Things to Consider in Aircraft Value Reference
The aircraft values or VREF is the questions frequently asked and you can learn calculating it. There are various cost factors in owning an airplane. Purchasing price is only a piece of getting an airplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, subscription fees, and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. As of now, the rate is at 6% with a minimum 15% down and financing year runs to be at 20. To have insurance fees, you can get a quote for the airplane you are considering to buy. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Direct operating cost is quite tricky especially in calculation. Different ways can be done in calculating the cost of each hour to fly the airplane. Starting at the basics. Generally, the piston engines change their oil every 50 hours. The price of the oil engine is dependent to where you are living. The fuel you are about to consume depends on the aircraft you will be using. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. Flying an aircraft having worn-out engine must have published fuel to burn.
The engine and propeller will be calculated even though you have a new airplane that you are planning to sell. The maintenance for the aircraft is costly but worth planning for. The airplane you are about to purchase must be inspected every year. The price for inspection depends on where you are doing the inspection. You can even have to call a service center which is familiar with the airplane you are using and observe for any charge for the standard annual inspection.
See to it that the price must not include items that you have not purchased. These are not included in your budget. The airplane that is still under warranty I expected to have repair bills upon picking it up. Doubling the annual inspection fee will be able to cover the surprised repair bills. This budgeting will help you cover the unexpected surprise bills that could possibly occur on that year. Budgeting for the expenses of paint, interior and any other things for your plane must be done. You can read more info. in websites about this one.