It is often said that a financially sane person should never own a plane, a horse, or a boat. Ownership of all of these represents a significant cost, especially aircraft ownership. With great chagrin, I must confess that I have two kids, whom I love immensely, whom I respect enormously, and consider extremely intelligent. But, my daughter owns a horse, my son owns a boat, and I, dear reader, own a plane. We, humans, have weird perspectives and priorities sometimes.
The adage for boat owners, “the happiest days of a boat owner’s life is the day they buy the boat and the day they sell it,” often seems true. My son has great angst when he considers the maintenance on his boat. Airplane owners seem different. I have never met an airplane owner that was happy to see their baby go. They may resign to fate because they cannot afford it or lose their medical. But I have never seen such an owner glad to see their plane go (unless, of course, the new aircraft is in the wings, pun intended). So, aircraft owners love their planes as a group. But ownership can be dauntingly expensive and risky from a cost perspective. How does one mitigate this cost hurdle?
- Consider a Partnership to help share the costs.
- Consider joining a flying club in your area. The Aircraft Owners and Pilots Association (AOPA) has a great Club Finder Utility.
- An aircraft loan may very well be part of the answer.
If you would like to speak to a financial advisor about your aircraft ownership dreams, schedule your free consultation.