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 just part of the entire cost of owning an aiplane.
The cost that you will pay whether the airplane will fly or not is called indirect cost. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, 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. Today the rate is 6% with a 15% down payment and 20 years of financing. To have insurance fees, you can get a quote for the airplane you are considering to buy. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Direct operating cost is quite tricky especially in calculation. There are various methods you can do in calculating the cost you will have in every hour flying of your airplane. Starting at the basics. Mostly, pistons engines are requiring oil change every 50 hours. The cost of the oil engines depend on where you live. 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 scheduled maintenance must be accordingly done but it will be another cost yet worth planning for. Every year, the airplane you have purchase must be undergo inspection. The price for inspection depends on where you are doing the inspection. You can even have to call a service center which is familiar with the airplane you are using and observe for any charge for the standard annual inspection.
Items must be paid without unidentified items. the costs that are extras are not included. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. To be able to have a safe bet in budgeting, you must double the amount allotted for the annual inspection fee. This budgeting will help you cover the unexpected surprise bills that could possibly occur on that year. You can also save money for redesigning your airplane. You can read more info. in websites about this one.