More people are entering private aviation than ever. Private plane usage has soared in recent years due to the experience it offers. No more reaching the airport three hours early, navigating airport crowds, and then going through the excruciatingly slow security procedures.
The fact that newer aircraft are more fuel-efficient and require less frequent, costly maintenance also appeals to buyers. Above all, having an aircraft gives you freedom, convenience, and control over your travel.
Ready to begin this journey (pun intended)? We’re here to help. This brief guide covers the cost, responsibility, and rewards of owning an aircraft so you can make informed decisions:
Cost Breakdown of Owning an Aircraft
The overall cost of owning an aircraft can be divided into numerous expenses. Here’s a brief breakdown:
The upfront investment
This is the purchase price of an aircraft, which varies by size, model, and age. Smaller planes, such as the Cessna 150, can start from $30,000, while midsize and larger aircraft cost millions. For instance, an Embraer Phenom 300 can cost somewhere between $6M and $10M.
Fixed annual costs
These are the expenses you’ll bear every year, even if your plane sits idle. Fixed annual costs include hangar rental, insurance, pilot and crew salaries, training, and depreciation.
Many owners hire an aircraft management company to streamline operations, but it will add another six figures to your annual bill. Pro tip? Add an extra $5,000+ to your annual budget for unexpected repairs or avionics upgrades.
Variable costs
One thing is understood: You won’t be using your aircraft 365 days a year. But when you do, you will bear some additional costs. This includes petrol, maintenance, landing and handling fees.
These costs depend on your aircraft’s make and model. For instance, if you own a Cessna 172, the cost of quality Cessna 172 parts would be different than that of a Cessna 150.
Tech and luxury
To ensure smooth, comfortable flights, you would need to invest in avionics databases and flight-planning software. Don’t forget to factor in cabin refurbishments and entertainment systems.
Responsibilities of an Aircraft Owner
The responsibilities of an aircraft owner include:
Total compliance. Make sure the aircraft is maintained in airworthy condition and undergoes mandatory inspections.
Maintaining records. Always keep detailed, accurate records of all maintenance, including airframe, engine, and propeller logbooks.
Using certified parts. An aircraft owner is tasked with only using certified parts to ensure safety and compliance.
Compliance. Make sure to work with certified mechanics. Moreover, buy parts from a reliable supplier like Pilot John International.
Operational safety. Make sure the aircraft is operated within limitations and has all required documentation (registration, airworthiness certificate, etc.) on board.
The Upside of Owning an Aircraft: Rewards and More
Aircraft ownership is considered a valuable investment for the following reasons: unmatched travel flexibility, significant time savings, access to more destinations, and enhanced privacy and security.
For business executives and entrepreneurs, owning an aircraft means increased productivity, potential tax benefits, and asset value retention.
Final Words
Owning an aircraft is a big step. You will be taking on new responsibilities and costs. The best thing you can do is be prepared and learn the implications of being an aircraft owner.