All About Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. There are various cost factors 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. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, 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 calculate for the insurance fees, you can have the insurance agent to give you a quote for the airplane to purchase. The airport where you are landing your plane is the very place where you can also get the hangar fees.
To calculate the direct cost is quite tricky. There are ways you can calculate how much will it cost you each hour to fly. Let us go with the basics. Generally, the piston engines change their oil 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 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. The maintenance for the aircraft is costly but worth planning for. Every year, the airplane you have purchase must be undergo inspection. The prices you are about to pay varies on where you are going to have the airplane to be inspected. Call a service center that is good with the type of airplane you are using and have a low charge for the standard annual inspection that will be done yearly.
See to it that the price must not include items that you have not purchased. These costs are extras. The airplane that is still under warranty I expected to have repair bills upon picking it up. A safe bet for accounting additional expenses for an airplane that is out of warranty is to twofold the price of the yearly inspection fee. This budgeting will cover the surprise bills that may occur on 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.