My goal has always been to do it for cheaper than renting. And I've succeeded!
With absolutely everything included, my 172M is flying around for about $60 an hour.
If you can do it, having a partner makes sense and cents. It's someone to help pay the bills and someone to help with the work.
A lot of folks worry about overhauls needlessly. Remember that most 150/152 change hands every few years. If you purchase a fairly low time engine, it's highly likely that the plane will be gone before you have to worry about the engine.
Another strategy is to fly the plane like a car. That is-- you probably borrowed some dough to buy the thing. If an overhaul is required, borrow the money at that time.
Most newbies think "overhaul" and forget that as a general rule, few of your accessories will make it that far. Along the way, you'll probably replace the mags, the alternator, the starter, the exhaust sytem, and the vacuum pump. Your prop might wear out as well. (Mine did after 25 years in service) A flight instrument or two will probably croak. Radios don't run forever. Tires. Front strut. The list goes on and on.
Bear in mind that flying more will reduce your hourly rate. However-- your total cost can only go in one direction.
Depending on where you live, a tie-down or hangar can be a major cost driver.
If you can stand the hassle (I do!), MOGAS can save you a bundle.
There is a lot more to owning that most folks realize. If you are a "turn the key" sort of person, it might not be for you.
The fact is that you will not be able to plan for everything so plan for some things.
What I have been doing over the last two years is setting aside $150.00 a month into an airplane maintenance fund. Now I don't want to delude anyone into thinking that $150.00 a month will cover any major aircraft repairs. It won?t. However, So far this has allowed me to have the cash on hand to do every minor repair that has come down the pike: new fairings, new wingtips, new fuel tank gaskets, stainless screw sets, New shimmy dampener, and has also covered the cost of annuals.
The only thing that I have needed to dig deeper into my pocket for thus far was a new NavComm.
I just consider this $150 as part of my monthly aircraft loan payment. I planned this in when I bought the airplane. I figured out what the maximum monthly aircraft payment I could afford was and subtracted $150.00 from that. Then I knew how much airplane I could get and still have a small maintenance reserve. As far as I am concerned the money is gone until something comes up with the airplane. It will surprise you how quick even $150/month grows. When I upgrade I will plan on saving more.
Any major work would come out of our general savings or a short term loan.
So far this has worked well for me.
"If Your Cessna is older than your wife..." You might Be a Redneck.
For the past 8 years I've been putting $150 a month into an account also. I use it for the annuals and any maintenance that comes up. It also covers the insurance. This seems to work really well.
Great info from everyone. Plan and save, but don't forget to have fun too. So, here's the status on buying N8138U which prompted the question: planning for the unknown $$$...
I'm hoping for good weather this Friday, since I then make the trip from Charlotte to Arkansas to see N8138U for the first time and either walk away, or fly away! That's the moment of truth, when everything I've learned about this particular plane, it's equipment, history, ADs, and quirks comes together!
As I see it for the first time, I have several key details to look for (thanks to Mike Arman's book). I'll have the final report from the A&P who's going over it and of course, I'll take it for a spin. So, based on my experience (very limited) and my flying friend's knowledge(I did mention that I'm still a student along with my daughter), I will be either a new "owner" or still looking...
One of the important things I've gathered from reading the posts throughout the forum is the absolute need to take a cold hard look at it from several positions, financial, practical, economical (vs renting) flexible (can I eventually sell it) and finally, do I really just gotta have it!
Anyway, since I'm a relatively new member of the club (gee a whole month) and have been bitten by the 150 bug in general, if it's not N8138U, then it'll be another. But, if it is then... I've got Shelby at TNWings.com ready with a fresh set of seats and carpet to drop in on the way back
Either way, I feel like I've got a new set of friends to chew the fat with! Next post from me should be a +/- on the deal.
...it's equipment, history, ADs, and quirks comes together!
Good luck on your find. I do see the bottom panel which houses the throttle/mixture quadrant seem to have a vertical crack. I understand these can be a PITA to change out because all of the controls have to be removed from the inside, after disconnecting everything from the engine. Maybe that's why you come across alot of repaints on the exterior, and the interior panel at the bottom stays the same original olive green (or whatever) on a red, white and blue airplane.
Kinda makes a person want to pull it all out, paint it gray once and for all and be done with it. Seems the gray would go with any paint scheme.
Anyway, it's just cosmetics. Hope it turns out nicely.
One of the important things I've gathered from reading the posts throughout the forum is the absolute need to take a cold hard look at it from several positions, financial, practical, economical (vs renting) flexible (can I eventually sell it) and finally, do I really just gotta have it!
First off, trust me - yes, you do gotta have it. Ownership is absolutely W-O-N-D-E-R-F-U-L ! That said, there are things you can do that will make it all cheaper. The first thing you can do on the "make it cheaper" list is to buy a GOOD one to start off with. In my book a good one is not just one that looks good, has good equipment, good radios and checks out mechanically good from your inspection, but also one that shows good maintenance and repair history going back at least 5 years/couple hundred hours of flight.
An ideal find for me would be a plane that checks out in inspection, has no corrosion, low time engine, good paint windows and interior and good appearance and has had a LOT of work completed/done on it in the past few years/past few hundred flight hours. The more money spent on it in recent times, the better because that is all stuff that someone else paid for that you won't have to (hopefully) because its already been fixed.
Another bit of advice is no matter how excited you are when you see the plane, don't let emotion get the best of you and make you buy it because of the heat of the moment. Its is very exciting to buy a plane and it is very easy to make wrong decisions due to this excitement. This also applies to the, "well I already am here and spent the time/money to see it so I should buy it now" vs. holding out for the best plane that you might not find for another 2 months. That decision could cost you thousands and thousands.
Ask me how I know all these things (been guilty of all of the above).
Anyway - have fun - airplane shopping is almost as fun as flying itself ! ! (sometimes)
I'm on my way there tomorrow (friday) morning to 'see' it for the first time in person and either walk or fly away. I've laid out several milestones to achieve before moving on to the next decision point. Things like did the A&P give it a good pre-buy inspection review? (yep) Did the previous owner (before this one) have good or bad things to say about it? (he is an A&P also and wishes he hadn't sold it, talked over several phone calls about 2hrs) Is it in the right price range? (yep) Is it good on the instruments? (IFR cert and a good stack at that) Got all the ADs complied with? (yep) Engine & TT good? (yep) Damage history? (Not significant) Interior & paint? (Paint ok & getting Shelby (TNWings) to replace seats & carpet tomorrow (if bought))
And I'm bringing a pilot buddy who has known me for years and isn't afraid to tell me if I'm being stupid!
So, by Sunday, I'm sure I'll have a post w/ pics or be driving back! But so far this has been really fascinating and fun.
YAHOO! More info to come, but here's a picture of N8138U after a bath just after Shelby of TNWings had a chance to improve it's interior. (oh, and YES, I did buy it)
