All Things Financial

[kurt301]

I am wanting to start a thread on how everyone managed to find the funds for thier plane. Many people come as dreamers and finding a 100k for a new loaded LSA kitfox is not something many of us can do overnight.

So with that in mind, how did everyone get to where you are able to purchase your plane. How did you start saving for it or earning the funds to devote to that specific goal.

How did you save and or waste money during your persuit of ownership etc.

And lastly any information you can provide on cost of ownership etc would be greatly appreciated.

[HighWing]

Kurt,
The specifics of my case will be different, but might be similar to others. I bought an antique car - 1923 Marmon 4 Passenger Coupe for $2500 and spent ten years restoring it. It brought enough to cover the price of a Kit - back in the day. Then a guy who owed me some money gave me a 1957 Thunderbird as part payment. I did a cosmetic restoration on that and it became my engine. Panel and paint was budgeted from personal finances. Ongoing costs are insurance about $1100 a year - One million liability and $33,000 hull. I live in a residential airpark so my hangar is part of my house, but here hangar space rents for about $350 a month. Then fuel and maintenance which will vary according to use. Annual will depend on if you qualify for the repair certificate. It also helps if your significant other smiles when she sees you write big checks or lots of little ones, for that matter.

[kurt301]

Thanks for the response, I am close to a degree from Embry Riddle and I just earned my A&P certificate so I am not concerned with the labor costs on inspections etc.

I am currently in the military but do to retire soon. I love all things that fly and have been on helicopters for 17 years. I am supremely interested in the kitfox as I have no intention of anything beyond a sport pilot certificate due to the FAA's logic I think its best to stick with the sport. It seems the most capable of making a nice comfortable trip.

Anyway, While the area I live in is set to boom in the aerospace industry, Breaking into the civilian click has proven a little difficult. My local EAA chapter is not really that active but I will be checking out one in a neighboring town this weekend. I am hoping that by getting in the group I will be able to find some decent deals and work enough that I can get into a nice KF eventually.

Thats the plan anyway, I was just wondering how everyone else did it so maybe I can pick up a few tips along the way. Like the wife smiling when you write big checks i wrote that one in my note book under tip#1

[Slyfox]

well lets see, I built a few transmission to purchase my kitfox. a few years later I needed a new engine. I got my money from the pilot bank in florida. still paying that off. Oh I'm a transmission tech.\
steve

[Esser]

I stopped flying more or less. But really, if you want to fly then buy a used one. You could have a nice little Luscombe for 20,000 or less and you are an A&P so the maint would be nil.

If you want to build that's another story.

[Slyfox]

also, if you want to build than you set up a monthy budget and that is how long it will take to finish your project. unfortunatly nobody really wants to fund an airplane, except motor for some reason. so you are left with beg borrow and you know the last one. so you get a credit card maybe and max that, you get a signiture loan or two. you borrow from anything, sell what you can, don't buy that new car, tell the kids no. you get the drill.

[Dick B in KY]

Started my SS7 as a retirement project. Some people build boats, redo cars (I've already done that), travel (coming up), etc. Ordered the basic kit, firewall aft and worked that while buying the small stuff needed to build. Saved some for the larger items and used tax refunds (if I got one). Took a lot longer than I would have liked to finish, but the build time spent was enjoyable and now I miss it. Flying off my phase one and then the real fun begins.

Dick B

[Dorsal]

I find variable operating costs to be pretty close to just fuel perhaps +10%. Fixed costs (hangar, insurance) are my biggest expenses but they go down per hour the more you fly

[ackselle]

Cost of ownership....hmmmm.... in the last 18 months, mods and additions included Grove gear, 29" Airstreaks, Grove 6" Wheels and brakes, 11" Matco tailwheel, Sandia transponder.... and maintenance/repair included 2 x Oil/Filter changes, 8 x spark plugs, new tail spring, repaired rudder when old tailspring broke, resovled oil consumption puzzle with new rings, just replaced both CDI modules.... oh yeah, just bought $350 worth of tools at OshKosh. So that's just about $12K worth of "ownership fun"!

And I put about 130 hours on my IV over the past year....@ 4gph, thats 520 gallons of fuel, plus insurance!

It's still cheaper, and more fun, than running a pair of snowmobiles!

OK.... back when I was young enough to be passionate about water skiing.... a boat was "a hole in the water where you put your money"

So now...an airplane is <fill in the blank> where you put your money.

[Slyfox]

ok, a person can go to the bar and drink it up. smoke like a chimeny and brake the bank. sit in front of the tv and waste your life away.

Or he can wake up in the morning, like 5:00 go to the airport and pull out his fox and go fly for an hour before work. PRICELESS

If you are doing what you love in life and it makes you happy, who cares the cost.