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. The purchase price is only a part of owning an airplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, subscription fees, and taxes. To be able to finance an airplane, you can get a quote from the bank that is having down payment requirements and interest rate. Currently, the rates are now at 6% with 15% down and 20 year 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. You can pay for the hangar fees to the airport where you wanted to base your plane.
Calculating the direct operating costs is tricky. There are ways you can calculate how much will it cost you each hour to fly. Starting at the basics. Generally, the piston engines change their oil 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. Flying an aircraft having worn-out engine must have published fuel to burn.
The reserves like engine and propeller can be solved in the equation even if you have a new airplane. You must also have a scheduled maintenance which serves as another cost worth planning for. The airplane being purchased must undergo to inspection annually. The price for inspection depends on where you are doing the 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.
Items must be paid without unidentified items. These costs are extras. 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 also save money for redesigning your airplane. You can see more here in websites that is focused on this kind of topics.