Yearly cost for M20F

[BayouBoy]

I'm just finishing my private up and will be starting my instrument training in the next few months. I'm thinking hard about purchasing a plane in the next 6-12 months. With my projected missions and budget I keep coming back to the M20F. I travel about a half dozen times a year around the southeast and rarely further for business. We have family 450nm away that we will want to see much more with our first child on the way in March. We also have other family in Montana that we would like to visit once every year or soan would mind taking 2 days to get there and back.

The real question is can I own this plane for $12000/year while flying ~100hrs/year?

Is that realistic? Low? High?

[LFOD]

Does that include loan payment? 

I owned an F model for a short time and I now own a J model. I havent noticed any differences in the cost between the two...

I think $120/hour is right on target. They say airplanes cost three times the fuel burn. 

[Carl S]

Here is a quick table I came up with based on numbers at http://www.planequest.com/operationcosts/default.asp.

In Excel I changed the gas, and other costs. Not sure how accurate it is but gives me something to use for a baseline.

 

Operating Costs	Twin Comanche	M20F	M20J	M20K 231	M20K 252	Mooney TLS	Long EZ
	PQ Avg.
Fuel (GPH):	22	10	11	14	14	15	8
Fuel Costs/Gallon:	$       3.85	$       3.85	$       3.85	$       3.85	$       3.85	$      3.85	$       3.85
Fuel Costs/Hour:	$      84.70	$      38.50	$      42.35	$      53.90	$      53.90	$    57.75	$      30.80
Oil Costs per Hour:	$       1.99	$       0.99	$       1.02	$       1.00	$       1.00	$      1.00	$       1.00
Maintenance Cost/Hour:	$      44.26	$      26.22	$      23.78	$      25.21	$      26.88	25	$       9.00
Hourly Engine Reserve:	$      19.18	$      10.65	$      11.26	$      15.35	$      15.13	20	$       7.00
Prop T/R Reserve:	$       4.00	$       2.00	$       2.09	$       2.03	$       2.01	2.01	$       0.93
Total Variable Costs/Hour:	$      179.98	$        92.21	$        95.35	$      115.34	$      116.77	$    124.61	$        60.58
Hours to travel 900 Miles	5.14	5.58	5.29	4.72	4.50	4.29	5.00
Average Speed (MPH):	175.2	161.27	170.29	190.57	200.1	210	180
Cost/SM:	$       1.03	$       0.57	$       0.56	$       0.61	$       0.58	$      0.59	$       0.34
Annual Insurance:	$   1,962.49	$   1,141.26	$   1,410.64	$   1,609.32	$   1,783.13	$ 1,783.13	$   1,484.13
Annual Hangar/Tiedown:	$   2,938.00	$   2,260.00	$   2,260.00	$   2,260.00	$   2,260.00	$ 2,260.00	$   2,260.00
Training:	$      471.57	$      250.00	$      250.00	$      250.00	$      250.00	300	$      251.00
Total Fixed Costs:	$   5,372.06	$   3,651.26	$   3,920.64	$   4,119.32	$   4,293.13	$ 4,343.13	$   3,995.13
Hours/Year:	100	100	100	100	100	100	100
Fixed Cost/Hour:	$      53.72	$      36.51	$      39.21	$      41.19	$      42.93	$    43.43	$      39.95
Total Var & Fixed $/Yr:	$ 23,370.06	$ 12,872.26	$ 13,455.64	$ 15,653.32	$ 15,970.13	16,804	$ 10,053.46
Total Costs/Hour:	$      233.70	$      128.72	$      134.56	$      156.53	$      159.70	$    168.04	$      100.53
Total Cost/SM:	$        1.33	$        0.80	$        0.79	$        0.82	$        0.80	$       0.80	$        0.56

[BayouBoy]

Quote: LFOD

Does that include loan payment? 

[LFOD]

Quote: BayouBoy

Doesn't have to. If it does just let me know to help with my planning. I was just thinking that $1000/month is a good round number that I can work with and run past my wife. It's also a number that is easily digestible. Double that, on the other hand, may not be.

[flight2000]

Quote: LFOD

I budgeted for 1K a month, but I always had cash in reserve for those unexpected issues that will surely pop up.  I didnt have any problems flying the plane with that budget, but YMMV....

[LFOD]

Quote: JimR

[RobertL]

The halcyon world of GA and Mooney flying in the US!

After 10 years of Aztruck flying, am doing my homework on Mooney ownership although am doubtful that $1k or EUR1k or GBP1k per month has not been possible in Europe for many years.

My homework suggests that $6k pa is realistic for a 'normal' annual, typical fuel bill would be $100 an hour. Have seen some vintage Mooneys experience a $20k annual (which is more than an Aztruck!) without particular major work. With insurance, avionics, engine/prop reserve (Europe requires an overhaul every 6 years) - European ownership costs for 100 hour pa would be more like $22k+ This excludes capital opportunity or borrowing cost.

To put this into context an IFR (70's vintage) C172 typically rents for $190-225 per hour!

[BayouBoy]

Wow!

 

So really $1000-$1250 per month average. $10-15000 sitting for gotchas. About what I figured.

[fantom]

Sounds about right.... One word of caution, delayed maintenance in the short term, costs you double in the medium term.

Sure hope my wife doesn't read this thread. I usually drop the last zero when telling her my Mooney expenses.

[HRM]

Quote: fantom

Sure hope my wife doesn't read this thread. I usually drop the last zero when telling her my Mooney expenses.

[HRM]

Quote: JimR

You'll have a minimum of 4K a year in fuel expenses, probably 1.5K a year for insurance, 2.5K a year for a hangar. 

Jim  

[BayouBoy]

Using the plane for my instrument was the plan. I'll be able to cruise at max economy and really save on fuel too. That is something that won't save you money while renting. I'm paying $115 wet right now and $135 with the instructor. The instructor is $45/hour in another plane.

[flight2000]

Quote: BayouBoy

Using the plane for my instrument was the plan. I'll be able to cruise at max economy and really save on fuel too. That is something that won't save you money while renting. I'm paying $115 wet right now and $135 with the instructor. The instructor is $45/hour in another plane.

[Buster1]

Here are my monthly estimates from my spreadsheet for a random 231 (prob a little more expensive than what you are looking at).

$350 loan

$158 insurance (100k plane, full coverage)

$100 sunshade at KVGT

$650 (150hrs/yr at 13gph+$7800/yr)

Those are my OUTGOING 'must pay' estimates, below are my pay to myself SAVINGS:

$500 maintenance ($6000/yr

$476 OH planning (1000 to TBO)

All this equates to $1255 a mo going out, and $976 I need to put in an account.  Maybe slightly less if the account is earning interest every year.

 

[The-sky-captain]

Here are a few unseen costs that I have run into in my first year of ownership of my J model. Prices are from memory and not exact:

Prop overhaul- 3k, boost pump 1k, gear motor overhaul 2k (luckily the gear got stuck in the down position) starter overhaul and new battery 2k . This annual I know that I have to get my DG rebuilt as well as get my tach overhauled. I'm sure the list will grow:)