Things to Consider in Aircraft Value Reference
The aircraft values or VREF is the questions frequently asked and you can learn calculating it. A lot of different factors one can have 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. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an 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. For the hangar fees, you can call the airport where you want to land your airplane.
Calculating the direct operating costs is tricky. There are various methods you can do in calculating the cost you will have in every hour flying of your airplane. Starting at the basics. Mostly, pistons engines are requiring oil change every 50 hours. The price of the oil engine is dependent to where you are living. 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. To be able to fly an aircraft with a worn-out engine you must consider the published fuel burn in purchase.
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. The airplane you are about to purchase must be inspected every year. 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.
Remember that the price they quote to you do not include items that you have not purchased. the costs that are extras are not included. The airplane that is still under warranty I expected to have repair bills upon picking it up. Doubling the annual inspection fee will be able to cover the surprised repair bills. This budgeting will help you cover the unexpected surprise bills that could possibly occur on that year. Budgeting for the expenses of paint, interior and any other things for your plane must be done. You can read more info. in websites about this one.