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Hi Tim, Just an opinion from a "want a be owner" or more commonly called a renter. I would love to own a plane! If I could find a 1/3 partnership like Don's with two partners that could work together, I would jump at the chance. Right now I am renting a 73' 150L that is in exc. shape with a new engine for $65./Hr. /wet. The owner is a great guy who has given me a key for his hanger and all he asks for is that I leave a message on his answering machine when I take it. We usually talk about once a week, so if he has a student lined up or someone else who wants it he lets me know. He only charges me for the hrs. on the meter if I take it over night or for the whole day. I figure I fly about 40-50 hrs. a year so I don't know if ownership is really worth it. If my wife enjoyed flying we probably would has one, but if I can get her to go up with me 3 or 4 times a year that is about it. But renting isn't the same as owning. I feel let down when I fly into a different airport and someone will say , what a nice 150 you have there, and although I have thought of claiming it to be mine I always admit that I am just renting it. Just look out at the airport on a nice weekend and seeing he owners tinkering around and washing thier planes and you can just feel thier pride, be it a tatered old 150 or someone washing thier Cirrus. Wise to own?? Mabe not. But I hope to someday! ---TIM

Ain't THAT the truth!!!

I try not to think about it too much. I get depressed easily.

Point of Information: I recently flew round trip to Beijing for 120.00 LESS than the 152's annual cost me.

Bummer.

Tim,

I did rush into it! I had saved up a nice bundle of cash over the past 10 years, and longed to finally purchase that nice Porsche that I had always dreamed of. I have always driven used "beaters", and currently love my 1993 Honda with 270,000 miles, but was ready to dive into that new sports car.

Well, through a series of strange events in my life over the past 18 months, I found a passion for aviation. A small fire that had been slowly burning all my life, had now become a raging inferno.

I started My PPL training in January of this year, and purchased my plane in Feb. I had to have it. So much for the Porshe, for now.

It's crazy how things can unfold, interests can change, and new found passions are discovered.

I've always been one to satisfy my cravings, and now these darn airplanes have got me considering selling my house, getting my instrument rating, and sorting through Trade-A-Plane, wondering what will be next? The Beachcraft Baron looks nice!

Tim, If you really WANT it, you will have it!

Ah boy,

I better finish up that PPL!
My Practical/Checkride is scheduled for Monday.

Look out Clinton!

Wow, thanks for all the replies.

After days of thought I still don't know what to do. My wife could care less about flying, so she has no burning passion for it like me, and would prefer no to spend all of "our" money a toy... So as a family matter I am sorta in it alone. I don't want her/me to resent each other because of a plane, although I don't think that would happen.

Some factors entering in to my decsisons are:
- My daughter will enter college in 9 years, ouch!
- My retirement is being marginally funded at this point, ouch!
- Any major financial setback with health/car/house, etc. will bring me into deficit spending.

My wife reminded me of one of my favorite sayings last night. It's the one where I say that the last of the great deals, is the never the last. Deals are always out there, you just need to look... This is making me think that I should let this deal pass...

Now the other voice in my head says, "I have been looking for over a year and this is by far the best plane I have seen, BUY IT!" I could always sell it if it became a problem. I could get a partnership to help share the costs. This is something that I have thought about for something like 30 years. I have been frugal long enough, and it's time to get into debt American Style...

Help! I have been stalling the owner for a few days and need to act, or let him move on to the next buyer.

KYLE.


GET ER DONE. I'm not going to say you're going to do well - you already know it, I'm sure. I'll be rooting for you!

TIM -
Another thing to look at is - the more you fly, the less the hourly expenses!! They don't charge you more for tiedowns the more you fly, or insurance. Actually... insurance charges you less with more hours! I ESTIMATE... I really don't care to look (plus my dad helps me with $$) I'm doing about $35/hr. I do fly 200+ hours a year, though.

There are ways to save money with owning an airplane. This forum being the key piece. Owner assisted annuals, tying it down rather than hangaring it, there's always options, other than skimping on maintenance. Do your own oil changes. Change the tires yourself.

There's nothing better than owning. Trust me on this one.

According to Bruce Williams, who gives financial advices in the newspapers: "Parents don't owe their kids a college education. Let the kids put themselves through college. They'll learn the values of money and being independent".

As long as you keep trying to rationalize it, will you ever, ever own and airplane?

If you buy, you can always sell it later. It is not like the money is gone forever. You will be out initial insurance, down payment and hanger / tie down fees. That is all.

I spent over 20 years trying to rationalize purchasing an airplane. Now, looking back, those were 20 wasted years that I could have enjoyed my own flying.........

As far as the kids education? We paid for the first year and then it was up to them for the rest. They appreciated their education a whole lot more!!

If you finance, you can stretch the payments over 20 years. making monthly payments really reasonable. I would not suggest stretching the payments out over 20 years. But, in a pinch, you won't need to be making high payments.

But, I do have a question. Why do you consider this particular airplane the best deal you have found so far?

Tim,

Go for it! You'll never make a business case for it, but: You only pass through one time!

My wife doesn't care much for flying either, but it's cheaper than golf, and at my age not as risky as chasing girls.

Geo.

Tim, I like most of the advice given, but I have to take a bit of a different view point.

You are struggling with this decision. If that is the case, walk away from it and let the seller off the hook. I was not good about my financial planning early on (and I am a banker) wishing now that I had been more aggressive with my retirement planning. We got the kids through school and all, but I will likely be working at least until 62 I am guessing.

The thing is...while recreational activities are important, you say a lot of things that I fear put you at risk of far more than the joy of flying.

Your wife is not keen on this. I can sense it in what you have posted. That said, the first time the airplane causes her to lose out on something important (it's harmless up to that point)like she wants to take an anniversary trip with you on a "good deal" but the airplane ate your finances, it will become the other mistress and put some serious stress on your marriage.

Another thing you mention (...I can just sell it). Well, maybe...if you can handle a sizable loss that is true, but my case is I bought a Cherokee 180 at a steal price. While I knew it needed some maintenence, what I didn't count on was a bad cam shaft (probably, still uncertain) disguised (alleged) by 10 degrees advanced timing. Now, I can afford to fix the plane, which I will, and it will still be a reasonably priced 4 seat 180 hp airplane, but it will be on the upper end of the value spectrum. If you go out an borrow to the max to buy the plane, then have a $5,000 repair bill (read posts of others first annuals) will you have that cash (not debt) available to cover the costs.

I mayb be reading more into this, and a lot like Bill, I don't like to see folks waste valuable flying years when they could have been, but....I am opposed to getting into ownership when the financial pressures cannot be easily sustained without sacrificing the REALLY important things in life. It can rob the joy and has caused more than one person to walk away from aviation never to return.

I think you need to keep contemplating, walking through the process, renting and then when the timing and airplane are right, you will know it and it will be a great experience.