Many aviation enthusiasts dream of owning an aircraft. But it is important to think about the financial responsibilities of owning an aircraft as well so that you can make an informed decision on whether to buy or not.
When you are looking for gliders for sale Australia, the first expense that you will be looking at is the initial price. The price of a light aircraft will depend on its type, condition, age and avionics package. You have to decide between buying new or used aircrafts as well. When it comes to this decision, you need to think about other factors in addition to the cost. There will be warranties to the new aircraft and this can lower the maintenance costs in the first few years. But aircrafts tend to depreciate quickly so this is another consideration. It will be initially affordable to go for a used aircraft but you may need to carry out extensive maintenance and upgrade it. Not everyone will be paying cash for the aircraft. This means you have to look at financing. When taking a loan for light aircraft, the interest on this can depend on the loan term, your creditworthiness and aircraft age. You will also need to put a down payment which can be about 10% to 20%. The loan terms can range from about 5 years to 20 years. So it is important that you research for the best deal you can get on financing and understand what you are committing to along with the total cost of borrowing.
Another significant cost is insurance.
This will generally cover liability insurance as there can be damage to others along with hull insurance which is the value of the aircraft. There are insurance premiums to think about as well and this can depend on the experience of the pilot, aircraft type, usage and limits of coverage. You will have lower insurance if you are buying abasic single-engine aircraft but this will go up with complexity of the aircraft. Maintenance is another cost to consider. This can be unpredictable times. Depending on your location, you may be mandated to carry out annual inspections and this will come at a cost. The inspections will ensure the airworthiness of the aircraft and that it complies with the relevant regulations.
Routine maintenance tasks
Will also add to the annual costs of keeping an aircraft and some examples of these are tyre changes, oil changes and spark plug replacements. Once you have completed a certain number of flight hours, you will need to do an engine overhaul and the cost of this will depend on the type of engine. There can be unexpected repairs. For example, when it comes to older aircraft, you will need to carry out costly repairs more frequently. A common expense is upgrading the avionics so that it complies with the latest requirements. There are operating costs to consider as well such as fees for oil, fuel and landing fees. There are hangar or tie down fees as well. Make sure you think about the depreciation rate of the aircraft as this will affect the selling value.
