Mooney M20J operating costs

[NotarPilot]

I know this topic comes up a lot for prospective buyers so I thought I would use my experience to help prospective owners of M20Js determine what their operating costs would be.  I find the M20J has been a reasonably affordable aircraft to own. I keep very thorough records on just about every penny that goes into my plane so what I've done here is I've removed costs that are considered upgrades and improvements and only involved costs that included maintenance items, insurance, oil changes, oil usage, engine and prop overhaul reserve and fuel.  I'll also break down the usage and costs per year and an average cost over the 4 years I've had my plane.  

For anyone considering airplane ownership keep in mind the more hours you fly the cheaper each hour gets.  Hours used are all based on TACH time and not Hobbs time so keep that in mind.  When I used to rent airplanes I hated to think I was paying the same waiting to take off that I was to fly.  I did not include the payment of the plane or the cost of hangaring in these figures since I do not consider these as "operating costs" and they vary from person to person and place to place.  Data subscriptions are not included either.

Plane: 1978 M20J with 2 bladed prop with IO-360-A1B6D

Flying experience when purchased (Presented for insurance purposes): Approx 2700 hours (Mostly helicopter) about 57 hours fixed wing time including 4.3 hours complex time.  Ratings held: Private SEL fixed wing; Comm Heli w/ instrument rating.  Oddly, when getting an insurance quote they only asked for total hours and I don't think they differentiated between rotorcraft and fixed wing.  I think my instrument rating in the helicopter helped.

2012 Expenses

Maintenance summary: Annual inspection; complied with AD 2012-05-09; purchased new Concorde battery, 3 new tires and tubes; dynamic prop balancing.

Hours flown 81.18

Maintenance expenses                                      $3,523 / 81.18 = $43.40 hr

Insurance                                                           $1,339 / 81.18 = $16.49 hr

Oil changes (Includes cost of Camguard          $226.36 / 81.18 = $2.79 hr

added during oil change. Oil change conducted once every 3 months or 35 hours of tach time, whichever comes first)

Oil usage per hour (8 hrs/1 qt @ $6.50 per qt)                             $0.81 hr

Engine overhaul 2,000 hr TBO (Corona Aircraft                           $12.00 hr

Engines cost $23,995) however I plan to fly past TBO and determine overhaul time based on condition.

Propeller overhaul (Santa Monica Propeller $2,800) based on    $2.80 hr

overhauling prop in 12 years which should equal about 1,000 hours. OEM recommends overhaul at 2,000 or 6 years whichever occurs first. I went 18 years and almost 1,500 hours since new before overhauling the prop without issue. I finally decided to OH out of an abundance of caution.

Fuel (Average 2012 fuel $5.81/gal) at 10 GPH                             $58.10

Total                                                                                             $136.39

2013 Expenses

Maintenance summary: Annual inspection; new brake pads, spark plugs, air filter; repaired stall switch; IFR recertification; repaired and replaced landing gear motor; replaced alternator with new Plane Power alternator and new voltage regulator; removed and overhauled MP and tach gauges.

Hours flown 82.62

Maintenance expenses                                   $3,411.64 / 82.62 = $41.29 hr

Insurance                                                                $983 / 82.62 = $11.90 hr

Oil changes (Includes cost of Camguard           $226.36 / 82.62 = $2.74 hr

added during oil change. Oil change conducted once every 3 months or 35 hours of tach time, whichever comes first)

Oil usage per hour (8 hrs/1 qt @ $6.50 per qt)                               $0.81 hr

Engine overhaul 2,000 hr TBO ($23,995 overhaul cost)                 $12.00 hr

Propeller overhaul based on 1,000 hours ($2,800 overhaul cost)  $2.80 hr

overhauling prop in 12 years which should equal about 1,000 hours. OEM recommends overhaul at 2,000 or 6 years whichever occurs first. I went 18 years and almost 1,500 hours since new before overhauling the prop without issue. I finally decided to OH out of an abundance of caution.

Fuel (Average 2013 fuel $5.50/gal) at 10 GPH                               $55.00

Total                                                                                               $126.54

 

2014 Expenses

Maintenance summary: Annual inspection and replaced ELT battery

Hours flown 66.35

Maintenance expenses                                      $853.60 / 66.35 = $12.87 hr

Insurance                                                                $980 / 66.35 = $14.77 hr

Oil changes (Includes cost of Camguard           $226.36 / 66.35 = $3.41 hr

added during oil change. Oil change conducted once every 3 months or 35 hours of tach time, whichever comes first)

Oil usage per hour (8 hrs/1 qt @ $6.50 per qt)                               $0.81 hr

Engine overhaul 2,000 hr TBO ($23,995 overhaul cost)                 $12.00 hr

Propeller overhaul based on 1,000 hours ($2,800 overhaul cost)  $2.80 hr

Fuel (Average 2014 fuel $5.02/gal) at 10 GPH                               $50.20

Total                                                                                               $98.66

 

2015 Expenses

Maintenance summary: Annual inspection; replaced VSI with new unit, IFR recertification; Garmin GDL-69A and GMA 340 repair; new Concorde battery; replaced old landing gear blisters; removed dual magneto and had 500 hour inspection performed.

Hours flown 73.2

Maintenance expenses                                     $3,411.64 / 73.2 = $41.29 hr

Insurance                                                                  $983 / 73.2 = $11.90 hr

Oil changes (Includes cost of Camguard             $226.36 / 73.2 = $2.74 hr

added during oil change. Oil change conducted once every 3 months or 35 hours of tach time, whichever comes first)

Oil usage per hour (8 hrs/1 qt @ $6.50 per qt)                               $0.81 hr

Engine overhaul 2,000 hr TBO ($23,995 overhaul cost)                 $12.00 hr

Propeller overhaul based on 1,000 hours ($2,800 overhaul cost)  $2.80 hr

Fuel (Average 2015 fuel $4.34/gal) at 10 GPH                               $43.40

Total                                                                                               $114.94

Average hourly operating cost over 4 years                              $119.13

Edited February 11, 2016 by NotarPilot
Changed average fuel costs to more accurate figures

[MB65E]

That's awesome!! Nicely detailed!!

Hope the little guy is enjoying it too!

-Matt

[NotarPilot]

2 hours ago, MB65E said:

That's awesome!! Nicely detailed!!

Hope the little guy is enjoying it too!

-Matt

Thanks Matt, had I included all the upgrades and improvements I've been doing to the plane the hourly would be much much higher.  

I tell my wife I'm doing it so we can leave a really nice airplane for our son and everything added has a safety component figured into it.

[GeorgePerry]

in the downloads section there's a Operating Cost Model that I put together.  Take a look and let me know what you think.

 

 

[NotarPilot]

3 hours ago, GeorgePerry said:

in the downloads section there's a Operating Cost Model that I put together.  Take a look and let me know what you think.

 

 

Looks very similar but I see you included hangar costs and data subscriptions with your figures hence a higher hourly rate. 

I thought by showing costs over a nearly 4 year period it could help prospective buyers better determine realistic ownership costs.  

[mike_elliott]

If the women ever get ahold of this data, there could be trouble......just saying....

[NotarPilot]

If a woman can justify spending $1500 on a purse because it will "last long" then all bets are off.

[BigAirHarper]

Thanks for the details! In the market for a J and this helped immensely. 

[NotarPilot]

Glad I could help. I know asking what it costs to operate just about anything never has a simple answer. If you have any questions about airplane ownership or the J feel free to shoot me a message and I'll do what I can to help out with an answer.

[Flyingbeard]

Thanks for posting NotarPilot! 

I take it you are a Helicopter Pilot by your screen name. Did you learn to fly in the military?

 

[NotarPilot]

No, I learned on the civie side.