Calculating the cost to have your own airplane using free aircraft value calculator is the most frequently asked questions. A lot of different factors one can have in owning an airplane. The purchase price is only a part of owning an airplane.
The cost that you will pay whether the airplane will fly or not is called indirect cost. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, subscription fees, and taxes. If you are financing the airplane, you could possibly get a quote from the bank with a down payment required and also with the interest rate. Today the rate is 6% with a 15% down payment and 20 years of financing. 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.
To calculate the direct cost is quite tricky. There are various methods you can do in calculating the cost you will have in every hour flying of your airplane. To start with the basics. Basically, piston engines are required to change oil in every 50 hours. The cost of the oil engines is dependent to your location. The fuel consumption is dependent according to the type of aircraft. 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. Flying an airplane with worn-out engine needs a published fuel to burn.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. You must also have a scheduled maintenance which serves as another cost 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.
See to it that the price must not include items that you have not purchased. the costs that are extras are not included. An airplane that is still under warranty must have repair bills upon picking your airplane up. 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. The budget you have prepared will cover most of the unexpected bills during that year. You can also save money for redesigning your airplane. You can see more here in websites that is focused on this kind of topics.
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