Owning an Aircraft
Now, I'm only 23 years old, but I definitely know the cost of a dollar especially since I've been working already for 9 years of my life so far. Cars are expensive, boats are expensive, heck, having a wife and kids are expensive (that I know, but not dealing with haha). But good lord, aircraft are expensive.
Looking up for airframes I'm interested in (Commander), ones from mid 1970's are still selling for 80ish, and newer (2000) for 250. How do you afford something like this with a home mortgage/loan, car, and family without being a millionaire?!
I'm curious for statistical purposes and my own interest:
1) How much do you who own aircraft make on avg? (It's cool if you don't want to give that figure for safety purposes).
2) On average, how long do most owners keep their plane for?
I understand a plane is an investment and should be treated as such, with care and safety of course. But with a 20 year loan on 250k at 5.0% you're still looking over 1,000 per month for payments. I make decent money for my age especially being in the military, but that's waaaaaaay beyond my means. Of course I know I don't HAVE to get a Commander because they are top-end aircraft and I could go for Cessna or Piper even. I just want to fly MY plane after I receive my PPL.
Just looking for a little insight from all of you folks, any tips/hints and info provided is greatly appreciated!
- Chris