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05-04-2015, 06:38 PM
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Join Date: Nov 2011
Location: Aurora, OR
Posts: 843
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Also...
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Financing an airplane - who to go through? Bought several cars and a couple of houses but never an airplane.
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Several option out there, a few banks do it, and always worth speaking with your local credit union. Some do , some don't. EAA's financing program I think uses NAFCO - https://www.airloans.com/ - and ther...for financing.
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Hanger fees - in Tucson I've heard anywhere from $250 and up.
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Highly variable based on the local market. You'll have to ask around. Around here (Portland OR) you're looking at anywhere from around $200 to $500+ a month for a t-hangar depending on location, condition and demand.
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Insurance - total loss at who and how much it will cost for someone in my situation.
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I assume "total loss" was an intentional insurance play on words.  This is also quite variable and dependant on value of the aircraft, specific coverage purchased, pilot(s)/owner(s) flight experience and ratings, etc. It's *very* much worth shopping around for this. Nationair (now Gallagher Aviation) is an advertiser here and just a couple of days ago got me a much better deal for insurance on both my flying Cherokee and my -8A project, compared to what I was paying through my previous insurance company. Shanna's number at Gallagher is 877-577-8267 and she's really helpful. Changing policies for me just resulted in almost $700 a year savings for what is actually slightly better coverage.
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Annual and 100 hour inspections - no clue as to the cost and I know it depends upon the condition of whatever I buy.
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Mine have ranged from around $800 on the low end to $4000-ish on the high end when bigger stuff needed to be addressed. Well, except for the one that included an engine overhaul - that was more like $20K all in. I knew it was coming three years after buying and built it into my purchase price. Still hurt though. Did we mention a thorough pre-buy inspection, in the form of an annual? Do that. If you're able to do owner-assisted annuals and handle some of the work under the supervision of your A&P you can save a few bucks (sometimes), plus learn about the spam can you're maintaining in the process. That's what I try to do.
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In addition to the above, what else do I need to think about?
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Know your mission, choose accordingly, and consider the opportunity costs.
__________________
Greg Hughes - Van's Aircraft - Community, Media, Marketing
Van's web site | Instagram | Facebook
Opinions, information and comments are my own unless stated otherwise. They do not necessarily represent the direction/opinions of my employer.
Building RV-8A since Sept 2014 (N88VX reserved)
Dual AFS 5600, Avidyne IFD 440, Whirlwind 74RV, Superior XP IO-360
VAF build thread - Flickr photo album - Project Facebook page
Aurora, OR (EAA Chapter 105)
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05-04-2015, 08:24 PM
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Join Date: Jan 2014
Location: Fairwood
Posts: 13
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Good thread! Lots of useful information for another guy considering a similar path!
I have an RV-6A under construction (empennage complete, wings 85%, fuselage at the 'big canoe outta the jig' stage, engine shopping now.) but I have not flown for 20 years. I'm considering buying a modest aircraft ( Piper Tripacer?) to restore basic flying skills in advance of completing the RV6A. A Tripacer fits my basic flying mission, can handle a bit rougher strips...... and I really just want to get in the air again!!!
Thanks to all contributors in this thread!
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05-04-2015, 08:24 PM
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Join Date: Jan 2005
Posts: 963
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Last year (about this time), when I checked financing (NAFCO) the rates were:
RV's - 15 yr loan @ 6.5%
150/172/Cherokee - 15 yr loan at 7%
Of course the rates are variable depending upon a lot of outside factors, but this may give you an idea.
My wife (CPA) built me a spreadsheet to handle the chores!
Bob
__________________
Bob Hassel
NM
Subscription Paid for 2020
Home is where the hanger is...
Last edited by bhassel : 05-04-2015 at 08:27 PM.
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05-04-2015, 08:35 PM
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Join Date: Nov 2010
Location: ____
Posts: 829
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Just about impossible to beat the advice in Post #8. I doubt you will find a better value that you could train in and be happy with as a keeper.
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05-04-2015, 09:38 PM
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Join Date: Dec 2014
Location: Just Minutes from KBVI!
Posts: 1,039
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Quote:
Originally Posted by Timbeck2
Financing an airplane - who to go through? Bought several cars and a couple of houses but never an airplane.
Hanger fees - in Tucson I've heard anywhere from $250 and up.
Insurance - total loss at who and how much it will cost for someone in my situation.
Annual and 100 hour inspections - no clue as to the cost and I know it depends upon the condition of whatever I buy.
In addition to the above, what else do I need to think about?
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As far as financing goes, I have had a good experience with U.S. Aircraft Finance. Contact Dave Savoie at Dave@usaircraftfinance.com
http://www.usaircraftfinance.com/
For insurance as a student pilot in my own aircraft I was able to get good coverage at a decent rate (as I recall it was less than $900 a year).
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05-04-2015, 10:27 PM
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Join Date: May 2006
Location: Pocahontas MS
Posts: 3,884
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I financed my 1st RV (-4, already flying) through my credit union. They used their 'RV' classification to set the rate, and asked me to find an appraiser, since they had no clue. (Had a friend who was an aviation insurance adjuster; used him.)
Annuals (meaning the signature in the logbook and a cursory inspection; I do all the work & repairs) have cost from free to ~$250 per inspection over the last 20+ years. Almost always done by acquaintances.
Storage anywhere from $15/mo tiedown to whatever I decided to allocate out of my house note (bought land with hangar on an airpark, and no longer applicable; it's paid off). When I had a note, it was less for the entire house/property/land than a lot of people pay for a hangar. (Lots of sweat equity.)
Experimentals are almost always cheaper to buy and cheaper to maintain and higher performance than 'comparable' certified, as long as you're willing to do the work and have a place to do it. Only exception is hull insurance; experimentals are a bit more. But don't limit yourself the the ones that advertise for experimentals; if you know someone that insures certifieds, it's worth asking them. There are more underwriters that will insure homebuilts than most people think.
Most common thread for me was getting to know a lot of like-minded people who have been willing to help, and then paying it forward when the opportunity presents itself. I've saved an amazing amount of money and learned an amazing amount, and I hope I've been able to pass at least some of it on over they years.
Charlie
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05-05-2015, 07:27 AM
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Join Date: Jan 2010
Location: Southern Michigan
Posts: 1,966
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I also got frustrated with plane availability/scheduling/instructor availability when I was obtaining my PPL. I purchased a 1978 Cessna 152 that was a club plane and had a ton of hours. Insurance for me was around $600 per year and covered any licensed pilot. I found a hanger to rent at a local air-park for $200 per month. I also found a semi-retired AP/AI based there that was honest and dependable. My annuals were just about $600 every year. 100 LL was tipping around $3.00 per gallon. I was working full time back then and also building my RV-10. It was very convenient owning my own plane to train in. I loved owning that plane and spent a lot of time fixing it up cosmetically with a new interior and transparencies. It was also fun doing the basic maintenance. I ended up selling the plane for about what I had into it. It went to a flight school in MN.

__________________
David C.
Howell, MI
RV-10: #41686 Under Construction
RV-9A: #90949 Under Construction
RV-10: #40637 Completed/Sold 2016
Cozy MKIV:#656 Completed/Sold 2007
"Donor Exempt" but donated through Dec. 2020
Last edited by 9GT : 05-05-2015 at 07:32 AM.
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05-05-2015, 07:38 AM
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Join Date: Apr 2015
Location: Vail, Arizona
Posts: 33
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Thanks everyone for a lot of good information. Looks like I have a few calls to make.
And figure out how to get a Cherokee 140 from Florida to Arizona. 
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05-05-2015, 09:04 AM
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Join Date: Jan 2015
Location: Blairsville, GA
Posts: 202
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Wow this is a fantastic thread..
I'm actively working on my PPL and recently my CFI's plane had a prop'strike when he rented it out to a former student.. =( It took a couple months to get it back into flying condition and all that time I was grounded.. (more time to work on my -10!)
but I have thought about getting a small Cessna or Cherokee or something in the mean time to learn in while I build..
My main question is about size.. I'm 6'2" and weigh-in at 270lbs. Will I fit in a Cherokee? I can tell you that the C172 I train in now does fit me, but its tight and not comfy.
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05-05-2015, 09:39 AM
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Join Date: Aug 2007
Location: Ontario, Canada
Posts: 2,291
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If the Cherokee deal doesn't work, I would highly recommend taking a look at any of the Grumman AA5-series airplanes. They are much like the RV's in terms of having far "sportier" handling than Cessna and Piper aircraft. The Grummans also have sliding canopies, like at least some of the RV's, so you get to taxi with that ever-cool elbow hanging out in the breeze. The AA5 series airplanes are tough birds with few bad habits or real maintenance issues and few SB's. I've been flying an AA5A Cheetah for a while and very much enjoy it. It's very much like an RV10 in terms of interior space and carrying capability. The one I fly has been used to ferry a pair of Piper Seneca props to the prop shop so that gives you an idea of the cargo volume available with the back seat folded down.
With respect to "buy vs rent", I made that decision a decade ago when I was getting back into flying after a 15 year hiatus. I had my license but literally hadn't a single logbook entry in 15 years, so I was pretty much starting all over again. One hour's rental in a bagged out 10,000 hour C-150 made me say "never again". I bought an Experimental aircraft (Davis DA-2A) and have never looked back. The Davis has proven to be almost laughably cheap to own, and it lets me scratch the flying itch that I get all the time while building our "retirement traveler" aircraft.
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