Tim, there is no way to justify the ownership of an airplane. No way. You do it because you want to. Period!
That said, my airplane costs are as follows, not counting an overhauled engine that I just installed last week.
Insurance; $1100, hangar; $1200, annual; about $1100, fly 50 hours/yr. @ 6 gals/hr. @ $3.75/gal. 50 X 6 X 3.75 = $1125. Total; 1100+1200+1100+1125 = 4525. 4525/50 = $90.50/hr. marginal cost.
I have about 40k in the airplane including the overhauled engine. Interest on that amount @ 8% = $3200.
Total cost including cost of money; (4525 + 3200)/50 = $154.50/hr.
Years ago when I used an airplane for business I could justify ownership (just).
Does that make sense? No way! Why do I do it? Because I want to! Life is short enough without denying yourself the things that you want to do.
Geo.
