To Buy, or Not To Buy ... Age Old Question

[bassque]

Greeting all,

I searched this forum and a few others and got some great information as I've been educating myself on aircraft ownership.  I'm specifically looking for 172N/P models, or Piper Cherokee 140/160s.   The main reasons for aircraft ownership is to complete my IFR training and have some weekend fun.   Being a numbers guys, I've done quite a bit of analysis of rent vs. own, TCO, Break Even Analysis etc etc etc.   Much like what has been posted here http://www.curtiseads.com/aircraft-rental/own-vs-rent-aircraft/ 

I've come to the conclusion that all things being equal, owning will certainly cost more based on the flying I want to do.   However, enter the intangibles. For me, and this is actually what prompted me to start looking in the first place, it's flexibility.   I recently was going to take a weekend trip to an airport about 2 hours away.  When working with the aircraft owner, their stipulation is 3 hours of flight time per day the aircraft is gone.   I don't think this is unreasonable by the way given that is the typical average for his aircraft.  Especially the G1000 172SP that I generally like to fly (although I cannot afford to own).  However, what is a tough pill to swallow is paying for 9 hours of flight time @ $120/hr wet (172N/P) for Friday, Saturday, Sunday.  While I don't do this regularly, every other month or so I'll take a trip.   I have yet to do this because I can't get my head around paying that much. 

For those who own their aircraft, is the benefit of schedule flexibility worth the addition costs of Engine Overhauls / General Maintenance / Owners Insurance etc etc etc?

Appreciate any advice!

Thanks,
Jeff

[Cliff_Chambliss]

Jeff,
A couple ideas for you:
  Talk to the airplane owner again.  Our aero club has a 2hr/day (workdays) and 3 hr/day weekend/holiday overnight minimum.  However if the departure is after 1500 local and the return before 1000 local the minimum charges do not apply for those days.
  Check around the airport.  Chances are there are more than a few aircraft that are not being flown much.  Contact the owners and see if you can't work out a deal to get their aircraft. 
  Well planned partnerships are fantastic but less than well thought out ones can be a real pain.
  If you are buying, buy the plane you want first.  Buying the plane you can afford thinking you can upgrade it will cost far more in the long run.
  Be creative.  Years ago I found a Cessna Cardinal advertised for sale by a service member being sent overseas.  I called him we talked, got an attorney involved, and in the end I leased his airplane for three years til he returned. Worked out for both of us. 

[bassque]

Cliff,

Great advice!  Thanks so much!

Jeff

[Live2Learn]

I searched this forum and a few others and got some great information as I've been educating myself on aircraft ownership.  I'm specifically looking for 172N/P models, or Piper Cherokee 140/160s.   The main reasons for aircraft ownership is to complete my IFR training and have some weekend fun.  ... 

I've come to the conclusion that all things being equal, owning will certainly cost more based on the flying I want to do.  ...

For those who own their aircraft, is the benefit of schedule flexibility worth the addition costs of Engine Overhauls / General Maintenance / Owners Insurance etc etc etc?

Appreciate any advice!

Thanks,
Jeff

You overlooked one of the more important aspects of ownership (for me, anyhow).  Consistent, known, maintenance.  Flexibility is a big deal, as is the fun that goes with spur of the moment rips.  But, all things considered, that I know what has been done to the aircraft.  I've picked the mechanics.  I participate in every maintenance decision, and then in the work to the extent I am competent...  THAT is the major difference between renting an owning.  In addition, I fly the plane.  I know the fuel burn, I know the quirks.  I know how it's been run, and I know who done it if the plane was abused.  I know the inspections are on time, what was found, and how it was fixed.  I also know what the oil analysis said, and whether there were any metal flakes in the oil filter.  When any of us rent an aircraft we're making a whole lot of assumptions and we're making a leap of faith.  Did that last renter land on the nose wheel and leave a hidden wrinkle in the fire wall?  Did he run it wide open and fail to lean, or lean it too aggressively on climb?  Did the last pilot let the oil get too low, then pour two or three quarts in to hide the sin?  Is the maintenance done to "just good enough" standards? 

FWIW, engine failures occur a lot more frequently than shows up in the NTSB reports.  And engine failure is the number two 'defining event' for single engine accidents.  Myself, I'd like to minimize that risk... which might be difficult if the plane is a rental.

Good luck with your search, and your decision!