I own a 1976 Grumman Cheetah free and clear, $50 tie-down per month and it's a no-brainer as far as get-in-and-go, no partners and always ready to go. Have to make sure and fly her at least twice a month to prevent any cylinder corrosion issues with our Houston humidity. Really not much more than if you had a classic car in the same area. Good video.
Don't forget about engine reserves. If you're flying 15 hours/month and your engine has about 900 hours left that's 5 years away. Engines cost about $30k to overhaul and reinstall. So set aside another $500 a month for a new engine in 5 years.
it will actually minimize your costs since it would be more hours flown. its done by average hours flown not all these expenses are actual, some are accrued. but you are paying just in case a situation would arise
James Perez very true; it won’t reduce your “consumables”, but half the annual, the insurance, the maintenance reserves, and the hangar? That’s huge savings!
I owned a 74 C177B that I had for nearly 16 years - engine overhaul and upgraded avionics, if you could call it that in the 70's-80's. 2500 hours+ and was one of my favorite planes. There was a drastic difference between the A model and B model. I felt the C177A was WAY underpowered. Would never have taken 4 people in it. Cessna changed the wing and went to the 0-360 - 180 hp constant speed prop in 1970. Great visibility sitting almost even with the leading edge. Big barn doors to get in and out. Thought it was a great plane for what I used it for. Next plane was a Cessna 182 T RG. While considerably more costly for fuel and annuals, it was without doubt, the sweetheart of planes. Absolutely loved it!
I have the Cessna 177 a model and it is way under powered I agree with you but that plane would do great with 180 hp in it. And that’s what I’m thinking…
I put in the annual cost at your figure, and divided by 12 comes to a monthly cost of 1274. I'm not trying to be a hater, but I believe this figure needs to be corrected, or mentioned, along with the expense of the overhaul at TBO. If one figures the cost of the TBO, then divides and adds that to their monthly cost, I believe you'd get a more accurate cost per month. Another way to offset these costs, may be to lease the aircraft to a school or a private instructor. At the fbo where I'm at you could lease the aircraft to the school, which also gives flight tours. If someone had, let's say a Cessna 182 or a Piper Cherokee 6, that has a little more horse power and seat placement, it could be used as a tour aircraft. 182s are really good for this. It allows the passengers to view the ground in flight. Just food for thought. Good vid.
Mark Sill Thanks Mark! I know doing accounting can get really tricky with airplanes and I tried to keep everything at a very high-level because at my figures if you add it in the annual it comes out to pretty much the same as renting but there is the cost of ownership and the general pride of ownership that’s why I asked what does it or what is it worth to you to own an airplane so my figures may not be exact but they are very good at a high-level to give people an idea of what to expect and I actually spent much more than I thought and with my upgrades and I’m planning I’m going to have about $50,000 total in the airplane,But at the end of the day it’s my airplane and I take incredible pride and I have an incredible amount of joy in owning it. Thanks for watching!
Couldn't agree more. Pride of ownership. That's why I don't lease my vehicles, I own them. LOL. I was just contributing. I'm still working on my private pilot, so in no way am I an expert. That's why I like your channel. I almost 60. But I still want knowledge, experiences, fun, and knowing I can still set goals and accomplish them. Keep the blue side up.👍
@@marksill8020 I'm 62 thinking about getting my private pilot license, maybe even go commercial as well. How realistic is my goals? I would like to fly mission trips for organization who need a pilot. Can. I do this with just a private license or do I need commercial. At 62 would it be worth it? Anyone care to respond? Thank enjoyed video.
@@jerseycowboy1 you can very well do this. No, I wouldn't just do a private pilot. If you are to receive any kind of compensation, you should do a commercial. They use to have another kind of rating called an ATP (Airline transport pilot), but that seems to have gone away. If you're really serious about it, and can afford it, I'd invest in a Cessna 182. But the ones with retractable gear. Cessna doesn't seem to do very well in that regard. Also, get one that's IFR certified. That way, you'll not only have an aircraft that's rated for what you want to do, but it has a really good useful load rating. And, all the training you'll be doing will be in the exact aircraft you'll use for your missionary work. So you'll know plane inside and out.
Just joined the channel and enjoy it. Maybe I can be of some help to some of you considering it. I am one year into ownership of a Mooney M20J, 1978. The best decision I made was having a good partner. The renting vs. buying question comes down to how much you fly and your personal expenses. If you rent, you are only paying for when you use the plane. If you own, you have fixed cost no matter if you fly or not. Our Mooney cost much more to purchase, but it is fully updated glass and engine was newer. So outside of that, the fixed cost on an annual basis are: Annual $2,000 (and there is always something to add to that - it is a complex so they cost a little more), hanger is $3600 year (single hanger, indoor), and insurance is about $2,000 year, XM and other Avionics Data Updates are $600 year (or so). Variable cost include fuel, oil, and other issues that may come up (and they will). We charge ourselves $35 per hour (engine wear and oil changes) plus fuel cost around 10 gallons an hour ($40 to $50 per hour). The fixed cost are all split and each month we look at our tach that we each flew and add that to our monthly fixed cost. I fly about 60 hours a year and partner about the same (a little more). Is it worth it? Yes, because I can afford it, I don't have to fight to rent, and I love owning it. But like any hobby, it cost you - you are not going to really save money. If your budget allows, own and get a partner or two - but I wouldn't go more than that. We have only stepped on each other schedule one time in the last year. It is rarely a problem. Ownership allows me to keep the plane for several days and I don't run into a problem of trying to get the plan back to the flight school. I could own the plane without partner, but the cost simply isn't justified unless you can really get over 100 hours per year. Just my opinion.
StevieD and AshleyC That’s exactly right and I am flying about 120 hours a year, when I move onto my next plane it’ll be a step up and then I’ll probably get a partner. Thank you very much!
Expenses very so much by region. I am in central Texas. My airplane is a basic vfr Cessna 172. 80 month for hangar. 60 month insurance. Annual is 750 to 900 a year. 125 biannual transponder check. Surprise maintnance has been less than 1000 a year. Best advice I can give is save the money for an airplane. Don't finance if possible. And buy the airplane that will meet you needs long term.
Hello over 50, I too am over 50 and just getting ready to get started on my ppl. I stumbled upon your videos and so glad I did. I like the info you're giving, I also plan on buying my own plane sometime next year and your videos are a really great help. I'm now a new subscriber and looking forward to more of your videos.
You guys are so young. I just got my PPL and I am almost 70!! A plane changes your life big time. Your play zone increases dramatically from say a 100 mile circle to 400 miles! Although my health is excellent I don't think I will be flying past 75 and I am still going to buy my own plane! When your under 60, don't even hesitate, buy a good plane you can trust!
I really appreciate these videos, Ted. The quality and content are both great. Thank you for taking us along with your personal journey, for encouraging us to "go for it", and even sharing the financial information. I am a (very) rusty pilot in the process if renewing my certificate and, hopefully, purchasing a 177B as well. If you do find yourself selling yours this (2020) year, perhaps we could talk. Would it be possible to see any of your IFR journey to certification? Good luck with your Commercial rating, and . . . All the best, Ross
I don;t know if I want to sell my plane just yet.... :-) I am just putting together the next program which is "Getting Your Instrument Rating" - should be up in a few days- thanks for watching!
My private pilot's licence has expired as I had to divert the cash to my twin son's education. If I ever revalidate it would be a dream to have my own plane. At the club where I learned to fly there were quite a few groups where the members shared ownership and paid a nominal sum for each hour that they used it. Sadly, the feedback I received on this method was not good as some members left the aircraft interior in a mess and didn't always leave it full of fuel which was the general rule. I was lucky to gain the trust of a couple of fellow PPLs who were happy to let me hire their aircraft so I always had a plane available after a quick phone call. I retained their trust by treating their planes with respect and it helped them cover the cost of keeping it. So, the message I'm trying to convey is to find a few responsible fellow pilots who don't have their own planes and hire yours out at a reasonable cost.
Alan Simpson True that would be fantastic and my last partnership was actually like that. I’m looking for someone in the area who feels the same way to partnership in my plane. Thanks for watching!
I break down my costs by fixed and variable - I'm a CPA. This makes it easier to justify flying a lot as it brings down my hourly cost. :-) I find I'm lucky if I can fly 50 hours per year which makes it hard to get my hourly rate down.
@@Over50andLearningToFly I have a number of clients who are able to deduct their aircraft or flying but it is hard unless you have a valid business purpose like visiting customers. The IRS has pretty specific rules on deducting aircraft - not necessary negative but specific. A popular deduction is you are allowed to deduct currency flights if you need them as a professional pilot. For example, I have a check ride examiner who needs to be current in a number of aircraft/helicopters. He is able to deduct flights that might feel like personal flights. Of course it needs to have economic merit. I personally don't deduct any of my flying even when taking clients flying which might qualify. Angle Flights qualify as a charitable deduction. I have never had a client take the deduction but I have known pilots at the airport that have.
Mark Gunnison Well in doing my taxes this year the accounting firm that I use actually allowed me to deduct my airplane expenses for this RU-vid channel as well as work related flying expenses and charitable flights because I do fly with a mission organization.
I would like to do a program on the tax advantages and deductions you can take with using your aircraft but I’m not an accountant so I have to be very careful on the subject matter but I think a lot of people would find that interesting
@@Over50andLearningToFly The charitable flying will not be an issue but be careful with RU-vid unless you are making a profit. I deduct some expenses related to RU-vid income but not enough to create large losses. You need a profit motive to deduct an expense - my RU-vid income gets wiped out pretty quickly :-)
True statement, "partnerships are tricky" ask me, I'm divorced, and after the divorce there went any hope of owning a plane...lol...Maybe an ultra lite aircraft is in my future if I don't grow old to fast. ;-)
Thank you for sharing such an experience. Currently I hold a private certificate. Buying an airplane has been in my bucket list since I was a child. Price was an issue, until comparing those prices. You’re right..! Some folls spend lots of money on hunting boating and four wheeling. I have been an automotive mechanic for 30 years. On the maintanance on an airplane appears to be simple. I would get my AP certification and do my own maintanance if possible. But. Would rather fly than do more mechanical work, indeed. Cheers from KBRO.
New subscriber here! Watching some of your other videos was wondering where you are based out of. Dont own my own plane (yet!) but rent out of Martin State (MTN)
Over 50 and Learning To Fly! If you are ever in my area dont hesitate to reach out! Not sure if you are going for your instrument rating, but I know I was always looking for a safety pilot to build time when I was. Look forward to more videos :)
This is a skewed perspective on ownership. 180 hours a year?? Of course ownership makes sense then, but tell it to the guy who only flies 50 hours a year.
Just a question: did you buy your plane in person or on a site like trade a plane. Im a couple years for a license (Im dreaming) and Im already looking for planes
Spirit Airlines I found the airplane on trade a plane and it was in Chicago so I made a guy and offer via email and I just gave him what he was asking for it and I flew out there did the inspection and inspection came back fine so I just gave him what he was asking for it and I came back out a week or so later and pick up the plane and flew back home it was actually pretty easy
me and my friend we are close to 50 , we would like to get a private licence , and thinking in buy an affordable airplane and use it as a training , do you think is good idea?
an efb is an electronic flight bag- like your Ipad and AVGAS is about $4-5 a gallon - annual sometimes is pretty low- depends on what shape your plane is in. Thanks for watching!
