Do You Really Know the True Cost of Owning an Aircraft?
Aircraft ownership is often perceived as an expensive undertaking; however, there are additional hidden costs associated with aircraft ownership that many potential buyers do not consider.
In addition to the initial purchase price, there will be many expenses incurred while you are an aircraft ownership including fuel costs, maintenance of your aircraft, salaries of crew members, insurance costs, and all other operational costs associated with aircraft ownership that will continue to grow over time.
As a result, you will need to compute both the aircraft ownership and operation costs in order to determine your total annual expenses to operate your own aircraft as compared to commercial airlines.
In order to make an informed decision about purchasing an aircraft, both the new buyer and the experienced operator should be aware of these additional costs before committing to the purchase of an aircraft in order to avoid incurring cost overruns that may lead to frustration and wasted funds.
Prior to making a long-term commitment to purchasing an aircraft, be sure to assess your individual needs and ask yourself some of the following questions: Do I know how much of my money will only be used for the flight hours and are there other costs that I am not aware of? By using tools such as AviaCost, you can be empowered to make a more informed and confident decision about selecting an aircraft to either own or operate. So take the time to utilize these useful resources to ensure you are making a smart financial decision when selecting an aircraft to avoid any unpleasant surprises down the road.
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