One big item I continue to wrestle with as I advance through the "planning kit" is whether or not owning and operating an RV is something I can truly afford.
I have resources at my disposal which will make purchasing the kits/tools/stuff fairly easy. What I'm not so sure of is whether I can afford to fly the darn thing once I get it built. I have a feeling that an airplane is like owning a house - no matter how much planning you do or how many numbers you put into an excel spreadsheet, it ALWAYS costs WAY more than you ever think it will.
I'm planning to do the "pay as you go" method for much of the build, saving a fixed amount each month (about $500) with the hope being to have enough saved up at the finish of each sub-kit to buy the next sub-kit. I also have a reserve of cash I can dip into for overages or big purchases like avionics and engine.
There is part of me that wonders, too, whether this is something that is realistic for me to be considering at this stage in life. I'm in my mid-30s. Married. Three kids. No debt other than house payment (which is pretty high right now due to high property taxes). Good job. Low cost of living (other than aformentioned property taxes). But I'm just not sure if it's "doable" right now. My Dad built an RV-6A with a friend several years ago, and that was when he was making probably twice what I make now in a year and had fewer family commitments (kids out of the house, etc.) He doesn't discourage me from building an RV, but mentions often that it costs more than one might think.
So I guess my question really boils down to: How much do I REALISTICALLY need to budget per month to build, fly and maintain an RV-7/7A/9/9A?
What I'd REALLY like, if anyone is so inclined, is what kind of "life situations" builders have been in when they built. For example, is it doable on $40,000 to $50,000 per year salary with no kids and some debt? On $50,000 to $60,000 per year salary with two kids and some debt? On $60,000 to $70,000 per year salary with six kids? I'm just trying to get an idea from others' experiences whether I'm fooling myself or if it's really doable.
Oh, and one other thing that complicates matters, and which my father advises me to take into consideration. I have access to brand new G1000 equipped aircraft at a wet rental rate of $50/hour. No build costs and I'm sure that an RV is AT LEAST $50/hour on the operating costs. Those airplanes I have access to are great, except for one thing - they're not RVs!
Any input/adminishment/encouragement you can provide would be greatly appreciated. Please don't tell me what you think I want to hear. Tell me the truth. I have a family to provide for, and they come first. As much as I would LOVE to have an RV, I won't do it if it requires ANY risk to my family's financial well-being.
**Edited at Robby's Suggestion**
I am looking at building a basic Night-VFR 7/7A or 9/9A. To be honest, most of the flying I do now is what most would consider an "LSA mission". Drilling holes in the sky around the local area, with the occasional $100 hamburger at some place an hour or so away. That's just the reality of our current situation. Once our kids are older, I'd like for my wife and I to be able to go on weekend trips together.
One other note: I am the only income earner in the family. My wife has a much harder job, but unfortunately it pays very poorly. She has to herd three boys (our two sons and me), and we have a third child due in two weeks.
I have resources at my disposal which will make purchasing the kits/tools/stuff fairly easy. What I'm not so sure of is whether I can afford to fly the darn thing once I get it built. I have a feeling that an airplane is like owning a house - no matter how much planning you do or how many numbers you put into an excel spreadsheet, it ALWAYS costs WAY more than you ever think it will.
I'm planning to do the "pay as you go" method for much of the build, saving a fixed amount each month (about $500) with the hope being to have enough saved up at the finish of each sub-kit to buy the next sub-kit. I also have a reserve of cash I can dip into for overages or big purchases like avionics and engine.
There is part of me that wonders, too, whether this is something that is realistic for me to be considering at this stage in life. I'm in my mid-30s. Married. Three kids. No debt other than house payment (which is pretty high right now due to high property taxes). Good job. Low cost of living (other than aformentioned property taxes). But I'm just not sure if it's "doable" right now. My Dad built an RV-6A with a friend several years ago, and that was when he was making probably twice what I make now in a year and had fewer family commitments (kids out of the house, etc.) He doesn't discourage me from building an RV, but mentions often that it costs more than one might think.
So I guess my question really boils down to: How much do I REALISTICALLY need to budget per month to build, fly and maintain an RV-7/7A/9/9A?
What I'd REALLY like, if anyone is so inclined, is what kind of "life situations" builders have been in when they built. For example, is it doable on $40,000 to $50,000 per year salary with no kids and some debt? On $50,000 to $60,000 per year salary with two kids and some debt? On $60,000 to $70,000 per year salary with six kids? I'm just trying to get an idea from others' experiences whether I'm fooling myself or if it's really doable.
Oh, and one other thing that complicates matters, and which my father advises me to take into consideration. I have access to brand new G1000 equipped aircraft at a wet rental rate of $50/hour. No build costs and I'm sure that an RV is AT LEAST $50/hour on the operating costs. Those airplanes I have access to are great, except for one thing - they're not RVs!
Any input/adminishment/encouragement you can provide would be greatly appreciated. Please don't tell me what you think I want to hear. Tell me the truth. I have a family to provide for, and they come first. As much as I would LOVE to have an RV, I won't do it if it requires ANY risk to my family's financial well-being.
**Edited at Robby's Suggestion**
I am looking at building a basic Night-VFR 7/7A or 9/9A. To be honest, most of the flying I do now is what most would consider an "LSA mission". Drilling holes in the sky around the local area, with the occasional $100 hamburger at some place an hour or so away. That's just the reality of our current situation. Once our kids are older, I'd like for my wife and I to be able to go on weekend trips together.
One other note: I am the only income earner in the family. My wife has a much harder job, but unfortunately it pays very poorly. She has to herd three boys (our two sons and me), and we have a third child due in two weeks.
Last edited: