Club Homepage Forums Classified Ads Buy & Sell - Everything But Airplanes What have your operating/ownership costs been?

Congratulations Tim!

This thread reminds me of a recent newspaper article about decision making. It found in a study that most people tend to make up their minds rather early (gut instinct, quick analytical skills, whatever), and that further exhaustive analysis doesn't change the decision or the outcome.

In other words, those who went with their original decision were just as satisified as those who spent much time arriving at the same initial conclusion. Those who didn't follow their gut and/or changed their mind upon further reflection tended to be less satisfied with their choice.

In short, the subconscious is a fairly powerful computer and more often right than wrong!

Also suggests that seeking advice, and giving it is probably a waste of time, but everyone feels better after doing so.

Now whatcha buying? Where is it at? give us some details?

Congrations!!

There is also a book on the subject called "Blink" by Malcom Gladwell (for those bad weather days).
We take a slice of information in the early moments of a decision, and it stays with us through the decision making process. If we could weed out all the emotion and crap that comes into play, we would "know" the answer (that we've had) all along, and save all of that back-and-forth stuff.
Alas, we aren't built that way and need to completely analize and rationalize every aspect.
I guess that way we can be more assured that we won't be saying "Oh, I didn't think of that!".

Yes, details, details, details ! ! !

My wife gave me a choice. Nice fancy car to drive or an airplane. I didn't bat an eye on that decision. Airplane won hands down. People at work make fun of my car when we go to lunch until I tell them I own an airplane instead of driving a ridiculously priced car that will be worth only 1/2 of what they paid for it in 5 years. In 5 years, my plane will be worth more that today dollar wise.

Actually if you think about it, expensive cars are maybe on par expensewise with our 150 and 152's. . . .for example:

Say you get a $32K "nice car or truck"

Your insurance if you get a 100K/250K coverage is something like $100 a month. That's $1200 a year

You most certainly have a 6 cylinder or bigger engine. So you are getting something like an average of 18 MPG ? With gas a $3.23 per gallon and I drive 16 miles each way to work each day. So that's like $6.00 in gas per day x 21 days = $126 in gas Plus all the extra driving we do so that's like another $60 in gas on top of the commute to work gas cost.

And then there is maintenance stuff so count on an average of $50 a month.

Plus if you go to the carwash vs. washing yourself which most people out here do (remember we are in pretentious southern california) that's like $8 per wash x 2 washes per month = $16 per month

Plus how many people do you know that buy a $32K car or truck full cash so there is financing going on so figure at least $25 in finance interest per month.

Total per month usage: $377

Oh, and then add on the depreciation of a few thousand every year and that will be something like another $250 per month.

So a nice fancy car costs about $627 to own and operate.

Granted you practically must have a car to be functional on a daily basis, but you save quite a bit of money by driving an older model, gasoline efficient, lesser valued, outright owned car than going and buying a new one.

Tim,
I fly about that much a year also and I figure that my cost per hour is right around $79 per hour. Your $65 per hour sounds pretty good. Owning your own airplane won't be cheaper just more convenient and satisfing.

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.

Robert,

You didn't figure in the annual inspection, maintenance (oil changes, plugs, tires, tubes, battery, bulbs, etc), repairs, and reserve for engine overhaul (roughly $12000 / hours left before overhaul).

Still, I agree with you that owning has many benefits that are hard to put a price on.