Calculating the cost to have your own airplane using free aircraft value calculator is the most frequently asked questions. A lot of different factors one can have in owning an airplane. The purchase price is only a part of owning an airplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. If you are financing the airplane, you could possibly get a quote from the bank with a down payment required and also with the interest rate. Today the rate is 6% with a 15% down payment and 20 years of financing. To calculate for the insurance fees, you can have the insurance agent to give you a quote for the airplane to purchase. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Direct operating cost is quite tricky especially in calculation. Different ways can be done in calculating the cost of each hour to fly the airplane. To start with the basics. Generally, the piston engines change their oil every 50 hours. The cost of the oil engines depend on where you live. The fuel consumption is dependent according to the type of aircraft. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. To be able to fly an aircraft with a worn-out engine you must consider the published fuel burn in purchase.
The engine and propeller will be calculated even though you have a new airplane that you are planning to sell. You must also have a scheduled maintenance which serves as another cost worth planning for. The airplane you are about to purchase must be inspected every year. The prices you are about to pay varies on where you are going to have the airplane to be inspected. The service center which will be familiar to the airplane you will be using is the one best fit for you and must have the charge for the annual inspection.
Remember that the price they quote to you do not include items that you have not purchased. These are not included in your budget. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. To be able to have a safe bet in budgeting, you must double the amount allotted for the annual inspection fee. The budget you have prepared will cover most of the unexpected bills during that year. You can also save money for redesigning your airplane. You can see more here in websites that is focused on this kind of topics.