Do you have a private pilot’s license? Do you just love the freedom that comes with traversing the skies?
If so, then you should think about getting a small plane. Nowadays, owning a small plane comes at a fraction of the cost than a couple of decades ago. For the same price of owning one of the other vehicles in a garage, you could have a small plane sitting in an airplane hangar that belongs to you outright!
In this article, we’ll answer the question of how much a small plane will cost to buy and maintain.
How Much Does a Small Plane Cost to Buy?
The exact cost of a small plane will differ depending on the condition, type, and exact model of aircraft that you are going to buy. However, there are average prices that you can use as guidelines for this purchase for each type of aircraft.
First up on the list are ultralight aircraft. These do not require a license to fly and typically cost less than $15,000.
The next type of aircraft is a single-engine aircraft. This is the type of machine that most people think of when someone says a small plane. These cost quite a bit more than an ultralight aircraft and typically start at $15,000. New models can go all the way up to $100,000, but you can save a boatload of money off the sticker price by going used.
Last but not least, a more powerful multi-engine aircraft will cost $75,000 at a bare minimum. It’s not uncommon to see small planes with multiple engines that cost $300,000 or even more.
How Much Does a Small Plane Cost to Maintain?
With aircraft, the purchase price is not the only consideration that you have to take into account. Much like with your road-going vehicles, you also have to think about maintenance costs. Such costs include parking, insurance, gas, and replacement parts and labor for any mechanical breakdowns.
Airplane hangars will typically run you a couple of hundred dollars a month to rent. Annual mechanical inspections cost upwards of $500 for professional staff to check your airplane (these are legally required for you to be able to fly your plane). Then on top of that, insurance will cost $1,000 a year, at a minimum for a cheap plane.
Last but not least, don’t forget gas. The gasoline that runs aircraft engines is a good bit more expensive than the gas that goes in car engines. It will run you around $5 per gallon. You’ll use at least 5 gallons an hour, resulting in a $25/hour flight cost (again, this is a minimum).
So, all in, if you fly 50 hours in a year then you’re probably looking at maintenance costs of $5,000 per annum.
Is It Worth It For You?
Now that you know the answer to the question of how much does a small plane cost, you can answer the subsequent question as to whether or not it the pleasure of commanding such an aircraft is worth it for you.
For more financial advice, be sure to check out the rest of our blog!