Things to Consider in Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. A lot of different factors one can have in owning an airplane. Purchasing price is only a piece of getting an airplane.
The indirect cost is called to be the costs that you are paying whether or not the airplane flies. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. Currently, the rates are now at 6% with 15% down and 20 year financing. To calculate for the insurance fees, you can have the insurance agent to give you a quote for the airplane to purchase. For the hangar fees, you can call the airport where you want to land your airplane.
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 you are about to consume depends on the aircraft you will be using. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. To be able to fly an aircraft with a worn-out engine you must consider the published fuel burn in purchase.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. You must also have a scheduled maintenance which serves as another cost worth planning for. The airplane you are about to purchase must be inspected every year. The price for inspection depends on where you are doing the inspection. Call a service center that is good with the type of airplane you are using and have a low charge for the standard annual inspection that will be done yearly.
Items must be paid without unidentified items. These are not included in your budget. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. To be able to have a safe bet in budgeting, you must double the amount allotted for the annual inspection fee. 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.