Aircraft Owner!

Discussion in 'The Okie Corral' started by ateamer, Sep 12, 2007.

  1. ateamer

    ateamer NRA4EVR

    Messages:
    10,783
    Likes Received:
    5,601
    Joined:
    Jun 20, 2001
    Location:
    In the hallway - it's on cuz!
    I am now a (partial) airplane owner. Today I handed over the check for a 10% share of a 172M with the Penn Yan 180 HP STC. It has full IFR, new upholstery, paint less than 10 years ago, hangared and flies wonderfully. At about 300 under gross it climbs at 1100 FPM, and cruises a bit faster than the three year old SP I have been flying lately.

    Half of the nine other partners don't fly more than a few hours a year (one hasn't flown in 20 years), and only three or four fly even on a weekly basis.

    This is going to be a lot of fun (and expensive at times, no doubt). Finally, free from renting!
     
  2. GlockRat

    GlockRat

    Messages:
    275
    Likes Received:
    0
    Joined:
    Jan 31, 2002
    Location:
    NE Oklahoma
    Congrats! :banana:
    Sounds like it'll get more use now!
     

  3. flyandscuba

    flyandscuba

    Messages:
    1,074
    Likes Received:
    2
    Joined:
    May 16, 2004
    Location:
    The Cradle of Naval Aviation
    I'm a proud owner of a 172M myself. I'm convinced that the M is one of the finer editions of the venerable 172 ever produced -- congrats!
     
  4. aaronrkelly

    aaronrkelly

    Messages:
    974
    Likes Received:
    47
    Joined:
    Feb 27, 2005
    Nice looking plane......

    if I googled it right


    [​IMG]
     
  5. New

    New Guest

    Messages:
    180
    Likes Received:
    0
    Joined:
    Nov 21, 2006
    Congrats!:thumbsup:

    Happy flying, you will truly enjoy having your own plane. What is you base aeroport?

    NOW that you are an owner and are going to be responsible for annuals and maintenance, If you are handy with a Phillips and have reasonable common sense, have you though about doing "hands on" annuals? You will learn A LOT about your plane, how it works and will save A LOT of what makes the plane fly... Money. PM me if you are interested, I know a guy I have been going to for years up at CPU.
     
  6. c6601a

    c6601a

    Messages:
    2,148
    Likes Received:
    311
    Joined:
    Jan 8, 2001
    Location:
    The Most Beautiful Part Of The USA
    I am sorry to burst your bubble, but the word "fine" in any form does not apply to the 172.
     
  7. c6601a

    c6601a

    Messages:
    2,148
    Likes Received:
    311
    Joined:
    Jan 8, 2001
    Location:
    The Most Beautiful Part Of The USA
    You will learn all bout the fly by wire system in your new bird (if you want to call "cable" a "wire")
    Same guy who clued you in about the SR22 fly by wire system? Hope he knows a tad bit more about the planes he does work on and most importanly can tell where his knowledge ends and where his BS begins.
     
  8. New

    New Guest

    Messages:
    180
    Likes Received:
    0
    Joined:
    Nov 21, 2006
    Not only is it rude to hi-jack a thread and bash the guys new plane, but you need to go and re-read those posts... and take that chip off your shoulder.
     
  9. ateamer

    ateamer NRA4EVR

    Messages:
    10,783
    Likes Received:
    5,601
    Joined:
    Jun 20, 2001
    Location:
    In the hallway - it's on cuz!
  10. TimC

    TimC Uhavthecontrols

    Messages:
    2,131
    Likes Received:
    233
    Joined:
    Sep 28, 2001
    Location:
    Established on the localizer
    Nice looking 172. What kind of avionics are installed? I used to own a 172N, but stupidly sold it about 16 years ago...it was paid for too. :upeyes:
     
  11. New

    New Guest

    Messages:
    180
    Likes Received:
    0
    Joined:
    Nov 21, 2006
    Great looking 72! CONGRATS!
     
  12. ateamer

    ateamer NRA4EVR

    Messages:
    10,783
    Likes Received:
    5,601
    Joined:
    Jun 20, 2001
    Location:
    In the hallway - it's on cuz!
    It has a KX-155, KX-170, Apollo GPS, King transponder, ADF and digital DME.
     
  13. Samson

    Samson

    Messages:
    38
    Likes Received:
    0
    Joined:
    Aug 22, 2000
    Location:
    Melville, NY.
    Congrats and a sharp looking plane!


    If you don't mind me asking:
    Do all of the partners live near the airport?
    Other words, how do you designate the usage times? Each person gets a particular week, month, etc?
    Or just confirm with one another when you will need it, etc?
    And, if there is a conflict of interest for a particular weekend that two (or more) of you want to use the plane, is there anything specified beforehand on how to handle the situation?

    (Sorry to be nosy, but considering a partnership versus full ownership and the ups and downs of both.)

    Thanks and best of luck!
     
  14. ateamer

    ateamer NRA4EVR

    Messages:
    10,783
    Likes Received:
    5,601
    Joined:
    Jun 20, 2001
    Location:
    In the hallway - it's on cuz!
    Of the 10 partners, two never fly (one hasn't flown for seven years, the other in 20+, but they still hold on to their membership and subsidize those of us who do fly). There are only three or four who fly biweekly or more often. They have a website with online scheduling. If there is a conflict, it is just worked out. From looking at the schedule and talking to my friend who brought me in to this deal, the plane is available almost all the time. One guy flies to Oshkosh for a week most summers, but other than that it is around here most of the time.

    The way the expenses work is that the club is limited to 10 partners. It is 10% of the value of the plane to buy in (currently set at $5500), and $50/month for hangar and insurance. It is $50/hour wet to fly. Maintenance, including oil changes, annual, overhaul when it's time comes, and unscheduled maintenance is paid for by an assessment of the club, with everyone paying 10%. That is where it's nice to have nonflying members - it keeps both the hourly and the assessments down.
     
  15. c6601a

    c6601a

    Messages:
    2,148
    Likes Received:
    311
    Joined:
    Jan 8, 2001
    Location:
    The Most Beautiful Part Of The USA
    How exactly is it worked out? One can say then when the North and the South had a disagreement in the 1860's we "worked it out."

    How exactly do you handle the situation when the 3 people that fly most of the time have to have the latest gizmo? What if 6 of the people want to put in an all new glass panel for $60K and the remaining 4 stronlgy disagree?

    What happens when the fellow that has not flown for 20 years renews his medical, takes a 2 hour BFR and wants to go on a coast to coast trip? What if one or a few of the partners feel that another partner is taking too many chances with weather on a routine basis and is "an accident waiting to happen?"

    The real test of a partnership comes when non-routine or unanticipated things happen. "Unanticipated" ia a loaded term, because it depends upon what the parties anticipated.
     
  16. sdfhpson

    sdfhpson

    Messages:
    681
    Likes Received:
    0
    Joined:
    Sep 28, 2004
    Location:
    Midwest
    Someday, I will own a plane too! (Or part of one!) I haven't flown in over a year because I can't afford to rent anymore... :-(
     
  17. New

    New Guest

    Messages:
    180
    Likes Received:
    0
    Joined:
    Nov 21, 2006
    Partnership in airplanes is the greatest thing since sliced bread. After you get into a plane, and you are able to take a few days off a year from work and family time, find a shop who will let you do a "hands on" annual. You learn sooo much about the plane you fly, and cut the costs down by quite a bit, that is, if you are able to use a phillips and change oil.
     
  18. c6601a

    c6601a

    Messages:
    2,148
    Likes Received:
    311
    Joined:
    Jan 8, 2001
    Location:
    The Most Beautiful Part Of The USA
    As an airplane owner for close to 15 years that has has owned 4 different airplane, I can tell you this:

    You own an airplane because you can not rent the type of airplane you want to fly.

    You own an airplane because you want the freedome to go when you want to go and for as along as you want to go.

    You own an airpane because you want control over the quality of maintenance.

    You own an airplane because you want control over the equipment that goes in it.

    You own an airplane becuse you want pride of ownership.

    You do not own an airplane because it is cheaper -- becuse it never is. Yes, there are people with demonstratedly little knowledge and most probably no first hand experience at ownership that will tell you to own an airplane because it will "save you money" Instead, go and ask some airplane owners and they will tell you what the real cost of ownership is. The only time you save money is if you cut back on maintenance and do not take into account things like engine reserve, cost of money etc. The days where an airplane was an investment are long gone. These days airplanes are an depriciating asset (other than warbirds and certain unique airplanes) and you need to take that into account as well.
     
  19. flyandscuba

    flyandscuba

    Messages:
    1,074
    Likes Received:
    2
    Joined:
    May 16, 2004
    Location:
    The Cradle of Naval Aviation
    Yes, there is much involved in owning an airplane -- more that just the purchase price and fuel.

    However, there are ways to off-set your costs. About 85% of the flight time on my aircraft (300-500 hours per year) is funded by the U.S Goverment. All fuel is covered, and an hourly maintenance reimbursement rate as well (better than what I could do by placing the aircraft on lease-back...plus I get the PIC time).

    Anyone interested in learning more -- send me a PM and I'll explain more.
     
  20. Tennessee Slim

    Tennessee Slim Señor Member CLM

    Messages:
    4,413
    Likes Received:
    0
    Joined:
    Apr 14, 2004
    Location:
    Mucus City, USA
    I owned a Piper Archer in the early 90s. If I started with the cost of owning – not flying, just owning: insuring, hangaring, calendar maintenance and inspections – and added in fuel, flight hour maintenance and inspections, engine and refurb bank for each flight hour and weighed that total against the cost of renting the same plane, I’d have had to fly the plane I owned on the order of 12 hours a month to break even.

    And that's figuring you already own the plane free and clear.

    At least with partial ownership you’re sharing the fixed costs.

    If it flies, floats or fornicates, it’s cheaper to rent.