I've always wondered what magical formula was used to create the hourly wet hire rate, so I asked. It is a mixture of fuel costs, insurance, storage and maintenance/compliance. Fuel tends to take up a large percentage, but inflation of the other costs all add up to a hefty price tag per hour. In the 12 years I've been flying the rate of the 172R I went solo in has gone up by 48%.
Flying is fast becoming a rich persons hobby, and I am not rich.