This is just my observation, but maintenance costs will be greater the first couple years before settling down. I budgeted for what I thought would be a steady state maintenance plan. I actually found with both airplanes ownerships that the first 2-4 years yields increased maintenance costs. Some cost is associated with the previous owner neglecting certain items, but the biggest reason is that a new mechanic's focus areas are different from the previous. This was even with a thorough pre-purchase inspection. That was really the only surprise in my budget.

Something I haven't seen mentioned is subscriptions for different items. GPS database, publications/EFB/foreflight subscriptions, Alaska Airmen's raffle, ice classic, BCP hat, PlanePerfect cleaners, etc. I understand that some of these won't pertain to your interests.

I use a separate account to manage all my aircraft expenditures so that I can audit my budget from time to time and make sure I've accounted for everything.

Brett

Good publication on new owner responsibly:

http://www.faa.gov/regulations_policies/handbooks_manuals/aviation/media/faa-h-8083-19a.pdf

I use Mint.com and have airplane categories for my household budget. A spreadsheet will help you guess up front - but monitoring your actual spending once you are in the deep end of the pool is what will save you from deep trouble.

Real world here in Hawaii...

At the aircraft maintenance shop, the dreaded aircraft owners comes in and needs their aircraft repaired and doesn't have any money... At first, you do what you can for these guys but, then it gets old. Most light aircraft owners known nothing about long term care. Enter the credit card swiper...let a bank carry their aircraft maintenance, A&Ps can't work for free (forever).

Newowners do best by getting involved (first) with a good maintainance/mechanic shop(s) and making informed estimates on new ownership costs. I.e. a "Budget"

I agree with padding a budget involving aircraft (more so than going to the movies). 20%-50% "Padding" is reasonable for a "new" guy.

UH-60andC-180 wrote:....maintenance costs will be greater the first couple years before settling down. I budgeted for what I thought would be a steady state maintenance plan. I actually found with both airplanes ownerships that the first 2-4 years yields increased maintenance costs. Some cost is associated with the previous owner neglecting certain items, but the biggest reason is that a new mechanic's focus areas are different from the previous. This was even with a thorough pre-purchase inspection. ...

As a friend of mine likes to put it, it takes a couple of annuals to drive the voodoo out of a new-to-you airplane. The previous owner of my 180 took great care of it, but there were still some things that needed addressing. And some things I wanted to change. And some things I wanted to add. The first couple years can be spendy, but then you generally get ahead of the maintenance / modification curve and the costs settle down to normal.

I certainly like all the comments that I have seen here.

I enjoy my Cessna 170 for loading up the wife and camping gear and going flying without a thought about cost. Also I think about the fact that the more I fly it the less it cost per hour because I am getting more flight time from the fixed cost that I have to pay whether or not I fly.

As far as ideas that have not been presented yet, I have had great luck with trading CFI time for flying time in other planes. If you found some owners that would like flight instruction you could propose taking your pay in flight time with their plane. I think the perfect scenario would be to have a budget camping VFR plane of your own and have some hours owed to you in an IFR platform machine that you could cash in when you want to go a longer distance. I have had a number of those relationships in the past and it can work out great.

Items on my 8GCBC that were over estimates ( don't have logs here so I am guessing)

* wheel bearing replacement, thrashed from saltwater and under use (amphibs)
* bungees for skis
* Planepower alternator ($h:t) replacement (300hr)
* minor avionics upgrades
* tail wheel replace for ski STC (needed smaller 3200)

Item decreasing from estimated:

* insurance
* hangar (moved to the coast, love KONP!!)
* fuel went down (oil $35 barrel vs $100)
* life rafts are more affordable (2 man)
* IA (new this year) signs inspections for free (retired ATC who loves aviation)

My IA and I have been swapping work back and forth for years. I'll paint something like a motorcycle, dune buggy, work truck, etc for him and he will pay me back with annuals and any other work I need done. Not much money has exchanged hands in the last 30 years. We have done a lot of projects together. I'm not even sure I could afford to have an airplane with out his help.

Bartering is a great way to help offset the cost of aircraft ownership. I have a buddy who mows my runway in trade for labor for a paint job on his Zenieth 650. I wish my banker needed something painted, I would love to barter my airport loan payment.

AlaskaPilot wrote:That's exactly what I have been doing. I guess what I'm looking for is people's information as to things I haven't thought of yet. I've been in aviation for 20 years now so I feel that I've got a pretty good grasp on what all ownership entails I'm still just scared of that blind-sided kick from behind that I didn't see coming. Haha.

I keep a running fund as a part of my overhead, and I originally had $5k budgeted over 2 years for unscheduled maintenance. Same as Brett found out, even though my airplane was built and maintained by a craftsman I still had to fix some things that broke after I bought it. I chalk mine up to a rapid increase in use

AlaskaPilot wrote:Yeah, the helicopter I fly is full glass cockpit, dual GPS with WAAS, and Weather link with charts and the full bit. I really don't want much in my off time. Just the basics, maaayybe a GPS, IFR would be nice for the weekend trips but not required.

I fly a lot of glass at work, and a lot of steam gauges depending on the helo I'm in. While I love my airplane's simple VFR panel, it sure would be nice to punch through a layer to get above it for a trip... It'd also be pretty nice to be able to fly an approach of my destination is OVC...

All those radios and indicators take up a lot of real estate in my small panel, maybe going glass would be a smart move...

Just saying, it's a slippery slope! I still love my simple VFR panel, but your better believe I'm budgeting for an upgrade in the next 4 years (might as well right? Have to meet ADS-B anyway, right? Dang, there I go slipping again!)

Option I truly regreted was a full IFR panel. Not believing it would be that useful in a "Fun only" "Backcountry" aircraft. It never crossed my mind when I was shopping. Really wanted a J3 - PA18 type bird but, did not have headroom or fuel I needed where I wanted to fly.

IFR would certainly be most useful if I'm on a schedule in Oregon. But, sitting waiting for weather has never been more than (3) days. Which is not bad for the coast.

OK. I reasoned the IFR desire away (but, I still peak at a nice IFR panel and get jealous )

Having a partner will save a lot of money and you can get a better plane for the price. What you need is a partner that is an adult and not type A about all the little things. Split all the costs except fuel prorated on flight time. repairs/replacements also prorated. New upgrades cost is split 50/50. If only one wants the upgrade he buys it and it stays with plane on sale (suck it up). You can fly it your two weeks off, he has it rest of the time. Swap weeks as needed. Draw weeks from a hat at start of year, swap as needed. If plane is not being used by other partner on his week it is yours to fly (SEE ADULT ABOVE). There will be little dings, hanger rash, need new cylinder, and tire suck it up (SEE NO TYPE A). You have to be willing to drop a grand or two at any time to keep it flying. When it is sold for a price that is less than you got it for just smile and go on with life.
If the above sounds too loose for you than you should not buy a plane with a partner.
DENNY