Membership in a 172 pitfalls??

[careerpilotman]

Hello there,

I'm presently looking at my options regarding self-fly hire on a light single or twin aircraft.
I've been round to my local flying club and met somebody who is offering a membership vacancy on a 172.

Although I don't doubt the owners and other group members integrity, I was just wondering whether anybody had any experience with similar groups.

I'm attracted to the thought of considerably cheaper hire costs, as well as cheaper annual membership than my flying club.
The membership includes landing fees, fuel, and pilot and pax insurance.

Having not been involved in a group like this before, are there any crucial questions I should be asking, or pitfalls to look for?
I'm just concerned that I may be making myself a bit too liable or exposed if something went wrong.

Thanks for your help,

CPM

[Maoraigh1]

Find out the engine hours. Find out how much funding the group has. Group funds can look good just before a major overhaul, but then go to zero.
I've been in a group for 18+ years. We used to build up an engine fund, which also covered major mechanical problems. There were no sudden calls for money.
Now we just cover routine maintanance, and share out the annual big bills per head. This is actually a very good deal for me, as I fly more than all the rest together.
Look carefully at monthly and hour charges. Be realistic about the hours you'll fly.
Most groups charge per tach hour, wet. This saves anyone cheating. I've heard of groups charging dry, but I cannot see how this would work without arguments -if people are making short flights in quick succession without filling up in between.
Group shares can be difficult to sell, but, unlike a car, they increase in value over the years.

[englishal]

What's the deal - 1) are you buying a share in the aeroplane or 2) effectively renting based upon a number of hours per year (i.e. you guarantee and pay for 50 hrs per year, whether you fly them or not).

Both are good ideas but things to watch are:

In the case of 1) the state of the aeroplane. If you buy in then you are partly responsible for the aeroplane maintenance and repairs - and often aeroplanes can have big bills (~ £20,000 for an engine as an example).

If 2) be sure you can use all the hours you pay for. If the aeroplane is offline for two months, can you still use all your hours? (been there and done that and lost a lot). How many people use the aeroplane? Can you use it when you have time to use it...etc....

I did 2) to start with then bought a share. Buying the share was the best for me, I have an aeroplane that I can use pretty much when I want,how I want (e.g. take it away) but only pay a quater of all the costs. Mind you a quater of £10,000 is still £2,500 so you have to make sure you can cover bills like that (in our case it was for the hanger and agreed beforehand). Of course if we come to sell the aeroplane, I'd probably get back the majority of my share again.

[neilcharlton]

if its a no equity group you're fine , dont worry if something goes bang you're not liable. its like renting.
pay x per month
then x per hour

i pay £115 per hour for a c172 and thats it no monthlys or liabilities , and i can take the aircraft when and where i like .