying!]

I learned to fly in a 150 in the summer of 1974 and those are still some of my most memorable rides. After I soloed I used to take it up, dispense with the Cessna curriculum, and spend the hour alternately "struggling for altitude" then spin it, and do it all over again. I think the oldest 150 in the school fleet was only 5 or 6 years...those were the days.

My experience exactly, in 1976/77/78

 

[KaiGywer]

Sounds like a blast. On a related note, I looked up 7MN3...and turns out you're right next to a friend of mine who lives in Spring Valley.

 

[Matthew K]

I know a few partnerships that take this approach in charging themselves "rent" on airplane use so when big expenses come up the money is already set aside in reserve funds for the plane.

I plan to do this when I purchase my first plane. That way I'm more aware of how many hours I'm flying and when a big expense does come most of the money is already set aside for it.

 

[DFH65]

Nice.

IMO it's important to also factor in reserves for future expected expenses to get the best idea of what the plane is actually costing. I.E. estimated time till engine overhaul / expected cost = your "engine fund contribution" for each hour of flight.

I know a few partnerships that take this approach in charging themselves "rent" on airplane use so when big expenses come up the money is already set aside in reserve funds for the plane. Others just don't care and don't mind whipping out the chequebook for 5 figured expenses.

I see this in a partnership and planes aren't cars but lots of people by 12K cars run them till they stop running sell them for whatever they can get and start again. Sadly a 20k investment in a 150 has to be thought about long and hard.

 

[Jake]

I see this in a partnership and planes aren't cars but lots of people by 12K cars run them till they stop running sell them for whatever they can get and start again. Sadly a 20k investment in a 150 has to be thought about long and hard.

So when I see these under 15K C-150s how likely am I to be looking at a $10,000 bill to get it into shape?

 

[psween]

Depends on each situation, but we aren't currently setting aside a reserve. We have a half time engine with 4 new cylinders 500 hrs ago, so anything could happen, but we agreed to split expenses 1/3-2/3 except for direct operating costs (fuel and oil changes). We lucked into a very clean 150 that wasn' being advertised for sale, no surprises so far. I hadn't planned for a partner, but my friend found the plane and suggested this arrangement since he wasn't in a position for sole ownership. So far, so good. ADSB we'll deal with only when the deadline looms, probably with a stratus transponder. For us, even factoring in a reserve for overhaul and a few thousand for unforseen expenses, we're at about $55/hr total.

 

[rocketflyer84]

So when I see these under 15K C-150s how likely am I to be looking at a $10,000 bill to get it into shape?

Not necessarily day 1, but there's generally a reason if an airplane is priced really cheap and that reason typically has something to do with expected costs that exist on the horizon that were put off by the previous owner.