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  #11  
Old 06-13-2010, 09:38 AM
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flytoboat flytoboat is offline
 
Join Date: Dec 2006
Location: Collinsville, IL
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Default Not necessarily.

Quote:
Originally Posted by FresnoR View Post
Especially if you are buying, because you will be more limited in what you can do maintenece wise.
A buyer (or anyone else) can do any and all the maintenance on an experimental aircraft. You only need to have an A&P (or the builder who holds the repairman's certificate for that aircraft) to sign off the condition inspection.
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  #12  
Old 06-13-2010, 09:59 AM
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Ironflight Ironflight is offline
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Location: Dayton, NV
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Quote:
Originally Posted by flytoboat View Post
A buyer (or anyone else) can do any and all the maintenance on an experimental aircraft. You only need to have an A&P (or the builder who holds the repairman's certificate for that aircraft) to sign off the condition inspection.
That is absolutely true - but I think he might be alluding to is that once you have to pay someone else to do the Condition Inspection, you no longer have complete control over your maintenance costs - you have to satisfy whomever is going to put their signature in the books. Truth be told, annual maintenance costs on an RV are pretty small (so long as you keep up with things), and paying someone for the annual MIGHT double your costs...

Double of a small number is...a small number (if I remember my math right).

Paul
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  #13  
Old 06-13-2010, 06:40 PM
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tkatc tkatc is offline
 
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Default

I am in the same boat as the original poster....
Also, just to add, I don't think B of A does experimental aircraft loans.
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  #14  
Old 06-13-2010, 06:49 PM
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dedgemon dedgemon is offline
 
Join Date: Feb 2006
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Default Don't think so

Quote:
Originally Posted by asav8tor View Post
However, in this market if he is going to get one and go all the way, it's cheaper to buy than build, all things considered.

Not if its a good recent airplane. I don't see them selling for less than construction cost.
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  #15  
Old 06-13-2010, 08:23 PM
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N42AH N42AH is offline
 
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Location: RV-10 based at 9SC - Whiteplains Airpark
Posts: 406
Default RV Loan

I have gotten 2 loans in the past for experimental aircraft from NAFCO. http://www.airloans.com/ No pain no hassle. Last loan 2 years ago was at 7.4%. Ask for Bill.
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  #16  
Old 06-13-2010, 08:30 PM
asav8tor asav8tor is offline
 
Join Date: Oct 2006
Location: Seattle, wa
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Quote:
Originally Posted by dedgemon View Post
Not if its a good recent airplane. I don't see them selling for less than construction cost.
As I said, all things considered,

(1) Go to Vans web site, use the calculator then add

(2) Tools

(3) Equipment

(4) Supplies

(5) Build space, electricity, natural gas

(6) 2,000 - 3,000 shop time @ $ XX.XX per hour

(7) Divorce

(8) Divorce Lawyers

(9) Loss of time with kids, friends


The cost of building is in fact VERY much more than the selling price. The current market doesn't even come close to representing the cost. All the above items are very real construction costs.
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  #17  
Old 06-14-2010, 01:23 AM
cdneal cdneal is offline
 
Join Date: Jun 2010
Location: Savannah, GA
Posts: 2
Default Thanks everyone

I appreciate the insight, I have done all the math and I am going to be in good shape. I'd love to build the airplane myself but I am a helo pilot in the Army and simply dont have the time to build myself. I have purchased a few books here and there about owning my own airplane and have found them to be really helpful in planning you purchase. I know the costs of owning an airplane are numerous and none of them are really cheap, but that being said, I dont want an airplane to make money, I want one for the freedom to go as I please Thanks again for the posts and happy flying, or building if you're still putting rivets in.
Chris
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  #18  
Old 06-14-2010, 07:51 AM
bkthomps bkthomps is offline
 
Join Date: Jan 2010
Location: Destin
Posts: 1,543
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never borrow money to purchase toys, and whoever suggested 401k....ouch

let the gov't have up to 40% and use the rest to buy a toy that depreciates?

call me old fashioned, but if you don't have the cash, you can't afford it- yet

Last edited by bkthomps : 06-14-2010 at 07:53 AM.
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  #19  
Old 06-14-2010, 09:06 AM
nucleus nucleus is offline
 
Join Date: Sep 2006
Location: Bozeman, Montana
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Quote:
Originally Posted by gimp2x View Post
never borrow money to purchase toys, and whoever suggested 401k....ouch

let the gov't have up to 40% and use the rest to buy a toy that depreciates?

call me old fashioned, but if you don't have the cash, you can't afford it- yet
You can borrow from your 401K without paying taxes as long as you pay it back.
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  #20  
Old 06-14-2010, 09:11 AM
bkthomps bkthomps is offline
 
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Location: Destin
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Quote:
Originally Posted by nucleus View Post
You can borrow from your 401K without paying taxes as long as you pay it back.
in a lot of cases, if you suddenly lose your job or terminate employment, the borrowed amount/loan is viewed as a dispersement and will be taxed and penalized

it's a gamble
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