Real Cost of Ownership?

[Newguy]

Hi Group

It has been interesting reading all the posts.  Good information.

A year ago i triggered my interest in aviation and after 20 years with my license sitting idle i have renewed my passion.  Now I search for a plane and the budget will only allow for a pre J model purchase or so i think.

Maybe some of you experienced owners could let me know what real cost is annually on an average based on a well maintained Mooney.

 

I am looking c's, e's and F models.  F being preference because of it's longer cabin and more leg room but realistically I don't see that as a huge issue because I don't expect to be sticking 4 adults in there too often.

Your thoughts?

 

[skyking]

Hi New guy: My annuals run about $2500 bucks. Insurance about 2 grand. Hanger space varies wildly from 200 bucks to 1000 bucks a month depending on where you are located unless you buy one.

Oil changes about 1 grand a year. ( i go throught 4 per year based on the hours i fly )

Other than that what specific costs would you like to know about.

[rbridges]

Russ' costs may be more similar to yours since he's in Canada, also, but my costs are considerably less.  My insurance is 1500/yr for zero complex time and just a little over 100 total PIC hours.  I hope it goes down a little with experience.  Anyway, my hangar is $200/month.  I have a friend that does my annuals and oil changes, so my costs are a little less.  I just bought my 65 C model, and I'm sure I'm due for a big fix at some point.

Also, my Garmin 430 updates are $300/year.  I have to get the plane IFR certified shortly, so I'll find out how much that costs.

[Cruiser]

1984 M20J after three years averaging 94 hrs/yr. everything but the cost of the airplane.

Cost of ownership = $143/hr.

[MARZ]

Quote: rbridges

Russ' costs may be more similar to yours since he's in Canada, also, but my costs are considerably less.  My insurance is 1500/yr for zero complex time and just a little over 100 total PIC hours.  I hope it goes down a little with experience.  Anyway, my hangar is $200/month.  I have a friend that does my annuals and oil changes, so my costs are a little less.  I just bought my 65 C model, and I'm sure I'm due for a big fix at some point.

Also, my Garmin 430 updates are $300/year.  I have to get the plane IFR certified shortly, so I'll find out how much that costs.

[trjymr]

I just bought and '65 E and heres what I pay.  2000 Ins no complex time and only 50 hr total time, 175 month Hangar, So far Ive had to buy a vacum pump and a new battery and a little bit here and there matience maybe a 1000 dollars total.  My mechanic told me 1500 for first annual and 1200 after that (I havent had an annual yet so not 100% on that) Oil change would cost 50 plus oil, but I do it myself so its around 40-50 bucks in oil.  I bought  a little handheld GPS and paid for a lifetime subscription so I think that was around 1000.  I feel like im forgetting something but I dont think I am.  I had an 06 Corvette (dream car) and gave it up for the Mooney and prolly pay 100 bucks more a month after everything is said and done.  Good Luck! 

As much as I miss my vette, I'd make the trade again in a heart beat!  I still cant believe I own my own airplane, and its a MOONEY!

[rbridges]

Quote: trjymr

  I had an 06 Corvette (dream car) and gave it up for the Mooney and prolly pay 100 bucks more a month after everything is said and done.  Good Luck! 

 

what a coincidence.  I sold my 06 C6 shortly before buying my money.  Still don't regret it.

[rbridges]

Quote: maropers

 Who are you insured with? 

Mike

 

[scottfromiowa]

Think about the most it could be...add 50% more...THAT is how much it costs to own.  If you are thinking about it...you are a rational human being with other wants, commitments and goals.  Find a partner in crime...then at least it's only the Most it could be...and your partner gets the other 50%.  I'd put a smiley face, but that is gospal from this Mooney driver...and I enjoy every upgrade, improvement and flight...so I'm NOT rational...I'm a MOONEY owner.

[eldeano]

Quote: scottfromiowa

Think about the most it could be...add 50% more...THAT is how much it costs to own.  If you are thinking about it...you are a rational human being with other wants, commitments and goals.  Find a partner in crime...then at least it's only the Most it could be...and your partner gets the other 50%.  I'd put a smiley face, but that is gospal from this Mooney driver...and I enjoy every upgrade, improvement and flight...so I'm NOT rational...I'm a MOONEY owner.

[mooney27239]

I fly 125-150 hrs. a year. I have had the plane for about 3 years. In my expense figures I include the interest I pay on the plane loan but not the amount reducing the principle. My costs average just slight less than $150/hr and I am proactive in my maintence program. I would suspect this amount will start reducing because the plane had done alot of sitting (25-50 hrs/year) by the previous owner. My insurance runs around $1400.00. I use Sutton James Insurance, 500PIC and about 300M&M time.

[fantom]

Quote: eldeano

I budget about one aviation maintenance unit ($1000.00) a month.

[Newguy]

Well thanks to all.

I had placed a 1000 month for ownership so it doesn't sound far off from all the info above.

Thank you passionate mooney owner's

Gary

[John Pleisse]

$14k to $22k a year for Mooney SC maintanence, keep it in a hangar, carry some small amount of debt to pay on, have a million smooth insurance and a $10k gotcha about every two years (tanks, autopilot, maybe add a GPS, etc) .

A $10k total budget works for low end maintanence, no improvements and a lot of luck. The only function of total hours flown is fuel, which while significant should not greatly alter comittment level.

If you are going to buy a later F model...don't waste your time. Find a way to get a J. The improvement is vast and shouldn't be ignored. the premium is small. A late 1960's F purchased in the low $60k's will need work.

[skyking]

I am insured with AON brokers. The policy is written by Lloyds/ Catlin.

Hull value 60K. 1 million per seat liability, full motion/ not in motion coverage with a $250 deductible.

I have over 6000 hours TT with the only rating missing being my ATP.

I have noticed a number of times that the US rates are a lot lower than ours.

[eldeano]

(Disclaimer: I am not an A&P and this is the first aircraft I have owned)

One of the things that attracted me to my older Mooney is the simplicity of the design, ie non stressed skins, manual gear, push pull tubes.  I remember about ten years ago they had one at a flight school I used to rent from. The A&P told me the Mooney cost less to maintain then the newer Cessnas.  I also read the m20c review at mooneypilot.com (I think) and it basically said the same thing.

[markeg1964]

I just traded a Cessna 170A for a M20B so much of my experience is based on the Cessna although I did a fair amount of research on the cost of the Mooney before the trade.  I had expected the retractable gear Mooney to cost quite a bit more to operate than the old Cessna.  What I found is insurance for the Mooney is $100 less per year with the same hull value – I’m a low time pilot with no complex time.  Annuals are supposed to be within $500 of that I was paying for the Cessna.  So far fuel burn has been slightly less – and I’m flying much faster! 

 

 For me the two expensive parts of owning a plane are repairs and hangar space.  Hangar space where I keep my plans is $250 per month.  It is probably not that bad as I keep a car and tons of junk in the hangar and of course it is a fun place to hang out and work on things.  But it still adds quite a bit to the cost of flying.  I have also spent almost as much on repairs as what I paid for the Cessna over the six years I owned it.  Most of the repairs improved the plane such as a new windscreen, shoulder harnesses, or re-skinning the rudder, but they were not cheap.  Although the average cost of an annual was under $1,200 per year, the repairs that went along with the annual averaged over $2,000 per year.  I don’t remember ever being upset with a repair bill but they have cost me more than I thought they would.

 If I were to do it all over again I think I would look for a partner. 

[Hank]

Welcome to the club!

I have a '70 model C. The previous owner has flown it to the beach in 2½ hours, a full 25% faster than a friend's 172 [they travelled "together"--the Cessna took off first and landed last], and used 10% less fuel. It just doesn't get any better than that!

If your plane is in good shape, keeping it there should not be expensive. Upgrades, on the other hand, have no limit . . . All I've done to mine is fly it a lot, and replace a few wheel bearings. But she's in the shop right now, too . . . And I'm rapidly approaching a tank reseal . . .

Happy flying!

[Newguy]

Thanks all for the input.

Gary