(insurance, hangar, annuals) Whether you should consider a partnership to save money
(and who to hire)
Mark finally had his Private Pilot License and a burning desire to stop renting. The local flight school’s Cessna 172 cost $165 an hour, a price that made his stomach turn every time he booked it. His uncle, a seasoned Part 121 captain, offered sound advice: "Buy a bare-bones Cherokee 140. It’s a 50-year-old plane, but it’s paid for. You’ll save thousands building hours, then sell it for what you paid". buy used planes
Two hours into the flight, the oil pressure gauge started to drop—slowly, then abruptly. The engine made a sickening clattering noise. Panic set in. He declared an emergency, his heart pounding in his throat, and landed at a small, uncontrolled field in Kansas, grateful to be alive but with a suddenly very quiet plane. An mechanic from the local FBO took a look. (insurance, hangar, annuals) Whether you should consider a
Mark sat on a bench outside the hangar, watching the sunset. He realized his uncle was right: "The two happiest days of a plane owner's life are the day they buy it, and the day they sell it". He had just experienced the first, and he was already dreading the second. It’s a 50-year-old plane, but it’s paid for
Mark paid cash, closed the deal, and decided to fly her home to Florida himself.
"Buddy," the mechanic said, wiping his hands, "you didn’t do a pre-buy inspection, did you?"."I...I wanted to save money," Mark admitted."That 1970-something Lycoming engine is way over TBO. The prop is damaged, and there’s a severe internal oil leak. This isn't a $35k plane. It’s a $15k plane with a $20k bill attached".
