contactflying wrote:Hang in there David K. The Northwest Passage is going change things.

gtylerdowdy wrote:Alright guys, I hope y'all aren't too hard on me for this, but I need some help.

I have never owned an airplane but I have been around them my whole life. I grew up on a grass strip and my dad owned 15+ planes over the years. It was ultimately what came to his financial demise. He bought more plane than he could handle (Twin Otter) and it sunk him after an A&P pencil whipped a plane with rust damage. He's admitted that he should of done a better job with the pre-purchase inspection. That mid 6 figure repair bill and a pain killer addiction took him to a dark place.

So, I have some hesitation when it comes to buying a plane. First of all, I know its a reach. Here is a break down of what my financial picture looks like:

- Airplane is $80k
- I put down 15% of that ($12k)
- I have $23k in my bank account right now
- My wife and I make a combined $150k per year
- We are debt free besides our home
- I didn't factor in that I would have to pay insurance annually in one lump sum. That is an additional $3k (yeah, it hurts).
- So that puts me at $7k liquid funds (before any pre-purchase inspection fees or other general purchase costs).
- Seller has agreed to do a fresh annual before purchased and pay for anything it needs, except the Rotax Circlip service bulletin which he has a 'credit' for.
- Lastly, this plane retails new at $97k. It is a 2017 model with 35 hours on the Rotax 912ULS 100hp. It really is in perfect condition and he just says he wants it to go to a good home. Which I genuinely believe.


Just need some help here guys. Low time pilot just trying to chase a dream. Let me know if I'm making a bad decision. Airplane: AeroTrek A240