Yes, that just about sums it up.
Case study. We have a PA28, running on TBO + extension and calendar +extension, both of which expire this autumn. The airframe has also some distress about it, according to the survey we had done it has had 3 coats of paint more or less applied over the dirt. So, this autumn, we're having a paint-off respray and an engine rebuild, total budget £40k+.
. We charge £140 + VAT (£168inc) per hour chock-to-chock. This rate hasn't gone up in the past 5 years.
We've had the aircraft for 3 1/2 years. During this time, we've saved enough money for the respray and the engine overhaul, plus enough for the 8.33 radio and a new transponder. We've also recovered the seats and replaced the carpets. We pay for hangarage. We do about 400 revenue hours a year. We've a mix of young students and more mature members who hire the aircraft.
So, how have we managed this? By being a not-for-profit flying club, where people are volunteers and help each other.
TOO