How Much Does It Cost to Own Your Own Plane?

Owning a private plane is a significant investment beyond the initial purchase. Prospective owners must understand the full financial landscape, from acquisition to ongoing operation and maintenance. This overview details the expenditures involved in private aircraft ownership.

Initial Acquisition Expenses

Aircraft ownership begins with one-time costs for legal ownership and airworthiness. These initial expenses vary based on aircraft characteristics and market conditions.

Purchase Price

The purchase price is the most substantial initial outlay, fluctuating widely based on aircraft type, age, condition, and installed avionics. A new single-engine piston aircraft can range from $200,000 to $800,000. Used single-engine piston planes typically range from $50,000 for older models to over $500,000 for newer examples. Light Sport Aircraft (LSA) can start around $80,000 and reach $200,000 or more.

Sales Tax

Sales tax is another expense incurred at purchase, generally applied to the aircraft’s sales price. Rates vary by jurisdiction, but most states impose sales tax. Buyers should research applicable rates in their state of residency or where the aircraft will be registered.

Pre-purchase Inspection

Before finalizing a purchase, a pre-purchase inspection by a qualified aviation mechanic identifies hidden issues or maintenance discrepancies. For piston-powered aircraft, these inspections typically cost a few thousand dollars, while turbojet aircraft inspections can run into tens of thousands. The buyer usually bears this cost.

Closing Costs

Closing costs encompass various administrative and legal fees. These include charges for title searches, escrow fees, and legal fees for contract review and document preparation. While typically a smaller percentage of the overall purchase, these fees add to initial acquisition expenses.

Fixed Annual Expenses

Beyond the initial purchase, aircraft owners face recurring fixed expenses regardless of how often the plane is flown. These costs contribute to the overall cost of ownership and require careful budgeting.

Hangar or Tiedown Fees

Hangar or tiedown fees are a fixed expense for aircraft storage. Hangar space can range from $1,800 to $12,000 per year, varying by location and airport size. Tiedown fees for outdoor parking are less expensive, typically ranging from $450 to $950 annually. The choice depends on climate, security needs, and budget.

Aircraft Insurance

Aircraft insurance is an annual cost, protecting against liability and physical damage. Premiums are influenced by the aircraft’s value, type, age, pilot’s experience, ratings, and claims history. For a small private plane, annual insurance costs can range from $1,200 to $2,000. Larger aircraft incur higher premiums. Basic liability for older single-engine planes might be $150 to $250 per year, while comprehensive coverage for a $50,000 aircraft could be $550 to $1,200 annually.

Annual Inspection

An annual inspection is required by the Federal Aviation Administration (FAA) to ensure airworthiness. This inspection typically costs between $1,000 and $3,000 for a single-engine piston aircraft. The price can increase if significant issues are discovered or if the aircraft is more complex.

Annual Registration Fees

Annual registration fees are paid to the FAA to maintain legal registration. These fees typically range from $5 to $10 annually for standard registration.

Subscription Services

Subscription services are necessary for modern aircraft operation, especially for navigation and weather information. These include databases for avionics systems, such as those by ForeFlight or Garmin, which ensure up-to-date navigational charts, airport information, and approach procedures. Costs can range from a few hundred to over a thousand dollars per year, depending on detail and coverage area.

Variable Flight Expenses

Variable flight expenses fluctuate directly with flight time. These are calculated hourly and represent the direct operational costs of each flight.

Fuel

Fuel is typically the largest variable cost in aircraft operation. Piston-engine aircraft use aviation gasoline (avgas), while turboprop and jet aircraft use jet fuel. The national average price for 100LL avgas is around $6.50 per gallon, and jet fuel averages about $6.29 per gallon, though prices vary regionally. Fuel consumption varies significantly by aircraft type; a small single-engine piston plane might burn 5 to 10 gallons per hour, while a light jet could consume hundreds of gallons hourly.

Engine Oil and Other Consumables

Engine oil and other consumables are incurred per flight hour. Regular oil changes, including oil and filter, typically range from $100 to $300 per change for a single-engine piston aircraft. Other fluids and minor expendable parts are consumed over time, contributing to the hourly operating cost.

Hourly Maintenance Reserves

Hourly maintenance reserves are funds set aside per flight hour to cover significant scheduled maintenance and unexpected repairs. For a single-engine piston aircraft, owners might budget $20 to $50 per flight hour for these reserves. More complex aircraft require higher rates, potentially $100 or more per hour.

Landing Fees and Ramp Fees

Landing fees and ramp fees are charges imposed by airports for landing or parking an aircraft. These fees are common at larger or privately owned airports and vary widely. While smaller general aviation airports may not charge these fees, larger facilities often do. Fees can range from a few dollars for a small piston aircraft to hundreds or thousands of dollars for larger business jets at major hubs.

Pilot and Training Expenses

For individuals flying their own aircraft or requiring professional pilots, these expenses are a significant part of the overall cost. They ensure the pilot remains proficient, legal, and safe.

Initial Pilot Training

Initial pilot training is an expense for new aircraft owners. Obtaining a Private Pilot License (PPL) typically costs between $16,000 and $21,000, including flight hours, ground instruction, and examination fees. An Instrument Rating (IR), which allows flight in adverse weather, adds another $7,000 to $9,000.

Recurrent Training

Recurrent training is an ongoing requirement to maintain pilot proficiency and satisfy insurance stipulations. This includes regular flight reviews, typically every two years, and Instrument Proficiency Checks (IPCs) for instrument-rated pilots. Specialized training for specific aircraft types or advanced maneuvers also contributes to these costs.

Medical Certificates

Medical certificates are required by the FAA for pilots. The frequency and cost of these examinations vary based on the pilot’s age and flying activity. A medical examination can cost around $100 to $200, and may be required annually or every few years depending on the class of medical certificate.

Pilot Services

For aircraft owners not flying themselves or requiring additional crew, pilot services must be factored in. Hiring a professional pilot can range from $50 to $150 per hour for smaller aircraft, or $300 to $800 per day for longer trips. For jet aircraft, a professional pilot might charge around $1,000 per day plus expenses. Full-time pilot salaries range from $3,000 to $10,000 per month, depending on experience, aircraft type, and job responsibilities.

Major Maintenance and Upgrades

Beyond routine maintenance and variable flight expenses, aircraft ownership entails significant, less frequent costs for major component overhauls and system upgrades. These expenditures are important for airworthiness, safety, and aircraft value.

Engine Overhaul

Engine overhaul is a substantial maintenance cost. Aircraft engines have a specified Time Between Overhaul (TBO), a recommended operating limit set by the manufacturer. For piston engines, an overhaul can range from $15,000 to $30,000 or more. Turboprop engine overhauls are significantly more expensive, potentially reaching hundreds of thousands of dollars.

Propeller Overhaul

Propeller overhaul is a similar, less costly, requirement. Propellers have a recommended overhaul interval to ensure structural integrity and performance. The cost can range from a few thousand dollars up to $10,000 or more, depending on propeller type and condition.

Avionics Upgrades

Avionics upgrades involve updating the aircraft’s navigation, communication, and safety systems. Upgrading to modern glass cockpits, advanced GPS units, or improved weather radar systems can enhance safety, operational capability, and resale value. These upgrades can be substantial, ranging from tens of thousands to hundreds of thousands of dollars, depending on complexity and scope.

Paint and Interior Refurbishment

Paint and interior refurbishment are cosmetic updates that can be significant expenses, particularly for older aircraft. A complete aircraft paint job for a small piston plane can range from $15,000 to $30,000. A medium-sized aircraft might cost $30,000 to $70,000, and light jets $65,900 to $84,500 for a standard paint scheme. Interior refurbishment costs vary widely based on materials and design, running into tens of thousands of dollars.