Things to Consider in Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. A lot of different factors one can have in owning an airplane. Purchasing price is only a piece of getting an airplane.
The indirect cost is called to be the costs that you are paying whether or not the airplane flies. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. As of now, the rate is at 6% with a minimum 15% down and financing year runs to be at 20. To calculate for the insurance fees, you can have the insurance agent to give you a quote for the airplane to purchase. For the hangar fees, you can call the airport where you want to land your airplane.
Calculating the direct operating costs is tricky. Different ways can be done in calculating the cost of each hour to fly the airplane. Let us go with the basics. Generally, the piston engines change their oil every 50 hours. The cost of the oil engines depend on where you live. The fuel you are about to consume depends on the aircraft you will be using. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. To be able to fly an aircraft with a worn-out engine you must consider the published fuel burn in purchase.
The reserves like engine and propeller can be solved in the equation even if you have a new airplane. The maintenance for the aircraft is costly but worth planning for. The airplane being purchased must undergo to inspection annually. The prices you are about to pay varies on where you are going to have the airplane to be inspected. Call a service center that is good with the type of airplane you are using and have a low charge for the standard annual inspection that will be done yearly.
Remember that the price they quote to you do not include items that you have not purchased. These are not included in your budget. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. A safe bet for accounting additional expenses for an airplane that is out of warranty is to twofold the price of the yearly inspection fee. This budgeting will cover the surprise bills that may occur on that year. You can consider to budget expenses for paint, interior, and avionics upgrades. You can read more info. in websites about this one.
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