All About Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. A lot of different factors one can have in owning an airplane. The purchase price is only a part of owning an airplane.
The cost that you will pay whether the airplane will fly or not is called indirect cost. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. If you are financing the airplane, you could possibly get a quote from the bank with a down payment required and also with the 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. You can pay for the hangar fees to the airport where you wanted to base your plane.
Calculating the direct operating costs is tricky. Different ways can be done in calculating the cost of each hour to fly the airplane. Starting at the basics. Generally, the piston engines change their oil every 50 hours. The price of the oil engine is dependent to where you are living. The fuel consumption is dependent according to the type of aircraft. 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.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. The maintenance for the aircraft is costly but worth planning for. Every year, the airplane you have purchase must be undergo inspection. 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. An airplane that is still under warranty must have repair bills upon picking your airplane up. To be able to have a safe bet in budgeting, you must double the amount allotted for the annual inspection fee. This budgeting will cover the surprise bills that may occur on that year. You can also save money for redesigning your airplane. You can see more here in websites that is focused on this kind of topics.