How'd you fund your Kitfox?

[beeryboats]

I married a rich woman.

I married one that, through hard work, became rich. In reality I sold a Piper Vagabond project that had been setting for 35 years and bought a Kitfox that needed some TLC. Not flying yet, still looking for an A&P to do the condition inspection.

[Slyfox]

by doing something in my life that makes me a lot of money.

[896tr]

Keep in mind that if you do finance it the lender will most likely want you to carry full insurance on it, mine did. That added an extra $1200 per year.

[rocketman2tm]

I did the pay cash for what you can when you can method. Just make sure avionics are the last thing you buy as these are always getting better.

Also if anyone ever asks how much your homebuilt airplane costs, just tell them "All of it."

[hamer]

Keep in mind that if you do finance it the lender will most likely want you to carry full insurance on it, mine did. That added an extra $1200 per year.

Seems like a ripoff. I got a quote last week from Falcon Insurance (via EAA) and it was $250/yr for project insurance while it's in kit form.

[aviator79]

Seems like a ripoff. I got a quote last week from Falcon Insurance (via EAA) and it was $250/yr for project insurance while it's in kit form.

I'm guessing he means after it's flying, but you're still paying on the loan.


I'm a strong advocate for not taking on debt to finance toys. That said, don't judge people harshly for considering financing a kit. It's probably a more sound financial decision than financing a car in terms of depreciation of the financed asset. You might argue that a car is necessary in most places to get to work, etc. But if you financed more than a couple thousand dollars worth of car, it is way more than what you need just to get around.


Since I started flying in 1995, aviation has increasingly become the domain of only the wealthy, and it's a shame. If someone can build a kit while they still have years left to build and fly it, but has to make a deal with the devil (finance company) to do it, then so be it. Sometimes bad financial decisions aren't necessarily bad life decisions. Let's face it, spending this amount of cash on a toy isn't exactly a wise financial choice.

[hamer]

I'm guessing he means after it's flying, but you're still paying on the loan.


I'm a strong advocate for not taking on debt to finance toys. That said, don't judge people harshly for considering financing a kit. It's probably a more sound financial decision than financing a car in terms of depreciation of the financed asset. You might argue that a car is necessary in most places to get to work, etc. But if you financed more than a couple thousand dollars worth of car, it is way more than what you need just to get around.


Since I started flying in 1995, aviation has increasingly become the domain of only the wealthy, and it's a shame. If someone can build a kit while they still have years left to build and fly it, but has to make a deal with the devil (finance company) to do it, then so be it. Sometimes bad financial decisions aren't necessarily bad life decisions. Let's face it, spending this amount of cash on a toy isn't exactly a wise financial choice.

Likely.

I agree, I hate debt. I looked at financing options for a while, but it just didn't feel right. In the end I decided to sell my truck to get the last bit of cash I needed to fund the project. Lucky (or unlucky) for me I live in SoCal and can ride a motorcycle daily, which is plenty for 95% of my needs. A motorcycle is way more economical than a truck, that's why I decided to keep the bike and sell the truck.

I'll work on getting another 4 wheeled vehicle when the project is flying!