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Pursuing the dream of owning an airplane can be exciting and daunting at the same time. That’s why we’re sharing a few tips and reminders to help make navigating the process of buying an airplane a little easier! Last time, we covered the importance of defining your flying mission to find an airplane that fits your flying style, needs, and goals. The next step in narrowing down your options is to set a budget based on your financial situation.
Here’s a look at some of the costs to expect when buying an airplane:
It’s no secret that an airplane is a significant purchase, whether you choose to buy used or new. In fact, experts say that buying an airplane is a bit more like buying a home than buying a car! It’s worth doing your homework and due diligence to find the right source of financing for your personal financial situation and aircraft selection. Keep in mind that traditional banks don’t typically offer aviation-specific loans. AOPA offers a wealth of aircraft financing information and resources to members, helping to make aircraft ownership more affordable and accessible to pilots.
Beyond the initial purchase price, you should also consider the maintenance, upkeep, and operating expenses of the aircraft you choose. From fuel and landing fees to oil changes, engine and propeller overhauls and maintenance, and annual inspections, there are many different costs to expect, which can vary based on how often you fly and the condition of your aircraft.
Where and how you decide to store your airplane can have a significant impact on its appearance, longevity, and resale value. Consider how often you plan to fly your airplane and the climate where you live. While monthly tie-down fees cost far less than buying or renting hangar space, storing your airplane outdoors may leave it exposed to damage from weather, wildlife, and even the risk of vandalism or theft. In the end, a hangar can be a wise investment when it comes to safeguarding your aircraft and avoiding unnecessary wear and tear.
Be sure to consult your aircraft insurance company before committing to a specific airplane make and model. Certain factors, such as the age of the aircraft, aircraft hours, and where it is parked, can impact your insurance premiums, so you’ll want to plan ahead. In addition to financing resources, AOPA also offers helpful aircraft insurance services for members.
Finally, one of the best parts of owning an airplane is the ability to make custom upgrades that enhance the safety, comfort, or performance capabilities of your airplane. When planning your overall flying budget, it’s a good idea to account for any aircraft modifications you might like to add down the road. Such improvements can range from a new paint job or interior to advanced glass panel avionics or an aircraft propeller conversion.
Do you have a question for the Hartzell Propeller team? We’re here to help! Contact our aircraft propeller experts today to learn more about our advanced propellers for general aviation aircraft.
This content is for informational purposes only and is not intended as financial advice.
