We created a calculator to help you project the specific costs of owning your aircraft, looked at some ways to optimize the most important factors that affect your costs, and looked at how you can put your reserve funds to work for you. Today we are going to look at some ways to raise funds to buy your first plane.
Savings + Training
The first step to owning an airplane is to start saving something every month. At the very least, save a few hundred dollars on your future plane fund. Yes, that means opening an account and transferring this month’s funds right now. I will wait.
One of the biggest revelations for new aircraft owners is that the purchase price is only a fraction of the current cost of owning an aircraft. I recommend calculating the total cost of owning your desired aircraft and setting your monthly savings equal to the amount you’ll need to spend each month to own and fly your future machine.
Let’s look at an example:
This shows what it would cost a single person to own and fly 200 hours a year in the 1975 C-172M we’ve been using in our example, having paid the full purchase price up front in cash. Buying this aircraft is a commitment to spend $1,769.43 per month on it for as long as you own it.