REAL airplane ownership costs - Piper Malibu Mirage 

I have a well-kept 1985 Malibu. I’ve owned it for 6 years now. I would say that your non-annual maintenance costs are about right (I average about $6k between annuals). In six years, I’ve never seen a $10K annual. My lowest was $20K. I do take it to a shop that specializes in PA-46s so that may be part of it. These aircraft tend to eat cylinders (mostly exhaust valve wear), so I think you will need to plan for that. Every part on these aircraft are priced to the new ones coming off the line, so they are extremely expensive (e.g., heated stall warning switch is $6K and you need it for FIKI certification. The heated windscreens don’t last that long and they are a $35K to $40K item installed, etc). Do I love my Malibu? Absolutely! For what they do, they are cheap, but they aren’t cheap if you understand what I’m saying. I fly about 250-300 hours per year to put these numbers into perspective. Maybe you can do yours for cheaper, but just wanted to provide some additional real world data.

Thank you for taking the time to share real data and personal experience; both a super valuable for those of us considering a similar endeavor.

Great video! I've been considering upgrading to a Malibu & you've given me great data points.

Quite the eye-opener. Really interesting to hear a clear answer to a very specific question

Excellent video. I really appreciate your thoughtful analysis.

Excellent breakdown, thanks for taking the time to make and share it. so year 2 onward you expect ~350/hr @250hrs/yr including reserves. Not bad, I pay more than that rating an SR22.

Appreciate the transparency! Love this plane!

I've heard from A&P mechanics that if the plane is well kept and maintained in non-humid environments, you could probably fly waaay past TBO. It's really nice that you calculated within the manufacturer's recommended though, a good safety buffer for the wallet for sure! Great video!

Great video and I get to enjoy seeing how Austin Exec has grown from the old barn at Birds Nest Airport where I used to park my Cherokee back in the 1990's and living in Pflugerville.

Appreciate the detailed breakdown. That first year is a killer as most owners will find out. Insurance does get lower as you build more time. Mine dropped by 30% in year 2. Approaching renewal next month so fingers crossed.

This was certainly helpful. Currently considering the Malibu as my next aircraft I feel storage will be a pain on my neck of the woods. SE FL

Great analysis and great video presentation. One nitpick - I think more valid analysis of overhaul is $100K/1800 (estimated tbo) - $55 hourly, as this brings your plane back to its hours on the engine currently in place. (You wont need the next (second) overhaul in 800 hours, but it will be 2,000 hours (I'm adjusting to 1,800 hour tbo). Hope you keep producing awesome videos!

Great information, many thanks!

Thanks for the breakdown.

Great content! It would be great to find this type of into on a lot more aircraft. I love the Mirage and would consider it a perfect upgrade to Bonanza N923T. After watching, I still think it’s a great option… with 2-3 partners. 😁

Good general cost of ownership (maintenance, operating, and storage) costs. The “economists” critique of not including acquisition cost may have validity, but if we were to really include all true (opportunity) costs, we probably would own our own airplanes. It is difficult if not impossible to quantify the value of convenience, and pleasure derived from aircraft ownership and operation.

I'll shed some light onto this topic a little. Purchase prices makes complete sense, absolutely, if it's clean. Hangar, I'd say a quality hangar, big enough to fit the Malibu wing span, and safe enough to actually use is about $1200 a month average. Insurance actually a bargain, 18k for a 550k hull value with 300yr inexperienced pilot? Amazing price, it's roughly 12kna year on average, ATPL rated, similar hull value. Annuals, 10-20k a year min. 250hrs a year flight time? damn, I wish I had the free time. Avg about 100hrs in it. Random repairs and avionics upgrades, interior upgrade, washing, detailing, id say on the 100hrs avg, around $700 an hour. I recommend joining the Malibu Pilots Association. Avg cost runs from 700 low end to 1000, depending on what stage of life the plane is in. Also remember high chance it'll need a top end overall mid life, or closer to end of life. Bottom should be happy for like 3k hours on condition if flown well.

I have a 1995 Malibu Mirage. I don’t have insurance and I’m about 600 hours past TBO. I live on a farm so I keep it in a barn and I use the long driveway as my airport. My hourly costs are very reasonable.

Thanks that’s exactly it. Each plane frame and engine. Lightbulb moment.

Gulp. thanks for the breakdown. excellent video! So I know its personal, but I'd like to know if its WORTH IT ? especially considering you have to drive an hour to reach the airport. just subscribed.

Thanks for the transparency. Perhaps the most amazing thing is your wife signed off on it all, you are a blessed man. As an IA, I recommend my customers to overhaul their engines based on condition, not TBO. You may be able to get more than 2000hrs

Thanks and good job.

The aircraft looks great with updated Avionics. Hopefully you have Garmin AP to help with a workload.

I fly N464LB it is a 1993 Mirage. Your costs are very accurate, location would very, for instance, I live in Europe and here everything is basically more expensive. Just two comments, make sure you understand your annual maintenance costs, they can go up very easily if there are items you need to do due to aircraft age. I also add a paint job some years ago, not only it does look better but it took good care of the metal frame. Fly safe.

Ouch ! Thanks for info. I use swags too ( scrum / agile )

Pretty sobering numbers, thanks for sharing.

Thanks!

Thank you so much

That's an eye opening breakdown. Thanks for sharing! Congrats on the new plane btw.

Really good detail and transparency. Are you able to fly LOP? That may give you a better shot at TBO? I've heard the Lyc is not as happy as the IO550 LOP.

What about prop life? Pressurized, retractable, 6 seater and $6k/year? I hope I'm wrong, but that seems really low.

Great video! But it takes you an hour to get to Austin Exec?! What part of Austin are you in? Are you avoiding the tollway? 🙂

Do you have any idea for what kind of break on insurance you are expecting? Have you talked to other pilots in a similar situation on year 2 insurance costs?

How expensive is a TBO on the piper 500 ?

Very good breakdown Mr. Love! If anyone needs any help with buying/selling, I'm VERY prevalent in the PA46 market!

What model and year cirrus did you fly previously. What made you transition from a cirrus to piper and what other types where in your top three before buying the piper

Random question? I currently fly a B36TC but have been looking at Malibu mirage for a while to upgrade to but I've never flown in one to be sure. I'm in Fort Worth, would you be interested in letting me fly with you? Just want to verify that this is the plane I want. Fits my mission for my family perfectly. I bought my B36TC with a plane partner without flying in it first except when we were going for the prebuy inspection and he already had his heart set on it and I gotta say I'm not that big of a fan of it. I trained in a Piper archer, flew a Cirrus for my IFR training and have flown in a few other airplanes including multiple piper types and for some reason Piper aircraft just speak to me (though I do love cirrus too). Can't figure it out but I just feel more comfortable in a Piper. Anyways would love to fly with you one of these days just to verify that I actually want to fly in one in the future. I'm a 300 hour pilot as well.

I'm considering buying one and selling my PA32R. What insurance company did you use? I'm in the same situation than you. No pressurized, but complex, 200h...

Great!!!!!!

Nice breakdown…..

Any update on insurance?

I'm assuming these are personnel costs just to fly the plane. However, would this be your calcuations to consider the costs for a client. Profit ? etc... I'm not a pilot so my question is this. Do people spend this much just to fly for personnel satisfaction or do most people do this with intention of getting a clientele in order to pay the plane off. MSFS and Navigraph is now not so expensive afterall :)

How tall is the guy sitting right seat, at the 7 minute mark. Im 6ft8, flying a cirrus and wondered if this airplane is tall friendly..

How do you like your Malibu? Do you recommend it? Thx

its been a year now - how did your estimates hold up so far? A updated video would be great.

What was your your year 2 insurance.

I have an Aerostar. I figure it’s $650 an hour hard costs including fuel, to fly her for 100 flight hours, minimum a year (w/o TBO costs for 2-350hp turbocharged engines)…. Or, $42,200.00 for one flight hour for the same year…. Not including anything for the price of the airplane 😫…. I should sell her and start golfing more… 😳

Curious why opportunity cost of capital isn't included. If your plane costs $535K and you can make for example 10% on that in the S+P 500 (historically) then add another $53,500 in cost per year of ownership. Is that part of the math ever?

dang that's expensive for hangars. SoCal hangars are about 250-300

if the plane is paid for are you required to have insurance?

This video makes me sad, I should have stay in the military and fly. I cannot afford GA with something that fits my mission. ughh good video

You have a spot at austin executive for $350/mo?!

So that's less than $1.50 a mile in your second year if you fly 250 hours. I remember years ago my Piper Lance was about 75 Cents a mile.

Kinda sums up that you need to be a millionaire to run one of these planes to stay comfortable

you're overpaying for an annual. That's ridiculous! Maybe the first annual but if it's regularly maintained by the same A&P it shouldn't be that much. Bring it so Mountain View Aviation at REI outside of LA. He's done some Malibus before

Sr-22 or M350?

Are you an IFR pilot?

Ballpark what are you making a year?

I can't even afford the fuel cost per hour, LOL

Amendment to my last comment : intended to say “we probably would NOT own our own airplanes

So if you put $500 per flying hour into you aircraft account, you should be ok, ish.

The real cost is everything you have 😊

Hit me up if you're ever in Waco, TX (ACT)! I'd love to buy you lunch or coffee and pick your brain. I am looking into getting my private pilot's license.

So, you "Skipped" purchase costs? Well, unless someone "Gifted" you that plane, that was an Error! It IS a part of the "Fixed Cost Calculation" even if it is "Hard" to choose How you will do it! If you paid "Cash", the money you used to buy it, is no longer available for other activities, or Investments, so, there is an associated "Opportunity Cost" there, at least! Of course, it is "Easier" to identify the Purchase Cost portion, if it is Financed, or Leased with a Buyout option at the end. Plus, operating costs go up with greater use, but per hour fixed costs go down with greater use. There is no "Simple" formula, but it's kinda like the ratio of Interest versus Principle, on a Note or a Mortgage. Or, you could say, there is a certain point, like the flight equivalent of "Lowest Energy Consumption" such that either side of that point, requires more energy, as to per hour use costs, going from 10 hours per year, to 20 hours per year, might be a greater difference, than going from 100 hours per year to 200!

Guy doesn’t make sense