I started flying in 1973 and got my first plane in 1982. At that time I had 3 small kids and a wife. House payments and all. I worked a lot of overtime and used the money to buy my first plane for $12,000. Like I told a lot of people after they ask how I can afford to fly. I have never smoked, I don't drink and I have never use drugs. One would be surprised on the amount it cost for the bad habits. I went out sheep hunting in 96 and the wind flipped my plane over. I got my second plane 3 months latter. It cost me $16,000. Cheep er then buying a new truck. I rebuilt it a few years a go now it is worth in the neighborhood of $70,000. If you do it right one dose not need a lot of money to get in to flying. So start out on the low price and work up.

Ken in Alaska

When I was 20, after my first fire season I went down to pay cash for a new Toyota Land Cruiser. About 3500 bucks at that time. The salesman wouldn't talk to me because he didn't want to waste his time with a kid who obviously couldn't afford one without even asking me if I could. I found a J-3 for 3000 and bought that instead. Upgraded to a Super Cub a few years later. When the first child was due I traded the Super Cub and 7000 for a 180. Had the 180 for 24 years. Downsized to a PT-22 four years ago because the 180 was starting to cost too much for the kind of flying I was doing.

The only way I can afford what I have (and have had) is by working in the aviation world and being able to do my own annuals/maintenance. Access to hardware, tools and facilities over the years has taken the edge off of it. It is a huge commitment and I doubt if I could start now. I don't regret any of it. It has been and still is a great life.

Kenny Chapman wrote:When I was 20, after my first fire season I went down to pay cash for a new Toyota Land Cruiser. About 3500 bucks at that time. The salesman wouldn't talk to me because he didn't want to waste his time with a kid who obviously couldn't afford one without even asking me if I could. I found a J-3 for 3000 and bought that instead. Upgraded to a Super Cub a few years later. When the first child was due I traded the Super Cub and 7000 for a 180. Had the 180 for 24 years. Downsized to a PT-22 four years ago because the 180 was starting to cost too much for the kind of flying I was doing.

The only way I can afford what I have (and have had) is by working in the aviation world and being able to do my own annuals/maintenance. Access to hardware, tools and facilities over the years has taken the edge off of it. It is a huge commitment and I doubt if I could start now. I don't regret any of it. It has been and still is a great life.

I bought a Landcruiser because I couldn't afford a airplane, and I'm still living vicariously through the men and women of this site. Today it's more by choice though, than not actually being able to afford to fly. Now that we've had two "bubbles" burst in the last decade or so, the prices of aircraft have came down from the stratosphere a little, and it's getting to the point where it's doable. And by doable I mean owning my own plane, not being owned by it.

nefj40 wrote:
I bought a Landcruiser because I couldn't afford a airplane, and I'm still living vicariously through the men and women of this site. Today it's more by choice though, than not actually being able to afford to fly. Now that we've had two "bubbles" burst in the last decade or so, the prices of aircraft have came down from the stratosphere a little, and it's getting to the point where it's doable. And by doable I mean owning my own plane, not being owned by it.

I am trying to figure this out as well. Realistically going to have to spend 50-70k to get a plane that will work for my missions (density altitude, mountains, cross country and backcountry capable). Would have to be financed. Financially I was 'reset' by the economy and priorities have changed - money/assets come and go. Spent 100k on the professional pilot track and glad I got out and did not become an airline pilot - but the certificates are burning a whole in my pocket. Nothing really to rent at my home base (Moab, Ut).

I havent shopped loans yet, but guessing just as hard as getting a home loan these days?

I think you might be surprised if shopping for a loan. I have a bank here in Maine looking for people to lend to. I told them I am looking for a 172 float plane and wanted to finance around 40-50k and had a sizable down payment and they quoted me 6-7% for a 10 yr loan. I have not done anything yet, still waiting to find the right plane and just making sure my finances are in ordered before signing up for anything.

see this one? http://youtu.be/26tNAW58ZXU

I have been fascinated with flying really since this last year and hope to get my recreational pilots license to start, then go onto my commercial. Be taking my first lesson in a few weeks as well. It truly amazes me how I can see people my age or older (only 21) with nice cars and huge houses, and live on a month to month basis. Or the opposite of people on gov checks not wanting to work. But for saving a dime here nd there You would be surprised how much money my wife and I have been able to save by cooking meals (rice, beans, potatoes, little bit of cheese and meat occasionally). Or just the fact of doing all your shopping in town in one or two trips a week. Well then again gas is like 1.17/liter up here so I guess it makes a difference. But it really is nice when people get frustrated at you cause your trying to use up your change and dollar bills, and you know that you don't have to worry about interest rates on credit cards. It is kind of annoying when you have no credit rating when you go in to ask for a loan. It's a pretty quick no. Although we can't wait to have our own land and put up a house. We have really low rent but it costs us around $7200 a year just to rent. Granted thats low but I would rather be spending that on other things. Gotta hand it to my wife though, she's the one who straightened me out of my spending sprees and it has made me a happier person. Right now we are saving for a Zenith kit still deciding on the 701 or the zodiak 650, but until then the pennies will still keep being dropped into the piggy bank. Although it really surprised me how open she was about the plane idea, not to mention encouraging it. Well, I guess we will see about that when our first born comes along (July 5) woohoo. Best of luck to all of you in your financial efforts, and happy flying.

Z-
You forgot the poll option that says "cash, in separate $9,999 installments"

denalipilot wrote:Z-
You forgot the poll option that says "cash, in separate $9,999 installments"

Good one. I'd check the box just to start speculation.

When I was young and foolish I started a business that went bankrupt after 3 years and it stung me financially. I learned my lesson to not buy things I didn't have the cash for from that. My Aero Commander cost $38K cash. Cheap, for sure, but I knew I'd have to spend almost as much just to get her up to my personal specs, which I have. I've finally caught up (until the engines need O/H, that is) and all the squawks have been ironed out. I do have a mortgage on my house and a few credit cards, but I always pay in full every month. I'm blessed with having the most wonderful freelance job that pays very well when I work. I'm not a saver and never have been, so for me it's always made more sense to get in cheap and then repair/fix as you go along rather than save, save for years and the get the pristine example. If business continues like it has, I'm looking to add a fast all weather twin, probably a Piper Aerostar, in a few years time that I can use for my travels. I'm also very fond of Lake Buccaneers, so we'll see what gives...

stratobee wrote: My Aero Commander cost $38K cash. Cheap, for sure, but I knew I'd have to spend almost as much just to get her up to my personal specs, which I have.

Does that wing spar AD include the 520 and did you have to do that repair on the airplane?

No wing spar AD on the 520 and straight 560. They're completely different airplanes structurally from all the other 500, 600 models (500A to U, 560A to F, 680 to 680F, 681, 685 and 695). You do have to do a front spar inspection once at 6000hrs, but it's an easy job. Mine is coming up in about 500hrs, but I'll probably do it before that just to have it done.

I got into ownership of my first and current owned airplane by BUILDING it. In 2003, when I moved to MI from MT, I had been flying a club-owned Citabria into the MT's backcountry. Once in MI, I really wanted to buy a Citabria, but with limited money, I didn't want a beater and was worried about long-term airframe fatigue, etc on the older aircraft. So after much research, in 2006, I decided upon building a Rans S-7S Courier. This way, I could get a new airplane, like the Citabria, outfitted like I wanted, at a fraction of the cost. I was in no hurry and intrigued by the challenge of a build, so went for it. My wife's one condition was that we not go into debt for it, so I sold all of my toys and purchased the airframe kit. The beauty of building is you can amoritize the cost over a long period (6 years in my case), purchasing the engine, avionics, etc. as you go. My first flight was Christmas Eve day 2011.

As I read this thread and reflect back on my experience, it really is a great feeling having this plane paid for and the best part is the future O&M costs will be nominal: I will perform the annuals and all maintenance, the engine runs on mogas and burns at 5.5 gph and I will be transitioning soon to a turf strip I built, which will eliminate hangar costs.

Experimental aviation, in my opinion, is where it's at. The freedom to design, build and fly your dream plane just doesn't seem quite tangible in today's over-regulated, sue-crazy culture. My life's PhD was completing the build and cannot express the immense feeling of accomplishment and recognition received from family and friends. And now I get to FLY the dang thing! Life is good (and I should add wife is good).

So bottomline: paid cash, not rich by any stretch, made modest lifestyle choices to facilitate ownership.

Rob

I budgeted a lot more for my house because i was in college during the boom, and realized it was going to take 400k to get in the game...

My 145k house that was 529k new in 2007 later, i have a 182P that was very easy to afford...

Housing boom totally helped me, but knowing how to save and truly "knowing" what you want are very important too..

I foolishly put off getting my PPL until twenty years ago at age 46, though have been fascinated with flight all my life. Wife, kids, job, then growing a business, all came first. Work ethic and growing up poor made it tough to spend money I worked hard for extravagantly. Royalties from some simple tools invented was "easy money", so I've been fortunate to indulge my aviation addiction with guilt-free cash. Unfortuantely, the patent royalties expired a few years ago.

Flint wrote:I have been fascinated with flying really since this last year and hope to get my recreational pilots license to start, then go onto my commercial. Be taking my first lesson in a few weeks as well.

Hey Flint, where are you getting your training? At Harv's? I got my PPL there last spring and just got home from there after getting my night rating last week. Great guys there.

Now to the topic at hand. I bought my 69 150J with my brother and buddy for $5000/person. WE got our licenses with it, but due to conflicts with my buddy I decided to sell them my share and buy my own plane. I bought a 76 Citabria from the States for $36500. I financed it. Got a great rate and my savings make more then i pay in interest. I work hard at my job and will pay it off in a couple years. I also have a pickup financed, but my job requires me to have a new truck, and I get a daily rate for it, so it pays for itself. I dont have boats or RVs, I would rather fly down the river and sleep in a tent. Its all priorities, and for me, flying is a big priority. Im single, 25, and work my butt off. So why not do what I love to do in my spare time? I know Dave Ramsey would call me dumb, but I'm working on proving him wrong.

A1Skinner: if you would not mind sharing, what did it cost to change to Canadian registration and where did you have it done? Thanks.

Steve

Well I paid cash for my first 182 55K then a year later traded it for the Cirrus that I have now plus 150k more.
That was in 07 possible the worst timed purchase in history. So 650 hours later I still have the cirrus, hey its paid for and its probably worth 100k ouch but I have enjoyed it and still get a lot of use out of it for traveling.
I also bought a Carbon Cub 2 years ago paid 40k down and finaced the rest of the 165k price. Still making that $1010 payment at 6% but i like it enough that its worth it.
Probably not that fiscally responseable to buy the second plane. Still works been good and I'm not sure what I'd rather spend the money on. I drive an 01 car with 130k on it so i guess its all about what floats your boat. or maybe flys your kite

Steve: The registration was no problem. I just called Transport Canada, faxed them my bill of sale and for the regular registration fee I had registration. The import however, cost me about $2500. $1500 just for the guy to come sign the papers, and $1000 for my guy to get all the paperwork in order. I got it done it Didsbury Alberta. I can give you more info if you would like. I also got an annual done, had to comply with the A/Ds, and get the prop inspected. Then I added a few little goodies (ie: G-meter, bigger tires, etc) just for myself. Total Im into it for about 55000, but only owe on the 36500.

I`ll throw this out there to Steve. I had a lot of people tell me not to import because it can be a nightmare and very costly. My plane was stock except for VG`s, and it was super easy. I couldn't believe how easy it was actually, especially after everything I had heard. So as long as the plane is close to stock, and the proper STC or 337 paperwork is completed, you shouldn't have any problems.