If you’re interested in purchasing an airplane, you’re probably asking yourself “how much do airplanes cost?” This is an important question to be asking as you look into purchasing a plane.
The trouble is, understanding the average airplane cost can be tough. There are many different factors that go into determining your airplane value.
To help you out, we’ve put together a quick guide on what airplanes cost. Keep reading to learn what you should expect to pay for an airplane!
The first major expense that comes with purchasing an airplane is the upfront purchase price. For private planes, you can get a used plane for about $30,000. However, for a brand-new airplane, you’re going to be looking at closer to $280,000.
Remember, these numbers are going to change depending on what type of plane you want to purchase. If you want to see more about airplane values, be sure to check out the aircraft seller’s page. That will give you a better idea of what your upfront costs will be.
You might decide you want to add on to your plane with some fancy upgrades. You can change just about anything on the plane, and many of the upgrades available to pilots help you boost comfort, safety, or connectivity.
Since upgrade and add-on costs can vary so much, it’s tough to put an exact number on what these will cost you. However, you should aim to keep a savings fund of about $5,000 a year to go towards upgrades.
Part of owning an airplane is paying for the upkeep, operation, and maintenance of the aircraft. As an airplane owner, you need to think about fees such as annual inspections, unexpected expenses, engine overhaul, oil, landing fees, and fuel.
For 100 hours of flight, the typical breakdown for costs is:
- $40 per hour for fuel
- $2 per hour for oil
- $17 per hour for engine reserves
- $50 per airport for landing fees
These simple numbers can help you better calculate how much your flights will cost you to operate your plane.
As with any other type of vehicle, you need insurance in order to fly your plane. Your insurance costs are determined by:
- Aircraft storage location
- Hangar vs. tie-down parking
- Your state
- The aircraft age
- Aircraft hours
- How much coverage you need
Just like with a car, you can bring down your annual premiums by getting special certifications, attending classes, and co-owning your plane. However, you should still expect to pay between $5,000 and $10,000 each year.
How Much Do Airplanes Cost? It Depends
So, how much do airplanes cost? As you’ve learned from this article, the answer can vary. The upgrades and add-ons that you choose, as well as the flight time you intend to spend, will affect the price of operating your aircraft.
Knowing how much airplanes cost can help prepare you for making a purchase of your own. Use this guide as a reference to help guide you through your anticipated airplane costs.
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