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Buy Your Own Plane

Insurance is cheapest for a piston single with fixed gear. Unless you have a very specific mission, I recommend limiting yourself to those criteria. Just as car insurance companies recommend, you should call around and interview several providers. (Rates have climbed in the past few years.)

buy your own plane

Annual inspections are just that: inspections. Chances are your A&P will find some things that need work, which is why we included that MRF in our variable costs. I used a figure of $800 that should get you a basic annual with a small shop. If you have a fancier aircraft, a twin, or anything with retractable landing gear, the base price of your annual will increase significantly. A friend who used to own a Cirrus SR22 budgeted $10,000 per year for their annual. Again, shop around! is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Pay attention to daily and segment minimum pricing to get the most accurate price for your trip. For example, if the daily minimum is two hours but your flight is shorter than that, you will still pay for two hours. Surcharges may also apply.

Most of the time, unless the jet company itself operates the app, these apps are estimated pricing. It allows the broker to get emails for future marketing. After you put in the information, you then go through getting hard quotes before you can pay for and book your flight.

The cost of a brand-new plane might be higher than that of a used plane. However, the model and size of the plane also determine the cost. In general, older planes cost significantly less than newer ones, although keep in mind any additional maintenance, insurance or upkeep costs.

Some lenders cater specifically to loans for private jet financing, including JetLoan Capital, JetLease Capital and Global Jet Capital. The Aircraft Owners and Pilots Association also offers an online loan financing calculator to help estimate your monthly payments.

If you do decide to purchase a private jet, you may be able to get a personal loan from a reputable bank or explore your options with aircraft-specific lenders. As you would with any loan, shop around and get quotes from multiple providers to ensure you get the best deal possible.

> How to buy your own private jet >After all, it's a good time to get one. The overall jet market is down between 20% to 50% from a couple of years ago, according to Barron's. So planes are (relatively) cheap!Two important caveats: One, your probably shouldn't do it yourself. Aircraft management companies and buying consultants like Integral Aviation Solutions and TWC Aviation Inc. can coordinate the purchase, and keep your plane flying afterwards--for a fee, of course.

A private plane will likely cost millions, so aviation experts suggest that 350 to 400 hours of flight time per year usually justifies full ownership of a jet, according to General Aviation Services, a private aircraft seller.

And, remember that repairs and maintenance can ground your plane; expenses can be unpredictable ($50,000 for a part); and you could lose plenty of money by buying your plane high and selling low, notes TWC Aviation Services president Andrew Richmond.

That said, new means expensive. TWC Aviation: New planes generally come with a five-year, tip-to-tail warranty. You'll still need to pay for inspections, but most other expenses are covered under warranty. Also, you will need to pay an hourly fee on top of the warranty to cover many parts that fail through normal wear and tear. To keep a lid on your costs, you can pay an hourly rate for an engine program. These programs cover the very expensive mid-life inspections and overhauls that are required years down the road.

Usually, a consultant helps with the search. As Business Jet Traveler notes, "Maybe your management rep will be directly involved in the jet-search process, or maybe he will refer you to a broker or brokers. Either way, the management company will be responsible for keeping you happy in the long term, so it is in its interest to ensure that your search puts you in the right airplane."

The market for sales and refinancing has slowed considerably. "Over the past year, planes have been a lot like houses," says Cribbin. "Everyone's been trying to sell them for what they were worth last year, not this year."

If you've lost a bunch in the stock market, you can always refurbish an old plane. A major face-lift runs from about $750,000 and to $2 million and take several months, according to Business Jet Traveler.

Once you have your own plane, the trick is getting it in the air -- and keeping it there. If you're not part of a big company with a flight team, you'll likely need a consultant to manage your investment.

A jet management company does a lot: select the crew and pilots; oversee plane maintenance; do your accounting (fuel, insurance, parts, crew pay, etc.); coordinate your flights ("Good Sir, can we leave for Paris in 20?"); and storage (usually a shared hanger at a local airport).

Owning a plane also gives you the freedom to go wherever you want, whenever you want, Avion Insurance reports. It gives you the opportunity to book last-minute trips to the travel destination of your choosing too and even makes it easier to bring family and friends along for the trip. In fact, if you decide to travel with friends and family, you really only have to worry about how much space your plane has to offer.

Fulfilling your lifelong dream to own a plane is another benefit worth mentioning. Just imagine yourself taking the wheel of your very own plane and getting that perfect view of the open sky. It sounds pretty fantastic, right? We think so too.

This type of escrow fund would cover costs related to engine, propeller, and avionics maintenance. It could also be used for airframe overhauls. Investopedia suggests contributing to your plane maintenance fund each time you take to the skies to ensure you save enough to cover plane maintenance costs.

Small planes must undergo annual inspections too. According to Investopedia, such an inspection can cost from $600 to $1,200. If you happen to own a more specialized plane, the cost of an annual inspection may be even higher, Investopedia added.

And when it comes to costs? Based on data collected by Honeywell, plane owners can anticipate spending roughly $420 to $900 per year to tie down their plane and $1800 to $12,000 a year to store it in a hangar.

In my experience, some things that can potentially increase your insurance rates include: a more expensive aircraft (higher requested hull value), low PIC time, low time in Type of aircraft being insured, complex aircraft, aircraft that is not hangared.

We change our oil quarterly and budget about $800/yr. This is something you can potentially do yourself as owner maintenance if you had a hangar. We may do this in the future, but for now we pay someone else to do it. Oil alone for a single oil change is around $80, plus oil filter, etc. We also pay to send our oil in for analysis each time.

Owning your own plane can be expensive and comes with a lot of initial work, but can be worth the time and trouble for those that love to fly. There is nothing that can make you feel freer than having your own plane available for use at any time. If you are thinking about purchasing a plane, the following are a few perks that may help influence your decision.

Flying commercial comes with a wealth of frustrations. You must arrive at the airport several hours before departure, wait in line to check bags, wait in line to go through security, and wait in an area that is usually lacking in comfort and amenities. Arriving at your destination may also be fraught with frustrations as you wait to get off the plane and then scramble to find a cab to take you to your destination.

Flying private allows you to avoid many of these time consuming complications. You can arrive at the FBO or private airport just a few minutes before your scheduled departure and there is no worry about missing the flight if you are late. There are no lines to worry about and no TSA searching you or your bags. If you decide to arrive early, FBOs and private airports usually have fabulous accommodations and amenities.

Airplane ownership comes with many costs, but these costs are defrayed if you use the plane frequently. Yearly, you will need to pay for aircraft insurance, maintenance, and hangar fees. You will also need to purchase the plane, requiring either a large upfront cost or periodic payments. When you fly, however, you only need to pay for fuel, which is usually much less than the cost of a commercial flight. If you fly frequently enough, you can make up the other costs with this savings per flight.

When you own a plane, you can decide on a whim to fly wherever you want, whenever you want. If you wish to bring family or friends with you, you are limited only by the capacity of your plane. This is much easier than trying to book a last minute commercial flight, particularly if you will not be traveling alone. In some cases, there may not be enough seats left and the tickets will always be much cheaper than if you book in advance.

One of the main reasons that most people purchase planes is because they love the act of flying. If you love to take the wheel and fly the plane, there is no comparison between owning a plane and flying commercial. The view of the sky and areas that you are flying over is much better from the cockpit than a seat on a commercial aircraft. The whole flight is yours to control, so you can make it much more enjoyable than a commercial flight. 041b061a72


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