Terry,
A sage friend of mine once said that you should bank 25% of your budget rather than use it on the purchase - you'll use it in the first year on maintenance.
It was perfect advice for the three airplanes I've owned - even with careful pre-buys.
Best regards,
Rick
I absolutely agree with that Rick. Most owners know well in advance that they plan on selling their airplane so they defer small maintenance items that won't be deal breakers on a sale. The new owner often finds at first annual a whole raft of small items that add up to several thousand to rectify.
The first year year of airplane ownership can be surprisingly and heart breakingly expensive.
