To Buy or Not to Buy?
Hi,
I am currently a low time Private Pilot (83hours or so) who is interested in continuing his training. Unfortunately (although the weather alone makes up for it) I live in the Caribbean Island of Puerto Rico where the aviation industry is not as diversified as say, in mainland USA or anywhere else for that matters. What it boils down to is that I would be spending $185/hour wet on a Cessna 172 (with instructor). Compared with the $110/hour wet I paid in the mainland USA for a Piper Cherokee that sounds like an arm and a leg. Given the current economic climate and due to my job here moving back to the states for training is not an option at the moment.
I recently came across an individual who was moving back to the states and is selling a 1964 Cessna 150D for $12,000. Now the asking price sounds good and I think I might even get it lowered, but I do know that owning a plane is very different from owning a car, in that there are a lot of recurrent costs, such as maintenance, inspections, insurance, parking etc.
My primary aim if I end up buying is to continue flying and keep current. I do expect to rent a fully IFR capable C172 to learn in and keep currency as well in addition to this endeavor. So to you I pose this question, should I buy and fly or keep on renting? The aircraft has about 650hours TBO so it should be good to go for the next 600hours or so before overhaul. How good are Cessna 150's as far as a learning airplane? What do you think about the asking price?
I did a bit of research on AOPA and came up with this checklist of things to consider. Please feel free to add any suggestions as well.
Before Buying Checklist
Things to take into consideration:
Fixed costs: Cost of loan, tie down, maintenance inspections, insurance. State taxes.
Variable costs: Fuel & Oil, repairs, overhauls etc
Things to look for in airplane:
Airworthiness certificate,
engine and airframe logbooks,
aircraft equipment list,
weight and balance data,
placards,
FAA-approved aircraft flight manual or owner's handbook.
Things to do:
Title search/insurance
Pre-purchase inspection
Airworthiness Directives
State Registration
Bill of Sale: FAA Form 8050-2
Aircraft Registration: FAA Form 8050-1 (available from FSDO, needs typed original form)
Wow, I know that was a lot of text to go through, but if you are reading this I would sincerely appreciate your comments on the matter. I know that buying an airplane is not a light task and would love to hear about your experiences as well.