Pros and Cons of Owning an Airplane
Some benefits of ownership (some of these assume you are the sole owner):
- No scheduling problems. The airplane is available whenever you want it. (For me, the best reason to own.)
- No rental minimums. (Go for the day or the week, and fly as much or as little as you want. My #2 reason.)
- Knowing and controlling how and when maintenance is done
- Nobody flies the airplane without your permission (no wondering what damage might have been done since your last flight).
- Customize the airplane to suit your needs
- Snob appeal. (“I was out flying MY airplane the other day…”)
- Market value can increase enough to pay for ownership costs (or so I’ve heard).
- You can leave your stuff (charts, airport guide, etc.) in the airplane.
- A great excuse to fly more often, to reduce the hourly cost
- Parking in the hangar instead of on the ramp, in the sun
Disadvantages:
- Maintenance costs and responsibility
- Fixed costs like insurance and hangar space, even when the airplane isn’t used
- Repairs and upgrades can drive up your investment above the resale value
- Disincentive to learn from flying other types of airplanes
- Loss of use of airplane when it’s in the shop
- Washing, waxing, vacuuming, etc.
Continue to Costs of Ownership.
