Things to Consider in Aircraft Value Reference
The aircraft values or VREF is the questions frequently asked and you can learn calculating it. A lot of different factors one can have in owning an airplane. Purchasing price is only a piece of getting an airplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Expenses covered by indirect cost include the purchase price for the airplane, insurances, fees for hangar, subscription fees, and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. Today the rate is 6% with a 15% down payment and 20 years of financing. To have insurance fees, you can get a quote for the airplane you are considering to buy. For the hangar fees, you can call the airport where you want to land your airplane.
To calculate the direct cost is quite tricky. Different ways can be done in calculating the cost of each hour to fly the airplane. Let us go with the basics. Basically, piston engines are required to change oil in every 50 hours. The price of the oil engine is dependent to where you are living. The fuel consumption is dependent according to the type of aircraft. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. Flying an airplane with worn-out engine needs a published fuel to burn.
The reserves like engine and propeller can be solved in the equation even if you have a new airplane. You must also have a scheduled maintenance which serves as another cost worth planning for. The airplane being purchased must undergo to inspection annually. 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 costs are extras. Do not be surprised if there are surprised repair bills to pay especially for purchasing an airplane that is still under warranty. A safe bet for accounting additional expenses for an airplane that is out of warranty is to twofold the price of the yearly inspection fee. This budgeting will cover the surprise bills that may occur on that year. You can also save money for redesigning your airplane. You can read more info. in websites about this one.