Airplane Cost to Own I MooneyM20C Ranger I N6887N I Hangar Talk

[Music] [Music] hey folks welcome back to my channel pilot funding 101 in my name is Chris Lee so I get a lot of emails on how much does it cost to own a plane how much does it cost to buy one how much does it cost for maintenance and fuel all the time and there's so many variables to it it's very hard to calculate all depends what airplane you buy or looking into what it burns per hour on fuel what the maintenance can be some planes are more of a maintenance hog some are some more of a fuel hog some are so it's so much to calais in to figure out so it's a very difficult plant question to ask a hundred percent so the only thing I can go by is what I personally spend a year on average for my plane which is behind me a different background view my 1968 Mooney M 20 see you Ranger so and I get questions about how dying wire about it and what did I do to buy it and so on and so forth again so many different variables to it it's really what you want when you need a plane for me particular I had a a Grumman Yankee eight a one a for a long period of time that's where I flew for a long long time and so I want to kind of step up to a complex airplane that's that's fuel-efficient that's fast and give me places because my Grumman 22 gallon tanks I can fly about two and a half hours at 100 miles an hour so wasn't really that fast getting places so that's why I focused on looking for a complex airplane the other thing I focused on is research research research ask questions look at stuff on the internet ask other pilots when you see a plane that you like that you're looking to buy had an air fuel somewhere find the pilot asking questions what they like about it what they don't like about it and that's a basic I did and the end of the day after researching for a long period of time I for my personal reasons and what I'm looking for a plane for me to be the m20 sea Ranger was the best bang for my buck what I want it for and of course is that there's a moody - Oh once it was about I think about a foot longer a little more room for the back passengers and a 200 horse fuel-injected engine this is 180 horse like homing so but I need all that and you know this was perfectly fine it's about six seven knots slower in the 200 horsepower Moody 201 and boss has a lot of speed mods on the plane that came with it so it was it's pretty fast Ranger so it's really what you need to do we need to focus on I'm not concerned about back passengers nine times out of ten it's me flying the other percent of the time it's I might have a co-pilot or a pastor in the right seat and a couple times a year I have four people in the airplane so I wasn't concerned about room in the back for passengers that's they want to fly with me get in the back and I'm sorry that's the room I'll move my feet as much as I can so I'm sorry it's my plane for my personal fun so that's why how I got this airplane behind me and once I figured out what kind of plane I won it took me a long time to find one that has good pain low time low prop and hub time and the interior and of course the panel this plane has everything I wanted I got a great price is a long story which I really don't want to get into how I even got this airplane I had to meet the guy a bunch of times and basically a approve of me buying the airplane and but she's an awesome plain awesome playing the panes nine out of ten Interiors I attend you guys CNN now I have 400 hours in the engine I put most of those hours on the plane and the prop and hub have about 200 300 and change which I put all that - 17 hours and this this this prop you don't need a hundred our spec ssin for the Avion the Moonies which is also a huge expense savings for me so Moody M 20 C Ranger cost to home would I pay approximately for this aircraft behind me so fixed costs let's just art with fixed cost fixed costs are costly know what's gonna happen every month and every year no matter what so the insurance on this airplane for me is $900 a year and that covers $60,000 so if I have an issue in the air the engine quits I make a mercy landing and not in my favor they will give me $60,000 for the plane same thing on the ground if I clip a wing or another airplane or a taxing too fast I hit the prop it's covered under that insurance policy so it was higher than that when I first was flying the airplane had zero hours in a complex airplane but now I have well over 200 and change on this plane okay she close to 300 hours now so my insurance actually was cut in half which is awesome so nine thousand nine hundred dollars a year for insurance for fully coverage and my hangar cost here at Orange County and this hangar is $4,500 a year it does include electric it's a big hangar I've got a nice view of other airplanes electric door these guys at Lawrence County a maintenance crew do a great job of plowing taking care of the lawn it's a great place to fly it out of and I don't mind paying it now you can do a tie-down a tie-down will cost you $1000 a year but this plane is really really nice pain and I don't want the bird to get into it the Sun hits it you know it starts getting the paint a little chalky if you don't take care of it a lot more things to worry about when it's outside no hail storms big storms coming through so for me the hangar is worth it for this airplane just to safe the annual inspection now the annual inspection for me I've got a Moyer aviation and the flat fee is $1,500 now you can go other places they might turn a thousand in my charge 800 the mortar Aviation is a great job in mal Pocono Mike Auster Popeyes that Airport identifier they've worked in this plane in the previous owner for a long period of time and it's this plane is well maintained those guys do a great job they do everything and if fifty hundred dollars includes inspection spots and the tail of the compressions you know so on and so forth with the airplane and that's what it cost me if it needs something that's additional so if needs oil change these brakes these rotors alternator goes this hose goes that goes it's additional expense and that's the biggest thing that everybody has to realize that it's hard to gauge it could be zero dollars a year could caution after two thousand dollars that year if it needs something so it's very difficult to get you that kind of price so fixed costs right now I have to pay 900 for shorts $45 for a hanger $1500 for the annual inspection does not need anything so basically $6,900 it's what's going to cost me right out of the chute and that's not including fuel so let's get into that so hourly costs okay this again this is average so hourly costs for this airplane is fuel about $40 an hour which is low for a plane that crews can do 145 150 knots and cruise which is not bad so nice fact about nine gallons per hour at 450 a gallon some places a little bit cheaper in this area someplace a little bit more that's the medium so I figured out I use a 450 per gallon nine gallons an hour it's $40 an hour this plane typically gets and cruise eight point two eight point four so I raised to 9 why not so that's approximately four dollars an hour so now the big unknown and again is maintenance okay are you going to just not put you know not calculate your hourly towards your maintenance oh you just going to not put that in your calculation so you could just worry about it at the end of the year when your annuals come due or gonna try to figure it out to the year of your hourly cost so why factoring twenty dollars an hour for maintenance again it could be more than that it all depends what airplane you have of course and what you might need when it comes to that angle of a factoring 20 hours per hour again biggest unknown that's a lot of the questions I get I can't answer that because I don't know your airplane I don't know what other planes you're looking at is it a bad panel the engines timed out is it getting close to time thou house of prop how I don't know any of that stuff those are all the things you've got taken to consideration when you are buying an airplane that we can get into that in a few minutes the appreciation well the airplane is not really depreciating much if they used to these airplanes new or eight hundred plus thousands of dollars so these airplanes are going up in price which is good for people like me and I got a great price for this airplane which well II well-equipped so if I want to sell this airplane right now I can probably put $25,000 or $30,000 in my pocket but it's not for sale it's an awesome airplane but it gives me some leeway to put a new panel in which I've been talking to guys in a while about a new panel so depreciation i factor in 20 hours now depreciate the airplane whatever you might want to do I just put it in there because why not it's if it's free money at the end of the year it's free money at the end of the year if I come to sell it because airplanes are going up in value but you might have bought your airplane high you might have put a new panel in that cost of $30,000 and you bought it high so you're kind of upside down a little bit so I don't know your circumstances but figuring $20 per hour so in this example with this money behind me $6,900 plus $80 per hour that's the point hours plus 20 plus 20 and I do I do a hundred hours a year which sometimes I usually do more to be honest but yet we'll use a hundred just for straightforward numbers it's gonna cost you $14,900 hike okay add it this subs like holy geez I spend money on my hobby but this is my life dream is is being a pilot and here I am and I worked very hard to do it and so but it is what it is if you take out the steam yourself the tie down your skin yourself $3,500 a year so you can actually bring that down to eleven thousand change if you wanted to so about a thousand dollars a month if you have it tied down somewhere so but for an airplane a thousand dollars a month with everything it's not a bad deal because I have friends who play golf who spend $8,000 a year I have friends who spend money on a boat they spend usually 12 to 13 thousand dollars a year doesn't need anything you know you gotta put in the water you got to take it out of the water you have to have a truck you gotta have a trailer you drive docking at night not dry docking it where you gonna store it fuel is expensive to go up and down the river I know it's it's just it's a hobby it's gonna cost you money and you can only use a boat in New York for about five months out of the year maybe six months out of the year but the airplane I can use it all year round as much as I want as long as I want and go anywhere want to go which is a huge deal for me so again that's roughly what this airplane costs me now now mind you I got this airplane it was beautiful I mean beautiful so if you needed stuff you know if it did need stuff it's it's gonna cost you more money like I said before so it's you know the maintenance thing is a big thing to kind of figure out and it's difficult and all depends how you calculate stuff that yourself but for guys and we'll have a plane who are looking at emoni looking at a complex in airplane this is what I spend this is 180 horsepower 1968 Mooney m20 see you Ranger manual gear the Johnson bar manual flaps so that kind of helps me out a lot of dollars in maintenance a year in savings so on and so forth now really quickly it's I kind of want to persuade to just kind of go towards that the the cost to own what are you purchasing I think a lot of it was about purchasing and what you do about purchasing the biggest thing to do when you're purchasing an airplane is you must have to do a pre buy have to you don't want to buy someone else's disaster and I've heard horror stories so you're buying an airplane folks spend the extra thousand dollars to do go to a real pre buy guy of real mechanics somewhere who's going to go through the plane not just go fly around with these ads okay the compressions are okay yeah it's good to buy you gotta check the camshaft okay does it have corrosion does not have closure how long has been sitting what his last time has been flown was a sitting outside their burbs in it always their animals in it is is hoses being eaten you know all this does not about have a plane run do you got a checks compressions you got to check the camshaft everything so I had it the guy use a camera to check throughout the cylinders an engine to make sure it was good and it's great tip-top shape but you need to do a pre bite though spend the money if you're gonna spend 20 30 40 $50,000 to $80,000 spend the extra money to do a pre buy check for corrosion the sparse Mooney has to lift the Mooney does once partic they build the the body the fuselage on the wings compared to other manufacturers to build the wings around the body so there's one big spar that's a two spars little one in the back all the way across and there's one big biggest supporter spar goes from wingtip base not the wingtip but pretty much out there to the other side and they put the body on the wings on the moon and also there's a roll cage built in and the cockpit area in the passenger area in the back which is pretty cool so again pretty by pretty by inspection inspection you have to do it it's not worth buying a plane if you're gonna just be discouraged when it's always problems occur you should have known on your pre by inspection okay and the other thing is if you look don't really have to buy complex airplane if you're new at all this may be a ssin fun stuff and it's a good time look at me wrong but there's also a Cessna 150s out there there's also other Comanches out there that do want any commander down in price but they're kind of that's a complex interplay I'm sorry that's a complex plane but the Cherokee 140 Cherokee 180 assistant one two two two Cessna 152 Cessna 172 you can it we can get a Cessna 150 for about 15,000 who cares what the panel looks like if you want some time under your belt to get familiar with the airplane how it flies if familiar to what the airspace in your area is talking to ATC basically hands-on training for yourself at a low rate and they're about 5 6 gallons per hour give or take so that would be a good bang for your buck too if you're just learning like I bought the Grumman Yankee for 16,000 very slow plane but it was fun and I learned a lot on it I mean the short wings so you had to take off a little faster land a little faster it stalls quicker it sinks like a rock do you learn all that stuff but the Cessnas it's it's like a parachute way to come think stalls at like 40 miles an hour I mean come on it's hard to mess up for landing in those things so we don't have to buy these planes and we'll start out with a sets of 150 make their costs will be in half basically so I will look into that stuff too as well but if any so hopefully I answered a lighter question I know I'm kind of going through this quickly the next videos would be how much does cost get your private because I get a lot of questions about your private how much it costs back in here your pilot's license which is your private license but we'll do that in another video but any questions folks please email me at pilot fun 101 at gmail.com flecked I'm Dylan please subscribe to my channel I appreciate that if you want to hit a little bell to read about here somewhere and subscribe buttons over there somewhere you'll get it I haven't uploaded a video and get automatically notified when I upload a video and you can follow me on facebook at pile of fun to 101 ways waving so I also and I got close to 7800 people follow me on Facebook thank you if you guys could hit the subscribe button and get me up there a little bit I'll be great so if you guys have any questions email me please I hopefully I kind of answer with your guys are looking for I note are it's very difficult to really pin it down to the exact you're not gonna be able to do exact oh I think I can really tell you again and it's a must you must do this I'm telling you you're gonna have to ask your your mechanic you know or your instructor I can legally say do a pre by inspection a real pre-buy inspection and you won't have a problem go over to log books if you're playing you're buying the go over log books tooth and nail make sure it all adds up it lines up correctly and do again a pre by inspection is a must so okay folks until next time fly safe be safe see it you

Channel: PilotFun101

Views: 51,567

Keywords: small plane, aviation school, foreflight, mooneym20cranger, mooney, gopro, air flight, flight, runway, hudson river, orange county airport, new york airport, flight training, KMGJ, singe engine airplane, pilotfun101, pilot fun, family fun, aviation family fun, air traffic control, ATC, helping to inspire others, aviation, flight school, flight instruction, short runway, garmin, 4 seat airplane, walk around, L3 Transponder, N6887N, Family, airplane cost to own

Id: TN0Vo-38LCY

Length: 18min 45sec (1125 seconds)

Published: Sat Aug 24 2019