Annual/hourly cost of ownership

[kinoons]

Perhaps my Google fu with the forum search function is lacking, but I cannot seem to find a thread with all the particulars in one place. 
 

im curious what everyone is finding the cost of ownership to be for their CT. I’d certainly be interested in getting my own aircraft in the future as I rent the CTSW I have access to now. 
 

from what I understand insurance for a CTSW from 2007ish should run $1200-2000

the 100hr/annual exam can vary from $400-$1200 depending on the shop rate

I understand the rotax gets overhauled at 1500 hours? What is the usual cost of the overhaul?

there is also a 5 year hose replacement?

I also recall something about additional engine work at 500 hours?

BRS repack every 6 years and rocket every second repack at roughly $1200 and $2000 respectively?

oil changes based on fuel type and hours - I’m curious what the cost works out for an oil change  

Anything else I’m forgetting?

I understand that these costs can vary from one location to another, I’m just trying to see if I’m putting myself on the hook for $5000 a year or $25,000 a year

 

 

[GrassStripFlyBoy]

First, in a high level answer - you're looking much closer to the 5k mark.  

A major item not listed in your post is hanger cost, that varies heavily by market, understand that.

SWAG's on your questions:

'07 SW insurance = $1500

100 hr is not required, Annual varies a lot as there are often calendar year items, 100, 200, + etc hour interval inspections that may or may not apply each year.  I think $3k is fair estimate for an average.

BRS repack is closer to $3k, rocket I don't recall off top of mind - but that is longer interval as you state.

Oil filter is $20, oil is $36 (3@$12), easy to do on SW if you are an oil change sort of person.  

Now, I'm a big fan of ownership, but if you have ready access to the plane your renting, and only flying an hour a week - rental might be a better option (purely on costs).  If you want to fly more than that, or enjoy the use of a plane you own, then owning makes sense.  And its not always about the money either - but I share this as I'm surprised how little some owners fly.  The SW I bought was flown ~ 40 hours total over 4 years.  It had all the major service work done prior to me purchasing.  That person had a crazy cost per hour in owning the bird.

[GrassStripFlyBoy]

And with owning anything mechanical and sort of technically advanced, there will always be a wildcard factor.  These are low percentage risks, but CT's are not 100% bullet proof from things happening such as 1) Fuel tank leak (minor wing composite work / reseal tank), 2) Avionics fail (legacy Dynon screen failure, auto pilot head dies, etc) 3) Wing flap gremlins (cost & diagnostic expense).  

Point is you can plan all the fixed known costs to the penny, and there can be something significant pop up that is not common.  This is why I like modern CT's over the aging GA fleet, the risk for us is less than the corrosion / costly repairs they encounter more and more with AD's popping up.

[AGLyme]

I have come across these 4 types of plane owners where $ are concerned.

1) have tons of $ and don’t care about the cost.

2) live day to day financially but the siren song of flying is too great to give up.  Ramen noodles in the flight bag.

3) has the $ but their #1 hobby, beating every supplier up in the chain for cash savings dominates every purchase, every fly-in breakfast conversation, And every forum post.  

4) has a good idea of the costs and has prudently budgeted his/her finances to be able to afford the tab.

As Darrell said...”it’s not always about the money”.

[kinoons]

Thanks for the replies. I understand that crap happens so the costs can be a bit of a wildcard, but as AGL suggests I want to be the guy that understands those costs and plans accordingly. 
 

at the moment I’m likely to continue renting as I’ll fly 3-6 hours a month. I have the income to own if I really wanted to, but there are other family priorities that should be considered first. My only concern is there is only one FD in my area to rent so if something was to happen I could end up without a bird. With that in mind I’m keeping options open if the right deal falls in my lap. 

[AGLyme]

I owned a business with huge capex demands (read... didn’t make much annually) and a  family member with a $ health issue... I waited until I could afford this expensive but fun hobby until I could fly without guilt.  

when you do buy a plane, and you go on the first $100 lunch with 5 GA pals in their flying metal birds, you will discover that your lunch cost is significantly less.  Gas alone is a Major savings vs say the Cessnas and Pipers.  On my last lunch run, one of the guys on the frequency asked a 182 what his mpg was... the 182 guy responded “12”... Thej they asked me, I reported 28 mpg... and I am burning 93 from the Shell station.  They don’t believe me.  

[Towner]

I bought a 2006 CTSW right before Christmas. I have already put 39 hours on it. Previously, I owned a 1969 Cherokee and then a 1967 Mooney. I flew the Cherokee about 100 hours a year and the Mooney about 85 hours a year. There was a lot of cross country flying, often with overnight stays. Getting a rental to do this would be difficult and very expensive. I agree that it really depends on how much you fly and what type of flying you want to do. 

Most of the CTs have a 2000 hour TBO. This started after mid 2006. A new engine is about $20k plus labor to instal it. This is much, much cheaper than swapping an engine on either of my prior airplanes. 

Don't forget any cost to hanger the airplane. I'm pretty lucky here as my hanger rent is under $200 a month. 

For me, having an airplane available any time I want, and to be able to fly for as far, and stay as long as a want, makes it all worth while. I'm in central California. 3 day weekends are no longer a 2 1/2 hour drive to the coast, but a trip anywhere west of the Rocky Mountains! 

[sandpiper]

1 hour ago, Towner said: 

 

For me, having an airplane available any time I want, and to be able to fly for as far, and stay as long as a want, makes it all worth while. I'm in central California. 3 day weekends are no longer a 2 1/2 hour drive to the coast, but a trip anywhere west of the Rocky Mountains! 

A big benefit of ownership, in addition to Towner's excellent points, is that everything is as you left it after the last flight. Seat is where you want it, as are radio frequencies, charts, tools, etc. 

If you don't have sole ownership you don't know if the plane has been abused. For example, a hard landing that caused some damage you didn't catch on preflight but now you get the blame for. Or, maybe another pilot severely overheated the engine. The list goes on.

As for costs, you can reduce those by doing your own work and inspections. For an E-LSA you only need the 16 hour course. If S-LSA you need the 3 week course which isn't cheap but will pay for itself quickly. Just be aware of your limitations. Just because you have a license to do a task doesn't mean you should.

If you can afford it, own it.

[ct9000]

And of course to state the obvious, if your aircraft is sitting waiting for you to get in the mood to fly you will fly more hours. Then the justification is  that the more you fly the less it costs  per hour to fly.

[Towner]

Also, if you buy an airplane, you will someday get to sell that airplane! My two prior airplanes were sold for more than I purchase them for. I sold them without any upgrading, just maintenance and higher times, and still made money! If you rent, the owner will get mad if you sell their airplane! 

[Madhatter]

After you own a Bonanza, a Cessna 310 and others   a CT is cheap cheap cheap even when I can do all maintenance and avionics and have dealer cost.