How to Calculate the Cost of Ownership for a Small Plane?

One of the best articles on the PA24 series is over at AOPA https://www.aopa.org/News-and-Video/All-News/2002/...

The other really good source is The Comanche Flyers website from the International Comanche Society http://www.comancheflyer.com/NS/

For very little more in actual expense the 250 is a better buy and a much faster airplane for travel, the cost to own is just slightly higher fuel. Insurance annuals etc are the same.

what your actual costs will be depend on what YOUR insurance costs, that isn't the same for everyone but expect 1800-2000/yr.

how much you fly, where you are based (fuel costs and hangars vary greatly), what your mechanic charges (which also varys greatly)! Getting an "average" just doesn't work. The condition of the airframe , engine, prop, etc also has a major impact on your costs , ask the current owner what his bills run!

The cheapest are the oldest lightest with the smallest engines. The Cessna 150/152 is the second most popular light aircraft and can carry two people and fuel up to about 450-500lbs total. It usually has a 95-115hp engine and eats anywhere from 4-10 gallons per hour depending on speed mainly. Think a few hundred bucks a month and $50-75 per hour. Remember that you have to save toward the next overhaul of the engine, so a more expensive plane might pay for itself because the cost of overhaul is spread over 10-15 years instead of maybe 5-10. The 152 costs anywhere from $15-50k depending on the time on the engine, the condition of the paint and interior, and factors like that. Anything over $35k should have excellent everything. Now if you want a little better, something in the 150-220hp range, think another 20% on top of that. Youll get a proportionate increase in speed and cargo capacity, especially when talking about something like a Mooney M20, which is about 65-80% faster depending on the speed mods. Usually older Piper aircraft are a little better than their Cessna counterparts, slightly more power and faster at any given power setting, along with better equipment. When you start talking about more modern planes around the $100k price range, Cessna aircraft are usually better equipped. Youll see a lot of cessnas in that 100k price range that have modern FMS (flight management system) and great interiors, as well as better engines and flight performance. Piper kind of slacked off in the 80s and 90s so they dont really have many competitive mid-priced used aircraft out there. If you are looking to fly all the time and all over the place, something in the $200k-300k might be better, since you can get full glass cockpits, twice the speed, twice the altitude, and better efficiency, all for about the same monthly cost as a middle class house. For people who have decent jobs that pay over 6 figures, its not unreasonable to consider having a nice Mooney that can break 300mph and still be able to use it often. There are really aircraft out there for anyone with a decent job, that can be operated a few hundred hours a year for a reasonable cost. Think $1000 a month to operate a 152 for a few hours each weekend. Not unreasonable.

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RE:

How to Calculate the Cost of Ownership for a Small Plane?

For a 400hr TT pilot with instrument rating and a commercial pilot's license, what would be the cost of ownership on a 1962 Piper PA-24 Comanche 180 with a 3 bladed McCauley Blackmac propeller, 1 GNS430W NAV/COM, a standard low end Bendix/King audio panel and #2 NAV/COM

The plane has been...

Variable costs: fuel, oil, other consumables (check maintenance timed items from things like tires to equipment that has to be replaced at given intervals, see the ADs on the airplane). Everything from batteries for your ELT to a new engine (what's TBO and how much time is on this one). Add all that up based on hours expected to be flown a year.

Fixed costs: hangar/tie down, insurance, taxes. Ask said mechanic about his annual, then ask others. You can do approximately 39 things yourself as owner (see Part 43 under Preventive Maintenance). Add that up.

Add the two together, divide by 12.

Join a Type Club, they have probably figured out most of this answer already.

Aircraft Insurance Calculator

(1) Insurance is a big part of the cost. You will have to contact an aviation insurance company for a quote. It depends upon the value of the aircraft, where it will be kept and what use you plan for it.

(2) You can easily calculate the cost of fuel per hour yourself based on your local and regional fuel price, and the average fuel consumption of the aircraft.

(3) Tie-down or hangar fees depend on where you plan on keeping the aircraft. Prices vary widely. Contact your local airport for information about fees.

(4) Plan on an annual on that type of aircraft costing roughly $2,000 per year, not including any repairs and parts necessary.

(5) Plan on oil changes every 25 to 50 flight hours. You can calculate the cost of aviation oil and an oil filter yourself and it depends on how much you fly. If you do not change it yourself, add another $50 to $100 to the cost.

(6) Call the propeller manufacture (or research it online) for the recommended TBO of the propeller and the cost to overhaul it. Some require overhaul after a specified number of years, regardless of whether it flies or not. Divide the hours you can expect to get out of it into the cost of R&R plus overhasul to come up with an hourly amount for 'maintenance reserve" on the prop.

(7) do the same for the engine. Determine the recommended TBO, subtract the current hours on the engine and this gives you an idea how many hours you can put on it before major overhaul. divide those hours into the cost of overhaul plus labor for R&R to come up with an hourly "maintenance reserve" estimate for the engine.

(8) Do the same for all the major accessories - starter, alternator, magnetos and carburetor.

(9) Set aside some extra money for sundry repairs such as tire changes, cylinder top-overhauls, brake replacements, etc.

(10) The rule of thumb is that if you do not fly at least 100 hours per year, it's cheaper to rent. All the above (insurance, annual and storage) is probably going to cost about $5,000 per year, even if you don't fly it a single hour. Add another $55 an hour for fuel and oil and probably another $25 an hour for maintenance reserve. Throw in another $10 an hour or so for unexpected costs. If you fly 100 hours, your total cost will likely be around $15,000 per year, or $150 per flight hour. If you fly less than 100 hours, the cost per hour goes up, if more than 100 hours, the cost per hour goes down.

If you're not already a member, I suggest you join the AOPA or the EAA and use their resources. Both of these organizations offer extensive information and computer software to run your cost/benefit analysis on whatever kind of airplane you might want to purchase.

ask the mechanic that maintained it for the last 20 years....