If you’re thinking about purchasing your own personal aircraft, know that you’re about to join an elite company. It’s estimated that less than 16,000 private aircraft are registered all throughout North America. Furthermore, less than 1 percent of the entire population has a pilot license. Yet, owning an aircraft is a dream for many, regardless of how expensive it is to purchase and maintain it over time. It also comes with a lot of advantages over flying commercial or chartering a plane for personal use. The evolution of planes are also impacting buyers – from advanced wing design to increased engine efficiency, cabin design, and more.
Are you interested in owning an aircraft, but want to further explore the pros and cons of doing so before signing on any dotted line? If so, you’ve come to the right place. Here’s a look at some of the pros and cons to weigh when it comes to owning either an airplane or a helicopter:
Pros of Owning an Aircraft
Let’s start by examining some of the pros of owning your own aircraft:
Travel at Your Own Time, Pace
When you own your own aircraft, you’re not at the mercy of commercial airlines and their schedules. You can simply take your plane out and up into the air whenever you please and venture where you want to go. It’s a freedom that many people have never felt before. Say your goodbyes to showing up at the airport two hours before your domestic flight, paying to check luggage, wading through security, and then boarding with everyone else to get onto the plane. When you own your own aircraft, you can show up at the hangar minutes before you want to take off, park your car, get in your aircraft, and be underway on your journey.
No Airport Security
Speaking of airport security, you won’t have to worry about long lines at TSA or managing what items have to be checked versus what items can be taken in a carry-on. All you’ll need to do is show up at the hangar with your bags and literally put them on the plane. There are no separating liquids between your suitcase and carry-on or having to pay extra for checked luggage that’s over the 50-pound per bag weight limit. You can take out a lot of the negatives that you experience when you fly commercial.
Explore at Your Own Pace
You don’t necessarily have to only use your aircraft as a means of transportation. If you have your own pilot license, it’s fun to just take to the sky and check out some of your favorite sights from a bird’s eye view. There’s nothing quite like flying for leisurely purposes and taking in the scenery from above. It’s all possible when you own your aircraft.
Cons of Owning an Aircraft
Despite the many advantages of owning your own aircraft, there are some notable drawbacks too. Here’s a closer look at some of these:
Owning an Aircraft is Expensive
If you think buying an aircraft is expensive, wait until you see what the cost of maintaining it is. Depending on the type of aircraft you’re purchasing, the price can range from tens of thousands of dollars to hundreds of thousands of dollars to millions of dollars. And then there’s the cost of maintenance, inspections, storage, and fuel. Depending on the type of plane that you own, ownership can cost up to tens of thousands per year when you factor in everything that we’ve mentioned. Sure, the convenience of owning a plane is great, but you’re certainly going to be paying for this luxury over time.
Maintenance is Key
Speaking of expenses, there’s arguably no more important one than routine maintenance. Remember, once you get your plane up in the sky, you can’t just pull into the nearest service station if there’s a problem. That’s why maintenance is so key, and being that aircraft are very complex, staying on top of maintenance is crucial. Some maintenance will require extensive repair and you may be unable to fly your plane for an extended period of time.
Liability
As an aircraft owner, you’re solely responsible for your plane. Just as you need an auto insurance policy for your motor vehicle, you also need to make sure that you have an insurance policy for your aircraft. Any injuries suffered as a result of your plane or any property damage caused could result in major legal action, so it’s important to ensure that you’re safeguarded.
Should you Purchase an Aircraft?
As is the case with any major purchase, there are both pros and cons to owning an aircraft. But if you can afford to purchase one and know that you can keep up on the maintenance and handle some of the other intangibles that come with plane ownership, then it’s certainly an attractive endeavor. Simply having the freedom to fly anywhere you want anytime you want to do it is an attractive enough reason for many. But with that being said, we can’t downplay how important it is to ensure you’re properly maintaining your plane and working through some of the other intangibles, such as finding a place to store it and taking out an adequate insurance policy.
Owning a plane is a dream come true for many Americans, and it’s often the payoff of a lot of hard work – whether it’s getting a pilot license or saving enough to have the financial means to make such a purchase. As long as you know what to expect from owning a plane, the reward of doing so can be significant.
Contact Us Today
For more information on the pros and cons of owning an aircraft, contact J.A. Air Center today. If you’re ready for aircraft ownership, we can help you get started with the purchase process and help you along the way. Contact us today for more information.