There is a great irony built into the topic of aircraft ownership. The standard take is that only the very wealthy own aircraft. Yet, a walk across the ramp and past the hangars at many general aviation airports reveals a very different story: A percentage of the aircraft are owned by blue collar workers, lower-level office staff, and even a student or two.
If aircraft are so unimaginably expensive, how is this possible?
In a word, motivation. There is a highly satisfying sense of freedom in being able to wander down to the airport, climb into your own airplane, and depart for a brief flight or an extended journey whenever you get the urge.
There is a cost associated with this level of liberty, of course. But it doesn’t have to be an exorbitantly high cost. The key is to follow a well-established series of steps to ensure you purchase an airplane that will actually make you happy.
Your first car probably wasn’t a Rolls Royce, a Bentley, or a Ferrari. You likely bought something used, practical, and less than perfect but functional. The same holds true for your first airplane. Consider the following.
What’s Your Mission (Really)
Before you even begin to shop, sit down and seriously determine what your most common use would be. Mission is critical. Most airplanes do one thing well and a couple of others somewhat adequately.
Do you need to go fast or does a slower aircraft meet your needs? Speed is a function of discretionary income. If you’re on a tight budget, shop for lower horsepower, fixed gear, and a fixed pitch prop.
You may dream of flying coast to coast one day, but what’s your realistic use 90% of the time? If you’re building hours toward some goal, or flying recreationally in the local area, you don’t need a six-seat, high-performance aircraft you might use someday for the dream trip. If the stars don’t align for you, you haven’t wasted thousands (or tens of thousands) of dollars on capabilities you don’t really need.
Set a Reasonable Budget
With your mission determined, you can start shopping for the airplane that fits the bill. Before you get excited browsing the ads, consider your budget. Take this step seriously.
Are you going to go all cash or will you be financing? Both are viable options, but both have their limitations. Know your limits before you start getting all weak-kneed about all the pretty airplanes on the block.
Just as with any machine, the purchase price is just the start of the spending. You’ll have maintenance to consider. The annual inspection on an Aeronca Champ can be thousands of dollars less expensive than the same inspection on a Piper Saratoga or a Cirrus SR22.
Type clubs exist for a great many aircraft. A conversation with someone experienced in the ownership and care for the type you’re considering can be priceless. You’ll gain insight into the viability of that machine for your use and your budget. A little research can save a boatload of money and a lot of headaches.
Investigate Insurance Costs
Once you’ve decided on a type, it’s wise to make a preliminary call to an insurance broker to get an idea of what the insurance costs might be. There are multiple factors coming into play here, including the cost and complexity of the aircraft, as well as your experience as a pilot.
There are two main items to choose from here: Liability, which is relatively inexpensive, and hull insurance, which is generally pricier. Depending on your situation, you may choose to go with full coverage or you may opt to forgo hull insurance. This option is generally only viable for those who are confident they can make repairs should something less than ideal occur. I’ve gone both routes with the aircraft I’ve owned.
Make the choice based on your specific situation, not anyone else’s.
Insist on an Independent Pre-Buy Inspection
After finding the airplane that lights your fire, you’ll want to get a pre-buy inspection. Do not use the seller’s mechanic. Find one who has experience with the type, but no connection to the seller or the shop they normally use.
This is your only chance before the purchase to discover the true condition of the aircraft. You’ll have to pay the rate for this inspection, but skipping it can cost you tens of thousands of dollars and months of unanticipated downtime — and that’s the rosy version of the possibilities.
Hangar/Tie-Down Options
Once you own an aircraft, you’ll need to keep it somewhere. Hangar shortages are common. Check with the airports in your area well in advance of making the purchase. Do they have hangars available? What’s the cost? Many hangars are available for lease, while some are sold outright. Is there a larger community hangar available where you can share space with other owners or are you willing to make do with a tie-down?
It’s best to have this aspect of ownership worked out in advance of bringing the aircraft home.
Pick-up or Delivery
And speaking of bringing the aircraft home, you have options. You can travel to the point of purchase and fly it home yourself. If you’re an experienced cross-country flier and have the time available to personally relocate the airplane, this can be a great option.
If you have the time but not the experience, you might consider paying a CFI to come along with you. You can get a full check-out on the way home and benefit from having a second set of eyes in the airplane with you.
If you’re short on time and don’t want to travel so far, you can hire a ferry pilot to move the airplane for you. Or the seller may offer to deliver the aircraft. Either option may be available for a price.
I’ve owned seven aircraft over the course of my career. Each made possible some amazing experiences, the memories of which I cherish. I sold five of them for more than I paid for them.
And, perhaps like you, I started out in this business absolutely convinced I could never afford an airplane of my own.
In truth, I could. You probably can too. But now you know far more than I knew when I started on this journey. Knowledge is power. It’s also the best tool available for saving a few bucks and being confident you’ll buy an airplane you actually want to own.
If you choose to take the plunge, I wish you the very best in your search and your (hopefully) many happy years of ownership.
Remember, when you own the airplane, the flight always leaves when you’re ready to go. You can paint it, upgrade the interior, engine, or avionics at will. Over time, and within the constraints of your budget, you can turn your dingy original airplane purchase into your dream airplane. Now, that’s a perk no airline or rental operation can offer.
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