According to Investopedia, an aircraft can cost anything from $8,000 to $300,000, depending on the make, model, and size of the plane.
But before you buy yourself a small plane, you need to make sure you know about all the costs of a plane and how to maintain your plane, so check out our useful guide now.
How Much Does an Airplane Cost?
The upfront cost of a light aircraft depends on what type of plane you get. Typically small planes cost less than large planes, but this can depend on the make and model of the plane.
You could purchase a new single-seat with a single-engine recreational plane for anywhere between $8,000 and $15,000.
Single-engine planes that hold two or more people typically cost between $15,000 and $100,000. These planes are often more economical to operate than multi-engine planes.
Multi-engine planes will set you back anywhere from $75,000 to $300,000.
Before you purchase your plane it is advisable to get the professional opinion of an aircraft appraiser.
What Other Costs Are There?
After the initial upfront cost of purchasing your small airplane, you also need to think about the cost of maintenance. There are a number of private airplane and private jet maintenance costs, so make sure you evaluate your budget.
Insurance
Aviation insurance can cost anything from $1,000 to $2,000 per year, for a small aircraft. Your insurance will cover any aircraft damage and also offers liability for any damages that you aircraft causes.
Research different insurance policies and make sure you consult a licensed aviation insurance agent about what is best for your aircraft.
Storage
You will need to have somewhere to store your small plane, such as a hangar or an outdoor space. Outside spaces are often cheaper than hangars. Hangars can start from $275 a month with an additional $100 for tiedown gear.
Do your research on the best storage solution for your aircraft and shop around for the best deal.
Gas and Oil
Your fuel costs depend on the size and weight of your aircraft and also the time spent flying. Lighter airplanes will use less fuel.
The average fuel burn rate is five-to-ten gallons per hour. To calculate your estimated fuel costs, ask an aviation accountant, or ask people who own similar aircraft.
Your small aircraft need to have oil changes every four months or every 50 hours. For the average aircraft user, this is often three oil changes a year.
Maintenance and Inspections
You need to regularly maintain your plane, even if you don’t fly it. You need to carry out maintenance checks on your plane every 3, 12, 24, 36, 72, 120 and 144 months. If you don’t carry out the necessary checks then you’ll become unlicensed.
The Aircraft Owners and Pilots Association also recommend reserving funds for any unexpected maintenance costs, such as engine or propeller repairs.
Regularly Maintenance Will Preserve Your Small Plane
Regularly maintenance will ensure that your aircraft will keep running smoothly and sufficiently.
Before purchasing your small plane, make sure you work out the costs of maintenance and plan for that. Otherwise, you might not be able to take to the skies and fly your plane.
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