To buy an airplane or not buy an airplane

[nkoenig]

I've been thinking lately and wanted to get some opinions about either buying an airplane and bypassing a career in aviation, or not buying an airplane and pursuing a career in aviation. I currently hate my non aviation job and have always wanted to be a pilot. I have my PPL and am scheduled to go to ATP soon. Flight training seems to be going up an up $$$ I thought hmmmm what if I take the money I would have used for training and buy my own a/c. 50K is a good start to buy something decent, total I could see spending about 150K on an a/c. I'm trying to figure out if the trade off is worth not trying a career in aviation. Also, what are the pros and cons of owning your own a/c? Anybody here own your own? What is all involved?

[Texasspilot]

That depends how happy you are at your current position and what you t hink a career in aviation will be. I'd suggest talking to some other career changers to see how the industry is compared to what they thought it would be.

For 50K you could buy some very sweet aircraft or you could continue your current job and continue your flight training at a slower pace you enjoy. Possibly in your own aircraft and at your own pace and still come out cheaper than ATP. And at the end see how the industry looks in 2 or 3 years.

Perhaps an Rv-8! Cross country and aerobatic...and of course you can take your local Texas peeps for rides.

[calcapt]

Originally Posted by nkoenig

I've been thinking lately and wanted to get some opinions about either buying an airplane and bypassing a career in aviation, or not buying an airplane and pursuing a career in aviation. I currently hate my non aviation job and have always wanted to be a pilot. I have my PPL and am scheduled to go to ATP soon. Flight training seems to be going up an up $$$ I thought hmmmm what if I take the money I would have used for training and buy my own a/c. 50K is a good start to buy something decent, total I could see spending about 150K on an a/c. I'm trying to figure out if the trade off is worth not trying a career in aviation. Also, what are the pros and cons of owning your own a/c? Anybody here own your own? What is all involved?

If you are just casually considering a career in aviation, don't do it. Aviation is one of those unique careers that demand passion and commitment because of the sacrifices involved. Someone doesn't just happen to stroll into aviation and make it work. If you can afford your own airplane you may find your aviation fulfillment there. The purchase price of an airplane is only a small part of ownership costs. Insurance, operating expenses, maintenance and hangar fees are other things to consider. Increased user fees are also making news lately and will only make general aviation more costly than it already is. Only you can determine what trade offs you are willing to make in the aviation world. Good luck !!!

[Princess Pilot]

Whether to buy an airplane or not is a personal and business decision. I was in your shoes not too long ago and decided to hold off for the moment. The costs outside of the purchase price itself were some determining factors. They were just too much to justify at this time. Whatever you do, please check your emotions at the door before making such a decision. It's not like having a child or getting married, but it ranks up there. Good luck!

[MichaelCPS]

Originally Posted by nkoenig

I've been thinking lately and wanted to get some opinions about either buying an airplane and bypassing a career in aviation, or not buying an airplane and pursuing a career in aviation. I currently hate my non aviation job and have always wanted to be a pilot. I have my PPL and am scheduled to go to ATP soon. Flight training seems to be going up an up $$$ I thought hmmmm what if I take the money I would have used for training and buy my own a/c. 50K is a good start to buy something decent, total I could see spending about 150K on an a/c. I'm trying to figure out if the trade off is worth not trying a career in aviation. Also, what are the pros and cons of owning your own a/c? Anybody here own your own? What is all involved?

Buy the plane.

If I was to do it all over again, I would have bought my own plane, hired a CFI to work with me, and gone that route. If you have the money to buy a plane, it is the best route to go.

Michael

[jrh]

I've owned my own plane for a couple months now and I love it. I have a Cessna 140, so it's small, simple, and cheap to operate.

The biggest advice I would give to a prospective aircraft owner is to do a lot of research, set up a budget, and be willing to put money in to the plane. Aviation is not an activity you can cut corners on.

Think of everything that you'll possibly spend money on--fuel, maintenance, insurance, hangar, accessories (cleaning supplies, tiedown ropes, aircraft cover, etc.), etc. Be honest with yourself, be realistic, and don't cut corners. Figure out everything in advance. Then tack on a few thousand more, because that's just the way aviation works--you're bound to spend more than you originally plan.

If you can stomach whatever number you come up with, go ahead and jump in. That's exactly what I did and I'm right on budget.

The second most important piece of advice I would give is to fly on a regular basis. At least 50-100 hours per year. Your skills will stay sharper, you'll have more fun, and most importantly, the plane will stay in better mechanical shape. I hate to see planes that sit for months at a time without flying. It's a shame.

Oh, and one last piece of advice--why is owning your own plane mutually exclusive with flying professionally? Because of the money crunch? Why not downsize your expectations a bit and do both? I can guarantee you I have just as much fun in my 140 as some rich guy is having in his shiny new 182...but maybe that's just my personality.

Feel free to PM me if you have more questions about ownership. I'm still learning a lot myself, but I'll help you in any way I can.

[MusketeerMan]

Buy a plane and train in it...I've owned for 2 years and it's a blast!! Get a few other guys to go on a partnership with you to help with all the maint. costs..

[Mr.Maximus]

Go with what makes most sense financially and fits your career goals. I have to agree with an earlier poster - if your not sure about flying professionally it's probably best not to pursue it. To get into the professional ranks requires not only extreme passion for flying, but just as much - if not more - it requires ultra extreme perserverance. Of course - it's also pretty expensive.

As far as owning an a/c, it's very enjoyable. I have a Comanche and it's a good time. It can be pretty expensive though. If I were to buy another a/c, I would make sure it had most of the bells and whistles on it already vs. going out and doing it myself. If you think you'll fly a couple hundred hours a year - it might be worth it. Do a spreadsheet on the associated costs of ownership - then divide that by an anticipated amount of hours per year you'll fly. Compare that to the cost of renting and see which looks better. Also, if you have a couple of buddies - shared ownership = shared costs. Good luck.


Max

[pilot4500]

I would also say buy the airplane. Just be aware of what you are getting yourself into. It is not going to be cheap.

[Tram]

Here's another vote for buying the airplane..

We currently own a couple and I dunno what I'd do without them.. We've had several over the years..

The down side to owning an airplane is they are like boats.. You need one for everything.. The fishing boat, the ski boat, the pleasure craft..

There are 3 things everyone wants in an airplane..

Speed, Range and Capacity.. You can generally pick 2 of the 3, but can't get all three.. Although, some will get very close..

If you decide to get into the RV market, I can set you up with a nice IFR RV6..

Our next toy is going to be one of these:

[nkoenig]

Thanks for the adivce and info guys.