All About 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.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. If you are financing the airplane, you could possibly get a quote from the bank with a down payment required and also with the 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. For the hangar fees, you can call the airport where you want to land your airplane.
To calculate the direct cost is quite tricky. Different ways can be done in calculating the cost of each hour to fly the airplane. Starting at the basics. Mostly, pistons engines are requiring oil change every 50 hours. The price of the oil engine is dependent to where you are living. The fuel consumption is dependent according to the type of aircraft. 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. Flying an airplane with worn-out engine needs a published fuel to burn.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. The maintenance for the aircraft is costly but worth planning for. The airplane you are about to purchase must be inspected every year. 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. An airplane that is still under warranty must have repair bills upon picking your airplane up. 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 consider to budget expenses for paint, interior, and avionics upgrades. You can see more here in websites that is focused on this kind of topics.