The Thing about 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. The purchase price is just part of the entire cost of owning an aiplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. The expenses like the purchase price, hangar fees, taxes and even subscription fees are called to be indirect costs. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. Currently, the rates are now at 6% with 15% down and 20 year financing. To have insurance fees, you can get a quote for the airplane you are considering to buy. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Calculating the direct operating costs is tricky. There are ways you can calculate how much will it cost you each hour to fly. To start with the basics. Generally, the piston engines change their oil every 50 hours. The price of the oil engine is dependent to where you are living. The consumption of fuel depends on the aircraft you will be using. You can visit a manufacturer’s website or even consult the POH to get the fuel. Visiting a manufacturer’s website or consult the POH in getting the fuel is a good idea. Flying an aircraft having worn-out engine must have published fuel to burn.
The reserves like engine and propeller can be solved in the equation even if you have a new airplane. You must also have a scheduled maintenance which serves as another cost worth planning for. The airplane you are about to purchase must be inspected every year. The price for inspection depends on where you are doing the inspection. The service center which will be familiar to the airplane you will be using is the one best fit for you and must have the charge for the annual inspection.
Items must be paid without unidentified items. These costs are extras. 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 help you cover the unexpected surprise bills that could possibly occur on that year. You can consider to budget expenses for paint, interior, and avionics upgrades. You can see more here in websites that is focused on this kind of topics.