Things to Consider in Aircraft Value Reference
Calculating the money or VREF to buy for your own airplane is the questions frequently asked. There are various cost factors in owning an airplane. Purchasing price is only a piece of getting an airplane.
The indirect cost is called to be the costs that you are paying whether or not the airplane flies. The expenses like the purchase price, hangar fees, taxes and even subscription fees are called to be indirect costs. If you are financing the airplane, you could possibly get a quote from the bank with a down payment required and also with the interest rate. Currently, the rates are now at 6% with 15% down and 20 year financing. To calculate for the insurance fees, you can have the insurance agent to give you a quote for the airplane to purchase. You can pay for the hangar fees to the airport where you wanted to base your plane.
To calculate the direct cost is quite tricky. There are ways you can calculate how much will it cost you each hour to fly. 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 consumption of fuel depends on the aircraft you will be using. You can visit a manufacturer’s website or even consult the POH to get the fuel. Visiting a manufacturer’s website or consult the POH in getting the fuel is a good idea. Flying an aircraft having worn-out engine must have published fuel to burn.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. The scheduled maintenance must be accordingly done but it will be another cost yet worth planning for. The airplane you are about to purchase must be inspected every year. The prices you are about to pay varies on where you are going to have the airplane to be inspected. The service center which will be familiar to the airplane you will be using is the one best fit for you and must have the charge for the annual inspection.
Items must be paid without unidentified items. These are not included in your budget. An airplane that is still under warranty must have repair bills upon picking your airplane up. To be able to have a safe bet in budgeting, you must double the amount allotted for the annual inspection fee. The budget you have prepared will cover most of the unexpected bills during that year. Budgeting for the expenses of paint, interior and any other things for your plane must be done. You can see more here in websites that is focused on this kind of topics.