The Other Costs

Purchasing a used airplane is an exciting adventure. Sometimes, however, the buyer can get so caught up in the airplane and the purchase price, that they forget about the other costs involved in owning an airplane and can end up exceeding their budget.

Besides the initial cost of the airplane, here are some other costs to consider: insurance, routine maintenance, unexpected maintenance, hangar/storage, additional training, and a small percentage for “other.”

Insurance should be considered before you purchase an airplane. Call up a few different insurance carriers and ask for quotes in the airplane you are looking for. The more experienced of a pilot, and the less “complex” the airplane is, the cheaper your insurance will be. For example, when I had 2,000 hours of flight time, I owned a 1961 Piper Colt (valued at approximately $25,000), my insurance was just under $800 per year. Having your instrument rating will drastically reduce your insurance, and make you a better pilot.

Routine maintenance should include your oil changes (you could do these yourself, but still have to budget for supplies), annual inspection, all Airworthiness Directives (ADs), and anything else that may be necessary for your plane on a routine basis. It is good to speak with a mechanic before choosing which model aircraft you are interested in. Mechanics can give you a lot of insight into what airplanes are “maintenance hogs,” and which tend to be more reliable and have less issues.

Hangar or storage is another major monthly cost. Yes, you can use the outdoor tie-downs, but to protect your airplanes value and condition, you’ll want to protect it from the elements. Hangars can be just shade hangars which are just an overhead cover, to a fully enclosed, automatic opening door hangar. These will range from $100 to over $500 depending on location and size of aircraft.

Your insurance carrier may require yearly training, and the FAA requires a flight review every two years. It’s still a good idea to go up with an instructor once a year and brush up your skills, especially if you don’t fly all the time. Make sure you stay current, especially with IFR regulations. If you have any questions about requirements, you can post below or ask a local flight school or FSDO.

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1. Is it smart to “share” an airplane?