Tips to Investing in Your First Personal General Aviation Aircraft
INVESTING IN GENERAL AVIATION AIRCRAFT No matter how many hours you may have logged while piloting an airplane, owning your own aircraft is a serious investment. While we at Ridge Landing Airpark are massive flight enthusiasts, we believe in investing in an aircraft if you can afford it. When you plunge into the pool of aircraft ownership, it can seem overwhelming at first, but hopefully we can give you some good advice if you still aren’t sure if your financial situation can support the investment. So, let’s start out with some general questions you want to ask yourself if you’re thinking about purchasing your own personal aircraft: o o o o o o
Why do you want to own a plane? Can you financially afford it? Does your logbook reflect the type of flying you would do with your own aircraft? Can you afford to set 25 percent of the overall budget aside for maintenance costs? Do you have a partner who would be willing to share the costs with you? Are you in contact with an aviation insurance specialist who can help you in the event you’re interested in an aircraft that’s insurance is too expensive for your overall budget?
THE COST OF FLYING GENERAL AVIATION Now, once you answer those questions, it’s time to breakdown your budget and what you will be spending money on while taking care of your personal plane. Financially, if you are looking into investing in a personal aircraft, you will most likely be spending money on the following: o o o o o o
Fuel / Oil Required Annual Inspection Insurance Landing Fees Hanger Fees Engine Overhaul Costs
T-6 Military Trainer at Ridge Landing Airpark
Once you start shopping around for your ideal aircraft, you want to consider the fact that a single engine plane that is in good shape, runs around $50,000 – close to the cost of a new BMW vehicle. If you shop around for a cheaper aircraft – some single engine planes go for about $25,000. However, if you become more interested in that more affordable plane, keep in mind that it will probably require a fair amount of maintenance and updates. If you wanted to try out your general aviation aircraft prior to purchasing fly into Ridge Landing and rent an aircraft to fly out of your private runway. We currently offer a Cessna 152, Piper Warrior, Piper Arrow, Apache Geronimo, and Cirrus SR-22 but we can accommodate any general aviation aircraft request given prior notice.