Owning/Operating Costs

[Auburn02]

I'm sure this has been hashed and rehashed both here and on other forums, but I'm really looking to start building a budget around buying a plane. My girlfriend (wife-to-be) and I both do comfortably well for a couple in our upper 20s, with a combined income of around 120k+ and think we are about in a position to make this step, but we have yet to sit down and plug in all the numbers to put together a budget and make sure we can keep our heads above water.

If it's not too much trouble, could you guys give me a rough guide of what I should expect to pay monthly? That goes for insurance, hangar, maintenance, fuel/oil on about 100 hrs a year, etc.

As I said I know this has been done 100 times over, I'm just trying to get closer numbers specific to what I can expect for a Mooney. This would be for a late 60s E/F model.

Thanks for any help you can offer, sorry if I'm repeating something that has been asked a ton already!

[LFOD]

I would head over to Planequest.com and plug some numbers in under operating cost. I think it is pretty accurate as long as you change the fuel cost to reality ($4).  I am in the same demographic/socioeconomic class that you mention in your post and we didn't have any issues with maintaining and operating a plane about 200hr/yr. 

[GeorgePerry]

This thread will get you started....enjoy

http://mooneyspace.com/index.cfm?mainaction=posts&forumid=2&threadid=9&postid=31&page=1

[Auburn02]

Thanks. I had been to planequest.com before but forgot about it. I wonder though, do people really think their 200 hp Mooneys are burning 8 gph on average?

The only hangar quote I've gotten is for a ratty T-hangar at a nontowered airport, and it was $240. Need to call the bigger airports and see what they charge for a spot in a shared hangar, as well as get an insurance quote or two. Looks like I can safely expect to be spending at least $1500/month with fixed + operating costs, including the payment for the plane itself. Kind of staggering to think about it as ~20-25% of our take home pay, but it's doable.

Fortunately we're both scheduled for raises before the end of the year as well.

[N207LS]

I have not looked at hangars in your area for a while (I used to have one in New Orleans at LS40 - Ama Airport) and also tied down on weekends at Stennis, MS.  $240 sounds cheap to me for a fully enclosed t-hangar, as mine is $550/mo in St. Petesburg, FL.  Our prices here are very high due to huge damand and shortage of general aviation airports.  My T is quite old (loud sliding doors, some rust on the beams, really nothing to write home about except my plane is kept out of the Florida sun and enjoys a slight break from the salt air off of Tampa Bay).  I have flown into Mobile downtown, Bay Minette (my favorite of the local Mobile area airports) and Foley before several times.  I am sure with a little effort, you will find an affordable spot for your Mooney.  If costs are a huge issue, I would also consider a local partnership.  I know that the word itself can bring bad ideas quickly, but I have been in both good and bad airplane partnerships.  If you search, I am sure that you can locate someone in your area that would be interested in buying a plane with you, or possibly selling you 1/2 of theirs.  It's a little more work, but sharing the fixed expenses may be worth it.  Just a thought, so as not to strap you as bad financially. 

Best of luck.

Aaron

[Parker_Woodruff]

$550/mo!!??  They run from $85/mo-$115/mo around here.

[Auburn02]

Quote: N207LS

Bay Minette (my favorite of the local Mobile area airports)

[Auburn02]

Finally got around to getting an insurance quote, which came back surpringly at $1475 (175 TT, 0 in type, 0 retract, instrument rated). I guess I'm just used to getting the shaft from all things insurance and was primed and ready for a $2000 quote. That was from AOPA insurance, so I suppose there may still be room to improve.

[Parker_Woodruff]

Quote: Auburn02

Finally got around to getting an insurance quote, which came back surpringly at $1475 (175 TT, 0 in type, 0 retract, instrument rated). I guess I'm just used to getting the shaft from all things insurance and was primed and ready for a $2000 quote. That was from AOPA insurance, so I suppose there may still be room to improve.

[The-sky-captain]

I was with AOPA last year who had lowest price by far when I bought my plane with no time in a retract. This go around Kelly Petersen beat them by $300. You may give them a try. (Thanks Aaron for the recommendation.)

[The-sky-captain]

FYI: Falcon was within $75 of K.P.

[carusoam]

1965 M20C - VFR flying, Manual gear and flaps.

Insurance: $1,200 per year

Tiedown: $1,200 per year

Owner Assisted Annual: $2,000 per year

NJ location.  Only one surprise in 9 years of ownership.  Overhauled prop and govenor.   Not really a surprise afterall, but a little more expensive than an ordinary annual...

Other families spend this money on a one week vacation.  Our family of four, used it for weekend getaways and beach trips.  Averaged 75 hours of flight per year. 

Our plan was buy it, if it did not fit our lifestyle we would sell it. 

As a wise man has posted here before.... Your mileage may vary.....

Best of luck.  Oshkosh anyone?