Alright, so above we listed a couple of numbers, facts, and figures one may consider when deciding to purchase an aircraft. But is it right for you?
The Student Pilot
If you are a student pilot crunching the numbers you can already see they make a lot of sense! Considering the Private Pilot license is 50 hours (60 hours on average), an Instrument license is nearly 90 hours (part 61), and on top of that, you need a total hour time of 250 for your commercial license, spending an optimistic $978 for 100 hours can save you thousands upfront.
In addition, owning your own aircraft will teach you much more than if you rented, as you will need to educate yourself on the maintenance of the aircraft you purchase.
The Casual Pilot
If you are a casual pilot there are a couple of factors you need to consider when purchasing an aircraft. The most important factor is how often you will be flying per month. Usually, aircraft owners stick with the 100-hour rule. If you see yourself flying for at minimum 100 hours per year then it makes sense to own an aircraft. Anything less, you are probably looking at diminishing returns for your investment.
The Business Pilot
Flying for business can be one of the most pleasurable feelings in the world. In effect, you are being paid to fly on your own time; Broadening your reach to where there is no limit to where you can go and create new business opportunities.
As a business owner, you already realize that you can transfer the flying costs to your client or end-user and write it off as a business expense. This is possibly the most attractive reason why your business should own an aircraft.
Hypothetically, let’s say you have a client that is a 3–4 hour drive away. This could end up being an hour flight depending on wind speed conditions and prep. As business owners know, time is money, and the precious time savings that you can create while using an aircraft for business are invaluable.
It is also worth noting that the network and connections you gain from owning an aircraft, meeting others in FBO’s and traveling all over the world has the potential to increase your business.