Things to Consider in Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. There are various cost factors in owning an airplane. The purchase price is only a part of owning an airplane.
The indirect cost is called to be the costs that you are paying whether or not the airplane flies. 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. Today the rate is 6% with a 15% down payment and 20 years of financing. To be able to know the insurance fees, you can call the insurance agent and obtain a quote for the airplane you are to purchase. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Direct operating cost is quite tricky especially in calculation. There are ways you can calculate how much will it cost you each hour to fly. To start with the basics. Basically, piston engines are required to change oil in every 50 hours. The cost of the oil engines is dependent to your location. The fuel consumption is dependent according to the type of aircraft. 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. To be able to fly an aircraft with a worn-out engine you must consider the published fuel burn in purchase.
The engine and propeller will be calculated even though you have a new airplane that you are planning to sell. The maintenance for the aircraft is costly but worth planning for. The airplane being purchased must undergo to inspection annually. The prices will vary but it depends on where you do your 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.
Remember that the price they quote to you do not include items that you have not purchased. the costs that are extras are not included. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. Doubling the annual inspection fee will be able to cover the surprised repair bills. The budget you have prepared will cover most of the unexpected bills during that year. You can also save money for redesigning your airplane. You can see more here in websites that is focused on this kind of topics.