I just recently purchaed a 1974 150L in may of 2006. I calculated the costs of renting vs. owning and figured out that with all my fixed costs it was still cheaper to own than rent.
My fixed costs are as follows:
monthly payment for plane: $300.00
tie-down fee: $30.00
Insurance: $80.00
this gives me a fixed cost of $410.00 per month.
Now add in fuel cost which vary but average 5 gal per hour fuel burn at an average cost of $3.50 per gal. I try to fly at least 4 or more hours a week.
4*4= 16 hours month * 5 gal = 80 gal @ 3.50 gal =$280 per month fuel costs.
so total is $690.00 per month.
However, the cheapest plane around to rent is $80.00 per hour if I buy in blocks of $500. So for $500 I would be able to fly for 6.25 hours. And for the additional $190.0 wold be for 2.375 hours for a total of 8.625 hours per month.
Therefore, it is cheaper to own than to rent if I fly more than 8 1/2 hours per month.
That is how I rationalized my decision to buy a plane.
In addition, I help my local A & P with all maintenance so it is cheaper and all flight lessons for Instrument & Commercial are cheaper as I'm just paying for the instructor.
The best and biggest benefit is I fly when I want to wherever I want and don't have to worry about the plane not being available.
