How Much It Cost To Own My Airplane For 1 Year
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- Опубліковано 1 жов 2024
- This airplane is up for sale. See listing on www.aeroavion....
Contact: mike@lookupaviation.com Or josh@lookupaviation.com
I fly a 2020 Sling TSi (see stats below). Here is the breakdown of my ownership cost, to fly, hangar and maintain this aircraft for the year 2021.
1. Insurance - $7,600. My insurance was pretty high year 1 but it's gradually come down as I've built time in the airplane and became instrument rated.
2. Hangar - $3,960. It cost me $330 every month to store this airplane in a hangar at my local airport
3. Annual - $1,200. Preventative maintenance by law
4. Other Repairs - $1,300. Other work done on the airplane in 2021
5. Subscriptions - $748. My subscriptions to fly this airplane include Coflyt, Foreflight and Garmin
6. Miscellaneous - $900
7. Fuel Cost - $4,700. This is how much it cost me to fuel up the airplane for 100 hours of flight time.
Total cost for the year = $19,572
Hourly cost = $196 per hour
My Airplane Specs.
Buy one at LookUp Aviation www.lookupavia...
- 2021 Sling TSi
- Rotax 915 (141 hp engine)
- Range: up to 1000 miles
- Climb rate: 1200 fpm
- Speed: 170 mph
- Fuel: 8 gph
- Dual G3x + G5 Backup + GTN 650 + GMC 507 Autopilot
my sr-20 insurance covering everything just went down to $2600. ive estimated my hourly cost to be around $190 a hr for my g1. including purchase ive got at least $ 260,000 in my first year of ownership. excited to see how much the second year will be less
Glad to see it all working out as planned. Been watching on and off for a while. Thanks for the videos.
If it flies floats of F**ks rent it.
The insurance cost surprises me. That number will vary with the pilot. Haul value is high on your plane. A Piper Warrior worth 70-90,000 would probably be less than half the cost per year. But flying a new modern airplane with great performance has value, so it's a trade off.
You are correct Ryan. Insurance will vary. I was def a low time pilot when I first started flying the Sling. I am now 300+ hours
100 hrs yr =192hr
Rough estimate per year cost...
200 hrs yr=125hr
300 hrs yr=102hr
400hrs yr =90hr
If you have a use for flying more hours per year the per hr cost drops a fair amount, although the yearly totals go up of course.
This is all costs, fuel etc
Do those figures include fuel?
I'll give you a quick breakdown for my 1975 Beechcraft Sierra. Insurance 2,100 (63k hull value), Hangar 540 per month (KISM), Annual this year 3k, Subscription to garmin/foreflight 700, I did just over 100 hrs and I would say it was 4 to 6 bucks a gallon and I burn 9gph.
So you're in at 15k
A wise and deserving fellow. I recall the vid when you showed the world this bird. A very proud moment for you and it showed. Heck, even though I don't know you beyond your channel, I was proud of your accomplishments. WTG Mojo! I'm a simple RC pilot who was saving for an ultralite single seater. But, being married and knowing the wife would have never gone up with me even if I had purchased a 2 place, I chickened out and went RC. But, I still learn loads from this man! ALL THE BEST!
Awesome content as always Mike! Thank you for the breakdown in costs; I can definitely see the value in a newer aircraft that's more expensive to acquire but less to maintain, vs. an older aircraft that is relatively affordable to acquire, but prohibitively expensive to maintain.
I wonder if you might do a video like this, but regarding the costs and what to expect regarding flight training. For me, I cannot even begin to think about aircraft ownership, as I am still trying to figure out how I'm going to pay for flight school. Again though, thank you for the content; keep em coming!
Very proud of what you have done with your channel and your other business ventures! Great job Mike!
Thanks for sharing this breakdown. I'm approaching 150 hrs on my Sling TSi. The cost breakdown is a bit lower for me in the UK as the insurance is a lot lower. My first year costs so far are annual insurance was £2500, Hangarage was £180 per month, Subscriptions was £750 and annual maintenance including the 50 hr & 100 hr service was £850. Miscellaneous was £350. I'm not including fuel as we've mostly flown low and slow due to airspace restrictions, so my average fuel burn has been quite low at around 19L/hr. So my total hourly cost based on 120hrs of actual usage after 30 hrs of ground & flight testing is 6610/120 = £55/hr. Including fuel its likely to be around £95/hr.
Good on you. My insurance this year did drop down to $5500. I’m expecting to go down even further for 2023
Based on the last quote I got, 10% of the cost is civil responsibility to cover damage to others property. The reminder is directly related to the value of the hull. For a complex it comes down to about 4000$ premium/ 100000$ insured
Great content Mike - really good to see someone keeping it real about personal aviation!
Best of luck for 2023!
And I was complaining about 1700 a year for insurance and 250 a month for hangar for my rv6
Also should save each hour some money for future engine renewal.
Insurance cost also surprises me as well. I have a 1981 warrior with a hull coverage value of 80k. I’m a student pilot with about 120 hours and my annual insurance cost is about $1100. I’m also lucky as my hanger rent is only $81/month
Lucky indeed. Keep in mind the hull value is at least 3 times that of the warrior.
@@mojogrip my warrior is probably close to actual value of your sling. I have a complete new Garmin panel with auto pilot, new interior, and it’s in the paint shop now. If I had the time though, I totally would look at a sling to build.
@@brianaerni that's possible. A used TSi sold for $350,000 last week
@@mojogrip wow!! Prices have gotten stupid. I enjoy your channel
Idk if it's the same in Europe cuz that's almost the average yearly salary were i Live
The one thing I noticed that was not included is engine reserve for replace when you reach TBO.
Did you finance your sling purchase or is it paid off? Just wondering because you didn’t include any kind of finance payment in your yearly breakdown.
Agree, that is also a cost. Mike went over the cost to build in a previous video $300K plus. I would not be surprised if his monthly note on that plane is $1000 or more...
I don’t have a note, my plane is paid for.
What about depreciation?
Hey dude! Im so happy to find a black pilot on my journey into aviation youtube, i want to be a pilot myself and have hundreds of hours in the simulator already but i just dont have alot of money to get into flying so i just live vicariously thtough pilot vids 😅
There are scholarships out there as well as organizations to help minority pilots. It is expensive but make sure to take advantage of the opportunities that are available.
So the TSI has 4 seats? Is the sling 4 just bigger??
Very Nice Bro! Get Good People/Pilots!
So many variances that this presentation that it boils down to a look-back of what it cost YOU to operate that airplane for the past year. Given what you had to pay for insurance over what I would pay for same aircraft? A savings of $61 less per hour. Also left out are payments of any liens (loans) on that airplane, which would also affects per-hour cost. Using that Piper Cherokee as an example of buying an older airplane. Was the wing spar issue a factor in the upcoming maintenance/annual inspection price? I bet it was. And, sounds like the buyer didn't mind buying an airplane that had a short time left on the engine, which is also the reason he got a low purchase price. I own (outright) a 1975 Bellanca Decathlon. I own my hangar, but pay $100/mo for condo fees, plus an average of $4/mo for electricity. I'm 1250hrs out from Time Between Overhaul (TBO) on the engine. I've owned it since September of 2021 - a gift to myself for an upcoming retirement (Jan '22). Sep-'21 to Sep-'22, operating cost @ 25-hours: $128/hr, no fuel. Rent one - if you can find one - north of $200/hr. Bottom line: These are per-hour operating cost look-backs, and may provide very-rough anticipated look-aheads.
Hey Mojo, great content. I've been a follower for a while and enjoy your content. Keep it up. Quick question for you. In you're breakdown, you mention the cost for having an AME do the annual. My understanding is that most people build experimental planes so they can perform the annual themselves (large reoccurring cost savings). Am i mistaken there or could you have done it yourself and just chose not to?
good day mojo. I need your help with something. I want to make the same revelaero voodoo plane. or for 2 and 4 persons. 420 mph top speed. 1000km range. Can I buy parts of the plane and have it built? or bristel-tarragon. Can I get it done by airline companies like jmb? Thank you.
Hello Captain Mike, Thx for such of neat breakdown numbers that explain everything in details,,I'll recommed you to consider sell 3/4 share to 3 responsible pilots, that will bring your cost down to $4900/yrs which is way more affordable,,,
Interesting, though too all those people who say owning a plane isnt only for the rich, you lie. I have been saying this is one of the biggest drivers in the aviation industry failing.
I will also state I would own an aircraft if I could...I would love to be a CFI, but no way I could step into that.
Awesome and thank you for explaining the cost.
I will contact you shortly
Hello...my question isn't related to aeroplanes though, why do you have Nigerian and South African flags on your plane?
I'm Nigerian, the plane is a South African design
@@mojogrip Ohhhh didn't know in S.A. we even designed planes, tell me, are the regulations for keeping your plane in your own yard say in a farm with a runway very strick?
I am new to flying (student pilot) and very much appreciate your videos. Thank You for sharing.
My experience is that Dr Thompson's rule of Pi applies to aircraft ownership and to any maintenance project on an airplane. For any cost estimate on an aircraft multiply by Pi for any time estimate to complete a project multiply by Pi SQ.
Hey, love your videos. You forgot to account for one of the biggest expenses-- the time value of money / opportunity cost if you own it outright or the financing costs.
Thanks Mike for info 👍
What is the insurance rate for 2022-2023?
I was expecting something like 3000-3500. Seeing over double that is shocking compared to an RV-10.
My insurance rate this year was $5500, so 30% less than initial. I have since gotten my instrument and put some 150 more hours in the plane so hoping for further reduction.
Educated Vote is more important than just voting on feeling!
So you paid cash for the plane? No note payment?
Correct.
Mike…..excellent well explained real life scoop. God Bless sir. 🇺🇸
Please translate the videos into Arabic, there is someone who wants to listen
I follow your channel, but it is necessary to translate your words into Arabic
No.
Sense most people aren’t well off like u, I have the answer for wanting to fly and spend less than $3k a year! It’s called Paramotoring 🎉🎉😮😊
Or Airmojo.io that can get you flying for a fraction of the cost too
What percentage does this represent of income from your business
Those insurance rates are nuts...is it because it is experimental?
Appreciate your info, i am a fan, is that a piercing on you nose?
You are an inspiración amigo
Thank you for the video.
Proud of you. Live the dream mate.
Damm that’s very pricey per month.
Great stuff
Thanks Mike.
good day mojo. lancair 4-p. cruise speed is 335 mph. range 1200 miles. It says 250-500,000 dollars. is it correct.? 0 km. This plane is parachute. Can I have it for $250,000? Thank you.
Lol no. The first used Sling TSi just sold for $350,000. And it didn’t even have a parachute. If you don’t want high insurance, but run from the Lancair 4p. Some insurance companies won’t even touch it.
@@mojogrip
I max speed is 350mph. I want to have a plane with a range of 1500 km. 4 seater aircraft. Can I have it for 350 thousand dollars? If not what will it cost me? Can other ultralight companies make this plane? thanks.
@@mojogrip i could only imagine how much they would charge you monthly to insure. Id bet its like insuring a brand new twin with low hours 😅
Where do loan payments fit into that breakdown?
I don’t have any loan payments
It tes
Sounds like it really does not pay buying an older plane for less money, when you know it's much more likely it will break down on you, possibly in flight if not certainly on the ground it'll cost much more maintenance. A lot more worries you're buying with that lower cost airplane. Always nice if you can afford it!
Does the Sling TSI work on Avgas only? Or is there an option for car fuel engines?
@Anthony Chisha nice
Yes car gas if you can get it
Problem is very few airports have infrastructure to provide auto fuel.
@@medicbill Will come in future. Especially in the US. Joe Biden and the Democrats have passed a law or investion-package called "The Infrastructure Bill" and the "Inflation Reduction Act". Those have funds over 1,5 Bilion US-Dollars. One section is the modernization of Airports and harbors. As far as I know even small airports can ask for that money. (For airports and harbors around 10-30 Bilion, depending on how the states and Washington want to spend the money in certain cases, for example Louisiana invests more in its harbors). The new Packages from democrats even have money for battery- and Chip-facilities in the U.S., that could lower the prices for aircraft-constructing.
Sadly if Republicans win the midterms they will stop this investion. So... I hope for a blue wave.
In Europe it is quite simple to get Car fuel, because east of Budapest you will have problems to find Avgas until Istanbul.
Simple solution....just throw a 50 gallon gas tank in the pick up and fill it up yourself. Farmers do it in my area everyday with their tractors. 12volt transfer pump.
Great video as usual.
You got yourself a beautiful machine, sir.
Very revealing and interesting numbers. Always looking forward to having new videos from you. Great job, Mike!!!