Tip #1: Building Your Own Comps
If you look at online listings for 182's, you'll notice that prices are all over the place.
Even within the same models and years, there is a massive range.
As you probably already know, this is because there are a lot of factors that go into the value of an airplane.
Two planes that are the same model and same year can be priced wildly different because of the engine, engine time, total time, avionics, and more.
If you'd like more on this, I covered it in my YouTube video here:
Deal or Dud? 9 Factors That Expose an Aircraft's Actual Worth
But once you have your 6-Point Mission (from yesterday's email) identified, you'll want to start doing consistent research on your target model to get a feel for the pricing.
The thing is, not all airplanes are correctly priced.
Just like houses or cars, some sellers are completely unrealistic with their asking price.
The way around this is to start building your own comps.
Build an excel spreadsheet or Google sheet and write down all of the entries you see, taking note to the following:
- Year, model, total time, engine time, engine age, prop time, upgraded engine (yes/no), damage history (yes/no), and lost logbooks (yes/no).
- You can also build a subjective 1-3 rating for avionics, paint, interior, and either other mods like STOL or float kits, speed mods, etc...
Use whatever system you want, but the important thing is to just make the data set and be consistent with your scoring methodology.
Look at enough models, record this data, and you'll start to get a really good feel as to what is driving the price.
It will help you identify good or even great deals when it comes time to actually purchase.
Tip #2: Shift in Payment Timing
The next big thing realization I had was when my wallet would get hit for flying.
When renting, as soon as you drop the keys off after the flight your credit card gets hit with a bill.
The good news is it starts and stops there. The bad news is you inevitably compare the experience you had to the exact penny amount you just spent on it.
When you own a plane, the exact opposite happens.
When you're done flying and you tuck the plane into the hangar, there is no bill waiting for you at the end! (except for maybe any fuel you bought that day... which is sometimes none! Ahhh.. those are the best kinds of days. Free flying!)
On the other hand, you get bills throughout the year that seemed to have no flying associated with them at all!
Insurance bills, GPS data card subscriptions, maintenance bills, hangar bills, etc...
You have to get used to paying money even if you didn't fly.
Annual took three weeks and you have a $10k bill? You might be tempted to miss renting in those moments.
All in all, I'm so glad I own. And I wouldn't trade it.
It just took me some time to adjust to the payment dynamic being the exact opposite of my renting experience.
So don't let that catch you off guard, and don't be alarmed by it.
Tip #3: Lean into Your Weaknesses
Owning an airplane has exposed one of my biggest weaknesses as an aviator: mechanical knowledge.
I didn't grow up fixing things, so I am very behind the curve when it comes to maintenance intelligence.
I've grown in my engine knowledge for sure over the last few years, but it's still something I'm really insecure about and trying to fix.
That being said, I'm reading (and highly recommend) both of these books:
Mike Busch on Engines: What Every Aircraft Owner Needs to Know About Piston Engines
They are both extremely helpful and (relatively) easy to understand even for someone with very little mechanical knowledge.
I knew enough about engines and systems to pass my check rides, but airplane ownership made me start to realize just how much I still had to learn.
Tip #4: Don't Skimp on Maintenance
After the first year or two of realizing first-hand that airplane ownership was expensive (I obviously knew that, my wallet just hadn't yet experienced it), I had a decision to make:
I could either dread maintenance bills and slowly let that impact my decision making on care of the airplane.
Or, I could just embrace it and view each dollar as a tangible investment in my own safety.
I promised myself early into airplane ownership that if I was ever to get hurt in aviation, it wouldn't be because I skimped on maintenance.
Of all of the things you can do to remain safe in this hobby, that is one of the easiest.
So, I encourage you, before you ever decide to buy a plane, commit to yourself and your loved ones that maintenance won't ever be something that you compromise on for money's sake.
I know that if at any point money is getting in the way of proper maintenance, I should no longer own that plane.
Once I made that commitment, maintenance bills didn't have the same "sting" to it. It's just part of owning the plane.
(And remember from Tip #2 that the payment timing is at play here too, so it's not like you have those kinds of bills perpetually.)
--
Something I REALLY wish existed when I started pursuing airplane ownership was a solid guide that walked you through the whole process.
So, I am putting together a digital course that will have my flying mentors join me on camera to talk about the entire process of buying an airplane.
From identifying and hunting for the right one, to buying it (legal docs, pre-buy inspection, etc.), to getting it insured, to getting good maintenance done on it, this course will be the framework to help new buyers in the process.
And it won't just be me in the course, but it will also feature my personal mentors that are brokers, mechanics, insurance agents, and more.
I want this to be a go-to guide for anyone looking to own an airplane.
If you'd be interested in knowing when that launches, would you click the link below so I can know to follow up with you later on?
Yes! Let me know when your airplane buying course is available.
In the meantime, I hope you enjoyed this five-day series. What's next you might ask?
If it's alright, I will send infrequent emails in the future sharing other "aha!" and "uh oh..." moments I experience in aviation that I think could serve you in your aviation journey.
If you'd prefer to not receive those, feel free to go ahead and unsubscribe below. It won't hurt my feelings, I promise.
Can I ask one more thing? What's one area you are trying to grow in right now as an aviator? Is there anything that has you stuck? I would love to know if there is any way I can help.
Thanks!
Your fellow left-seater,
Charlie
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