Rent or Buy?
If you want to fly airplanes, I’m sure the question of whether to rent an airplane or buy your own has crossed your mind. If you’re on the fence, read on to find out some of the best things about owning an airplane and why I don’t recommend buying one.
Buy!
One of the best things about owning an airplane is not having to schedule your precious days off around other pilots. I own a share of an airplane and it’s convenient because my work schedule requires me to be on call 24/7. If I want to go fly I can’t schedule an airplane two weeks from now and expect to be off work at that exact time!
Practice makes perfect.
If you believe there is a difference between being “current” according to the FAA and proficient in your airplane, owning your own airplane can make staying proficient much easier because of the scheduling issue. If you are already a pilot, try to remember the last time you practiced ground reference maneuvers. How about stalls? How about slow flight? It’s easy to get rusty and frequent practice is the best way to stay sharp.
$100 Hamburgers
Check out my $100 Hamburger posts for inspiration! If flying to a destination for lunch or being a tourist appeals to you, owning an airplane is great! For frequent flyers, sightseeing and leisurely travel can get really expensive in a rented airplane.
Family and Friends
My family and friends love to go for rides in the airplane. Having your own airplane available to share your love of flying with others is a lot of fun. There is something really cool about seeing your hometown from the air.
Know your airplane
As a pilot, your job is to be an expert on the airplane you fly. You should be able to tell your passengers everything they want to know about the airplane and a bunch of stuff they don’t care about. You are responsible for everyone’s safety! Changing airplanes, even between different years of the same model, can leave you disoriented. For example, the oil pressure gauge being in a different spot can be distracting in a critical phase of flight. If you own an airplane, you can learn everything there is to know about it and really be an expert. It’s your job.
Rent!
Even though I own an airplane and I enjoy it, I don’t recommend this strategy for everyone. If your living situation is temporary, or your job may move you to another state this year airplane ownership is obviously not for you.
Career oriented pilots
Future airline pilots, I’m talking to you. I know it’s tempting when you do the math. You think you can buy an airplane, get to 1500 hours, sell it and only be out fuel money. NO. DON’T DO IT. I’m not saying it can’t or hasn’t been done, but in my opinion it’s not the best move. You can’t anticipate all the potential maintenance costs. You can’t anticipate what the airplane market will do. When we bought our airplane you had to strike fast because everything was selling fast. Then there were a few years where you couldn’t give one away. If you want to be an airline pilot find a way to get paid to fly and do that full time.
Headaches
Airplanes require a lot of maintenance and paperwork to back it up. It can be a headache to keep up with regular maintenance, registration, insurance, hangar/tie-down, Airworthiness Directives (ADs), and all the stress that comes with it. You may want to rent if your ideal trip to the airport looks like this:
- Pick up the key
- Preflight
- Fly
- Land
- Postflight
- Leave
You show up at the airport to find an airplane that is maintained, washed, fueled and ready to go. After the flight you go home and don’t think about it anymore.
Do your Homework
Flying an airplane that has your name on the registration is really neat but before you jump in feet first, do a lot of research. Figure out your price range for purchase and your price range for annual costs. Don’t buy an airplane that needs an engine rebuild this year or has an AD compliance issue that is expensive unless you are willing to spend the time and money to make it right.
Whichever path you choose, remember that the name of the game is staying proficient. A good pilot is always learning… and practicing!