Do you own a license for a private pilot? Do you enjoy the freedom and the thrill that comes with passing through the skies? If so, maybe this is the right time for you to get or buy a small aircraft. At this point, owning a small aircraft or plane comes at a reasonable price compared to many years ago. For a similar value of owning one of the other cars in your garage, you can have a small aircraft sitting in an airplane hanger, which is completely yours.
So, in this blog, I will be going to answer the question of how much a small plane is and additional information like the cost of maintaining it. So, sit back, relax and continue reading!
How Much Money do You Need to Own a Small Aircraft?
The exact price or value of a small aircraft will vary depending on various factors like type, condition, and the exact model of the plan that you are planning to purchase. On the other hand, the average rate that you are able to use as your guide for this procurement for each kind of plane.
First and foremost is the ultralight airplane. These don’t need you to get a private license to fly and usually costs below $15 000.
A single-engine plane is also another kind of airplane available. This is the kind of airplane that comes to the mind of many people once they hear the word small place. This is a little bit expensive than an ultralight plane, and usually, the price starts at $15,000 and above. New models have a value of $100,000 or more; however, you can save a lot of money if you opt to a second-hand or used plane.
Lastly, an aircraft with a very powerful multi-engine will cost you $75,000 or higher. It is not unusual to see a small place with many engines which cost $300,000 or more.
How Much You Need to Spend In Maintaining a Small Aircraft?
Now that you know the price of a small place, it is also vital to know how much you need to spend on maintaining a small plane. With an airplane, the purchase value isn’t the only consideration you need to consider. Much like with cars, you also have to consider the cost of maintaining your aircraft. Such expenses include insurance, parking, gas as well as replacement parts and labor for mechanical breakdowns.
Usually, an airplane hangar will cost you a few hundred dollars per month to lease. Yearly, mechanical expense upwards of USD500 for expert staff to check and assess your airplane every now and then, there are legally needed for you fly your airplane. Painting a place is considered a cost-efficient way of getting it noticed above or simply in the plane hangar. If you purchase a new aircraft, the paintwork can be an extra expense. The cost to paint an aircraft will depend on its type and size, with a bigger plane costing USD200 000. What is more, insurance will cost you USD10000 per year, at a minimum of an affordable plane.
Gas is also a factor to consider. The gas which runs plane engine is a little bit more expensive than those used in cars. This will cost you about $5 for every gallon. You will use five gallons per hour, leading to a USD25 per hour flight cost. So, once you fly 25 hours per year, then perhaps you will need to set aside USD5000 a year.
Is It Worthwhile to Buy a Small Plane?
Now you know the answer to the question, how much does a small aircraft cost?” it is all up to you to make a choice. Is it just for pleasure or for any purpose?