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What it Costs to Own Your Own Airplane | the Real breakdown - YouTube
Channel: FLY8MA.com Flight Training
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world and do all sorts of crazy fun
things go anywhere you want whenever you
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want and tell all your friends that you
learn airplane obviously the reasons of
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owning an airplane are self-evident.It
is awesome and you'd love to own your
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own airplane. so more so than the reasons
let's get into what it physically,
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actually costs and is this feasible. Does
it make sense compared to just say
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renting an airplane from an FBI or a
flight school? Well first thing we want
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to do is take a look at a little
spreadsheet here of what everything
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costs involved with owning an
aircraft. So for a basic Cessna 150 we're
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going to look at our fuel burn, our oil
burn engine deposit, because we know
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engines are very expensive and have to
be overhauled pretty frequently or not
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super frequently really but in the case
of a 150 typically every 1800 hours on
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the tack and also important to note
we'll explain this in a later video but
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tack hours are actually shorter than or
longer in a sense in hobs hours so say
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you fly for 1.0 on the hobbs it's
probably 0.8 or so on the tack so 1800
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hours on the tack is more like 2200
hours on the hobbs and everything here
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is going to be hobbs time that we're
talking about just keep it simple. Just
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regular flight time so we can compare
apples to apples with the cost of owning
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versus renting from an FBO. So anyways
eight bucks an hour for an engine
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deposit that's hobs hours like we said
tires, tubes, brakes, oil change, battery
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mags, light spark plugs, starter,
alternator, all those things wear out and
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break. Radios and even more things wear
or break on airplanes, but those are your
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very basic ones and they're all slightly
overstated here just to give you a
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little wiggle room and also factor in a
little extra cash for when other things
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break. Maybe like a flat motor that
breaks very very rarely. So let's take a
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look here and we come to $613 as far
as how much money this is in cost every
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hundred hours and maintenance and then
our 100 hour or annual is going to be
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400 bucks just in labor just for the
inspection from mechanics come out to
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the hangar to the airport and just look
inside the inspection pan
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pull the seeds just inspect the airplane
then they're going to charge next four
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$613 as far as parts that are
going to go into it.
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Of course you'll have two oil changes
over the course of flowing 100 hours but
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everything else should last pretty much
through the hundred hour without being
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addressed. Aside from maybe a light that
you could probably replace yourself. As
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far as our fixed costs, well every year
we're going to have $400 bucks for any
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annual period and you can say well $400 is really cheap well like we
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said it's just the anual labor part and that's
pretty pretty standard throughout the
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country. Anywhere from Michigan to
Florida to California you can get an
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annual done on an airplane for about $400
bucks provided labor only and mechanics
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coming up to your hangar or your
airport and just kind of working out of
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their truck. If you bring into a shop
it's probably a little bit more in labor and
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you can even make that cheaper just by
removing all the inspection panels and
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the seats and everything like that
yourself and doing a lot of the work
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yourself like the oil change and things
like that.
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Cheapest annual I've ever had was $175
bucks and that's because when the
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mechanic showed up I had already moved all
the interior inspection panels and
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every single thing from inside that
airplane so they could just do their
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inspection quickly, easily and then I
reassembled it and they inspected after
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I reassembled and that saved them a lot of
their labor. Other fixed costs: tie-down
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fifty five bucks a month that's pretty
standard throughout the country. Anywhere
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from 25 bucks a month is the cheapest I've
seen it on up to a hundred dollars a
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month but for the most part even here in
Venice, Florida on the coast you know in
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a more real estate expensive type area
still 55 bucks a month's going rate.
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Insurance on a 150 if you're a private
pilot even low time private pilot one
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hundred two hundred hours in your book
you can count on about 50 bucks a month
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about 600 bucks a year or so for
insurance. Insurance on airplanes is
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pretty cheap. It's just something that
they don't figure you're going to use
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very much and you've got a lot of skin
in the game as far as not dinging up
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that airplane compared to digging up
your car. They figure that you're not
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going to have as many airplane accidents
as you would car accidents. So
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airplane insurance is pretty cheap. Now
if you're not even a pilot
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yet your student pilot and you want to buy
an airplane to learn in you can figure
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you know 75 bucks a month maybe a
hundred bucks a month at the worst end
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of it, but it's not going to be crazy for
insurance and it really depends what
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your insured value is. So we factor
airplane to cost about sixteen thousand.
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I'll go ahead just for the heck of it
we'll say our airplane cost eighteen
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thousand and you just want to realize
that most the costs and your airplane
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insurance isn't the liability portion
it's the whole insurance portion so what
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they're going to pay you in case you do
damage the aircraft and also the
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deductibles and airplane insurance while
we're on the topic are pretty cheap
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usually about 250 bucks for
deductible so nothing too bad there.
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Coming over here to financing and
depreciation well we're not going to
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assume a loan here we're just going to
assume that we had the cash to go by the
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airplane in the banks so we got $18,000
out of the bank but we do factor it at
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3% here just because that $18,000 could
probably be invested in something
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earning 3% and if it's not earning as 3%
let's tied up in the airplane well it's
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theoretically costing us five hundred
forty dollars a year so that goes into
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our total annual fixed cost. To be
totally fair here and objective that's
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what it's costing us to have that money
tied up in the airplane next for fuel
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cost a gallon
well right now it's four bucks a gallon
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here but I realize that's cheap compared
to most parts of the country. So let's
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just say it's $4.50 a gallon and your oil
costs per quart right now I can buy at
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the FBO for about $5.50 a quart so we'll
plug that in there and total hours
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flying let's say let's just start for a
starting point say we're going to fly
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100 hours a year so we come down here in
our variable cost per hour so variable
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cost per hour means when we just fire up
the airplane go fly fuel everything
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included is $43.43
pretty darn cheap. Our total cost per
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hour that we expel this is number and
the green here that we want to use when
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comparing it to renting an airplane from
the FBO say we can rent a 150 from the
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FBO for like
eighty nine bucks an hour. Well here even
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after we pay our tie-down our insurance
the cost of having the money tied up pay
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for the annual pay all the maintenance
pay everything it's still only sixty
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five bucks an hour if you're flying in
100 hours ear now obviously that number
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goes up if you don't fly hundred hours a
year so let's say we fly 50 hours here
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well now we're at 87 dollars total costs
per hour so now we're getting close to
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FBO type rail prices however the FBO in
venice actually charges 150 or I'm sorry
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hundred twenty dollars an hour to rent a
150 just pretty crazy so even if we only
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fly let's see here 25 maybe 28-30 hours
a year we're still going to be better
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off don't own our own airplane
even if we only find 30 hours here and
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of course the more we fly the more
reasonable it becomes to own your own
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aircraft if you're going to do some time
building say you're trying to get
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commercial pilot certificate you're
going to go 200 hours well 54 bucks an
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hour you really cannot beat that is a
lot cheaper than you're gonna pay
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anywhere else and when we look here at
variable cost per hour remember if you
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just want to go fly an extra hour it
cost you forty three dollars is all so
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if I just fly to your one hours ear well
it just cost me another forty three
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dollars all doesn't cost me the whole 54
that we factor down in there and then
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variable cost per mile as far as driving
do you want to fly or drive so you buy
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your own airplane you used to commute a
lot and you say well now that I own the
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airplane maybe I'll fly it more instead
of driving what about 46 cents a miles
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which you can figure if your cruise in
about 95 miles an hour and which is
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pretty typical for a Cessna 150 it's
capable of doing 95 miles an hour and
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cruise plate maybe even faster if you
clean it up polish it up real nice so
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yeah 46 cents a mile it's comparable to
driving truck you know to go somewhere
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so that's some you know pretty
reasonable rate of owning a Cessna 150
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it's pretty darn cheap now you may say
yeah well but John I don't fly 50 hours
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a year and this is not economical for me
to do I only fly 10 hours here and
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that's crazy I can't pay two hundred
sixty three bucks an hour just to own my
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own airplane I'd be better
just renting from an FBI even if it was
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$120 an hour and yeah yeah you're right
I mean it's you know it's just what it
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cost so basically what if you just found
a couple friends that were in the same
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boat as you that maybe you all only flew
1015 hours here well if you got four
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guys and you all fly 15 hours here
you'll have 60 hours now all of a sudden
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all of you can fly for 80 bucks an hour
so as soon as you throw us some extra
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people in the mix and start using the
airplane a little bit more becomes real
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economical that's where clubs come in
and even you can say well yeah but clubs
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charge monthly fees well this number
takes care of all that if a club with
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four guys you know was formed and you
flew 15 hours a year each well it'd be
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1,200 bucks a year each would cover all
your expenses and all your flying and
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everything so that 15 hours or even if
it's only 10 hours each well it's still
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a pretty reasonable rate now it's 98
bucks an hour so if you do decide you
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know okay I'm gonna fly 25 hours a year
and I got my buddy he's going to fly 40
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and I got my other buddy he's gonna fly
25 and he all get together any fly 90
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hours a year the airplane starts getting
really really cheap and very really
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affordable and it makes sense to own one
this again covers all of your expenses
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your annual your your insurance your
hangar and all of that is all factored
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into that one number now if you put a
bunch of people on the airplane four or
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five different guys are flying it
insurance might go up a bit so you're
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gonna have to kind of take that into
account maybe that would make that
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number come up just slightly but not
much again insurance is fairly cheap on
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an airplane as long as nobody has any
accidents or any you know big things on
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their record so it really is a good
thing to consider buying and owning an
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airplane and if you're just looking at
it for the purpose of time building you
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may say you know one of the things might
notice is oh well this financing
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depreciation well what about
depreciation the airplane depreciates
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well we're talking about buying a 150
from like 1960s 1970s they're not going
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to depreciate a whole heck of a lot
timewise now as far as putting more
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hours on the airplane
there might be a slight amount of
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depreciation but the engine deposit
really covers that and when you put a
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brand-new engine on the airplane from
the engine deposit that bumps of a
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you're playing
substantially on the market so
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depreciation of the airframe is not
really a concern here so if you can find
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some guys and you can all fly reasonable
amount of time it makes pretty good
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sense to get together and form a little
Club and own your own airplane rather
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than having to rent from an FBO or rent
from a flight school so just kind of use
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this little spreadsheet here and try to
figure out what a good break-even point
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would be and what we'll do is we'll
throw this spreadsheet up on our website
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on flight Mike alpha comm so you can
download it we'll throw up a couple
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others do some other videos comparing
there between owning like a 150 and
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maybe a fabric airplane like a champ and
maybe comparing the cost of flying or
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striving in a airplane that you use to
really go somewhere like a like a Mooney
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or something like that it goes a little
faster so one other thing we want to
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show you here is what we actually
experience because all these fictional
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numbers are all fine and dandy but what
did we actually experience our cost to
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be four over the course of a year
owning an airplane flying at 400 hours
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so we flew 400 hours these are our
actual maintenance expenses and what we
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actually paid for fuel oil all of that
and it came down here we paid 14,000 by
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the airplane we sold it for 15,000
actually when we're all said and done we
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didn't factor in the extra thousand we
got back in here but you know I mean if
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you did factor in that extra thousand if
you took a thousand off total fixed cost
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I would be pretty substantial there and
showing in your hourly rate so here's
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what it actually costs us was 49 bucks
an hour to fly our airplane 400 hours
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over the course the year paying for all
the hundred hour inspections the annual
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all that sort of stuff all the meetings
everything tie down insurance all out
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the door 49 bucks an hour pretty good
deal so definitely encourage you guys to
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look into it and like I said we'll do
some other videos comparing some other
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airplanes to purchase throne leave us a
comment in the comments below about what
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kind of airplanes that you'd like to see
us compare and contrast one thing I want
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to point out before we go is these
maintenance rates here um can go up or
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down if you have every single little
thing done on the airplane and every
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time a screw comes loose every time you
know anything bothers your light bulb
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burns out you call them
Kanak and you're paying 100 bucks an
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hour some of these prices are probably
to go up and that's going to affect this
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number here a little bit but conversely
if you do a lot of the work yourself
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like you help out on the annual in you
you'll do some your own oil changes own
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break changes tire changes things like
that that's really going to help the
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cost and if you can find a good A&P on
the field that'll let you do a lot of
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your own work and supervise you and sign
off the work as you know being done in
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accordance with the service manual and
he's looking over your shoulder then
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that can see quite a bit of money there
too and decrease this number to make it
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even more affordable so thanks so much
for watching make sure you give us a
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thumbs up and subscribe to our channel
to keep up with all our latest videos if
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you have any questions at all leave them
in the comments below let us know what
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you think about what would be the best
airplane to own what's the most
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affordable airplane to own with a lowest
total cost of ownership flying maybe
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about 50 to 100 hours a year and
remember if you can't fly everyday then
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