One conservative opinion
Every situation is different, but Dave Ramsey the anti-debt money guru, with whom I tend to agree, advises that:
1. Toys should always be bought with cash, never debt,
2. Only after all other debt is paid off and and retirement and college accounts are being funded as per plan, and
3. then should not total more than 1/2 of your annual income.
Most people aren't that conservative but it does define one end of the range of reasonable (with the exteme being pure obessive mislerlyness).
I don't think that there is strong money case for building over buying a 40 year old 152 or PA28. They are cheap enough that you could park it outside and not fully insure it for example. I would certainly insure and hanger a newly built RV babe.
Of course all of life is a series of trade-offs. I fund my flying in part by driving the same old beater truck year after year.
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