Pay Now or Pay Later

A great pilot and an experienced airplane owner told me recently, “In aircraft ownership you either pay now or pay later.” I thought this was a great piece of advice for anyone thinking of getting into aircraft ownership.

The idea being, in aircraft ownership, aircraft cost money. When looking for an aircraft to buy, buying cheap  may get you into a low cost aircraft initially, but eventually you will have to pay to fix issues on the airplane. A neglected airplane will become a non-flying airplane if discrepancies are left too long. Eventually the numerous small problems will become big, grounding type problems.

Money, spent smartly up front, can get an airplane in decent shape and will allow you to simply enjoy flying with relatively low money spent after purchase.  This idea encompasses another often heard phrase when it comes to aircraft purchase, “Buy as much airplane as you can afford.”  This does not necessarily mean you buy a King Air as a new private pilot just because you can afford it. What it means is if a Maule M-4 is what you are looking to buy, buy the best M-4 you can afford not just the cheapest one available. This will generally help cut costs later on down the road.

If you are looking for a small flying project to fix up, a cheaper, neglected aircraft could be the way to go. This however, can be very risky. Ensure a good thorough inspection is completed on the aircraft before purchase. Oftentimes aircraft with major structural issues will be put on the market at a very cheap price in an attempt to get someone’s garbage off their hands.

Aircraft ownership is expensive, simply put. Understand that even an aircraft in good working order will still require costs to keep running, i.e. annuals, oil changes and the inevitable engine overhaul to name a few. Also remember, aircraft do not do well when they sit. They have to be flown to stay in good working order and this requires money spent to take them flying.

Ever had an airplane you thought was a great deal and ended up being a cash pig?