Buy your trainer?

Owning your trainer makes scheduling a cinch. It’s your airplane, and you fly when you want. You won’t have to deal with the scheduling conflicts that come with popular rental airplanes, either. Owned airplanes are, generally, in better shape than rental airplanes. Of course, this assumes that you don’t buy a 25,000-hour former training mule. Sure, a former trainer can be restored back to like-new condition with proper repair and reconditioning, but there’s no erasing tens of thousands of hours from the Hobbs meter. There are still plenty of privately owned trainer-type airplanes out there that have been well cared for, and their market value reflects it. Ten years ago, you could buy a 5,000-hour Cessna 172 for $40,000. Not anymore. When the cost of a new Cessna 172 climbed north of about $400,000, the value of used 172s began to skyrocket. That $40,000 airplane is now worth about $110,000 or more depending on equipment and engine time.

Thus brings up the timing of such a big-ticket item. Those who purchased their trainer 10 years ago, for example, would have essentially trained for free just based on the value gain of their airplane. Timing, however, is not always on your side as aircraft values wax and wane like the stock market, so buying your own trainer has its risks. In general, however, airplane values trend higher, meaning you’re more than likely to get your money back and likely more. This is especially true for trainers, which hold their value quite well.

Prospective owners should logically have trepidation about getting into aircraft ownership. It is likely the second biggest purchase you’ll ever make behind a house. Besides purchase cost, there are tiedown/hangar fees, insurance premiums, fuel, maintenance, and budgeting for future upgrades like avionics. A new Lycoming O-320 costs $80,000 while a factory overhauled version is nearly $50,000. A stack of modern avionics could easily cost $30,000. While these are eye-watering numbers, keep in mind that such upgrades will return a good bit of value later if you sell.

A huge positive of ownership, in my opinion, is the knowledge gained in every aspect of the experience. You can become very much involved with the maintenance of the airplane from minor fixes you’re allowed to perform under FAR Part 43 all the way up to the major jobs under the guidance of an airframe and powerplant mechanic. This experience will translate well to future opportunities managing a corporate flight department, for example. When I was a full-time employee at AOPA, I was tapped to manage the association’s Beechcraft Bonanza based on my experience as co-owner of my family’s airplanes. My maintenance experience allowed me to understand and work with mechanics rather than just chucking the keys to them and say, “fix it.” I’m also confident that my ownership experience helped me get a job at the airlines, as I told interviewers that ownership makes you respect the equipment rather than abuse it.

This experience will translate well to future opportunities.

You will learn an amazing amount about airplanes, their operation, construction, and how everything works. You will learn about component life spans, budgeting, replacement intervals, how to maximize engine life, and how to most efficiently operate the airplane to minimize costs. Renters will miss out on much of this.

Renting eliminates nearly all the risks at the cost of convenience. I admit, I sometimes fantasize about the ease of renting. No more hangar rent, insurance premiums, worrying about that looming engine overhaul, or feeling guilty if I can’t get out to the airport to exercise the airplane.

Finally, if the cost is prohibitive to you as an individual, consider a partnership. For the past 35 years I’ve been partnering up with my two brothers in ownership of a Cessna 172 and Beechcraft Baron. Individually, none of us would be financially able to own these airplanes, but in a partnership, even an expensive-to-operate airplane like a Baron becomes possible.