On Wed, 11 Aug 2004 16:16:16 -0400, TTA Cherokee Driver
wrote:

Just taking a swag at what it might cost to buy and own a $40,000 plane
in the Cherokee class, here is what I came up with. Feedback from those
who are wiser appreciated:

Assumption: $40,000 plane bought with a 15-year 7.5% loan with 20% down.

Startup costs:

Down payment: $8,000
Loan fees: $250 (guessed from googling on aircraft financing)
pre-buy activities: $2,000 (inspections, travel to view planes, etc)
reserve for first annual/squawks: $5,000 (not really an expense but need
to have available in case)

Monthly fixed costs (some are annual costs divided by 12):

Tiedown: $35 (verified with local FBO)
Loan payments: $300 (used online loan calculator)
Insurance: $90 (online quote from AOPA insurance agency, $1M/$100K, 160
hr VFR pilot)
Annual: $75 (assume $900 annuals)

Hourly costs:

Gas: $24 (8gph @$3 per)
Engine reserve: $15 (assume engine has 1000 hours left and an overhaul
will be $15K)
Other reserves: $10




I don't know where you live, but I'd figure on 2500 / yr for the
annual. This will also let you buy "stuff" through the course of the
year should it break, ie, strobe, fuel sender, etc... I do most of my
own maintenance, pay an IA $400, and generally need about 1000+ per
year in parts. I'd also run your gas average at 10 gph assuming a
warrior 12 gph for an Archer. With that figure it'll include oil
consumption and you won't get caught short.

Best advice I can think of is plan as much as you can and after you
buy it don't stress too much when the plan has to change.

I also don't save for an engine, but that's just my philosophy. 1000
hrs @ 100 hrs/yr = 10 years. Avg pilot flies about 50 in his own
craft so you're looking at 20 years to spend that money (if you keep
the plane that long).

HTH.
z