Maybe you’ve dreamed for years of taking to the skies in an airplane that you personally own. Believe it or not, small plane ownership is not limited to those with extraordinary fortunes. With some research and planning, you may discover that owning a small plane is an achievable goal. In the content below, we discuss costs and considerations for purchasing a small plane.
How Much Does a Small Plane Cost?
Purchase Costs: Factory-New Small Planes
The initial purchase cost of a small plane depends on the type of aircraft.
Ultralight aircrafts are the most inexpensive option. These are single-seat, single-engine planes that are ideal for personal recreation. An ultralight aircraft can usually be purchased new for an average range of $8000 to $15,000.
Single-engine planes will typically cost between $15,000 and $100,000. Although single-engine planes are more expensive than ultralights, they can hold multiple people and are still relatively economical compared to other aircraft.
Multi-engine planes are more expensive and can cost up to $300,000 or more, depending on the features. The higher cost pays off with increased safety: if one engine loses power in flight, the other engine can still allow the pilot to navigate to a suitable landing location. Additionally, multi-engine planes generally have higher speed and performance.
If you choose to buy a factory-new small plane, J.A. Air can help you reduce the cost by negotiating on your behalf to ensure that you obtain the best value. Our team has a wealth of market knowledge and will gladly work with you to prepare a budget for a small plane that meets your needs. Reach out to us for more information on our aircraft acquisition services.
Purchase Costs: Pre-Owned Small Planes
Although the initial purchase price of a small plane can be substantial, you can reduce costs by purchasing a pre-owned plane. For example, Plane & Pilot Magazine reports that a good-quality used Cessna 150 is easily obtainable for as little as $30,000.
If you choose to purchase a pre-owned plane, make sure to get a thorough pre-purchase inspection. A pre-owned plane may have hidden defects that cost thousands of dollars to repair if they are left undetected, and a damage history may lower the resale value of the aircraft. Our team at J.A. Air can assist you with inspecting a plane that you are considering; simply contact us for more information about our inspections and other aircraft acquisition services.
Costs of Financing a Small Plane
Depending on your financial situation, you might choose to take out a loan to purchase a small plane. This will result in interest costs to include in your long-term budget.
Multiple factors will influence the interest rate of a loan to finance a small plane. According to Investopedia, these factors may include your credit score, the type of the plane’s use, how frequently you intend to use it, and the condition of the plane (including its year, make, and model).
Costs of Storing a Small Plane
Planes must be stored in a hangar or outdoors. If you do not own property suitable for storing a plane, you will need to rent space from an airport. According to a 2021 article from Investopedia, the average hangar cost is $350 per month, plus $100 for tiedown gear.
Maintenance and Inspection Costs for a Small Plane
Maintenance costs and requirements are a significant but often neglected aspect of the cost of owning a small plane. According to Aviation Pros, maintenance costs vary based on the type and class of the aircraft, but “can range from 10 to 45 percent of the total yearly operating expenses.” Although not part of the initial purchase price of a small plane, future maintenance costs are an important factor to consider when deciding what type of aircraft to purchase.
Inspection costs are another expense to consider, as small aircraft must be inspected annually. Honeywell reports that annual inspections range in price from $750 to $2000, with higher costs for specialized planes with retractable landing gear.
Small Plane Fuel Costs
Aviation fuel is more expensive than typical automotive fuel, averaging at $5 a gallon. Flying more often will result in increased gas and oil costs. According to the SherpaReport Guide to Private Aviation, fuel is the largest variable cost of owning a small plane and may “account for as much as 70 percent of your variable operational costs.”
Fuel mileage may vary based on what type of small plane you purchase. For detailed information about specific small plane models, contact us for a free consultation.
Costs of Aircraft Insurance
Many of the factors discussed above also relate to the cost of aircraft insurance. According to Honeywell, insurance companies calculate aircraft insurance premiums based on factors such as the age of the aircraft, the aircraft hours, and where and how (tie-down vs. hangar) the aircraft will be parked. Meanwhile, you can save money on aircraft insurance premiums by taking actions such as obtaining more certifications or undergoing regular training.
Additionally, although title insurance is not legally required, it offers worthwhile protection against unexpected claims on your aircraft’s title.
Be sure to obtain quotes from an insurance company before purchasing a small plane.
Taxes and Registration Fees for Small Planes
Keep in mind that state sales and use taxes may increase the ultimate price of your small plane purchase. The Pilot’s Guide to Taxes, published by the Aircraft Owners and Pilots Association (AOPA), provides a helpful overview. For detailed advice, consult a tax professional.
The Federal Aviation Administration (FAA) requires all aircraft owners to register their aircraft and re-register every three years (for a $5 re-registration fee). In addition, some states have small plane registration requirements and associated fees, so be sure to look up the requirements in your state.
Interested in Buying a Small Plane? We Can Help!
J.A. Air has over 30 years of experience in assisting local customers with finding the right aircraft for their unique wants and needs. Our acquisition consultations are always free! Let us answer your questions and help you navigate the specific costs of purchasing a small plane. Call us at 800-323-5966 or fill out an online contact form.