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Posts Tagged ‘Airplane Expenses’

If you have your pilots license you may be thinking about buying your own plane. While it can be quite convenient to just hop in your own plane and take off for the weekend there re many expenses involved that you might not think about when looking at planes to buy. While a potential plane may have the latest Garmin 696 in it, be sure you know the total cost of ownership, here are a couple of things to consider:

Insurance ? You will need to insure you plane so make sure you get a quote for the cost before you hand over a down payment. The cost will vary depending on the type of plane you buy and what kind of coverage you need. Get quotes from a number of different insurers as the cost can vary dramatically. While one company may value your Aeroshell at a certain price, another one may come in cheaper.

Storage You will need a place to keep your new plane and other items like , methyl ethyl ketone. If you live on a farm or have a lot of space you can keep the plane there but if you need to rent hanger space this will be a monthly expense. Get a price before you buy a plane and factor in all of these things to get a true cost.