All About Aircraft Value Reference
The aircraft values or VREF is the questions frequently asked and you can learn calculating it. There are determining factors in owning an airplane. Purchasing price is only a piece of getting an airplane.
Indirect costs are the costs you will be paying whether or not the airplane will fly. Some expenses that can be considered as indirect costs are purchase price of the airplane, hangar fees, subscription fees and taxes. To finance an airplane, you can get a quote from the bank which requires a down payment and also having an interest rate. As of now, the rate is at 6% with a minimum 15% down and financing year runs to be at 20. To be able to know the insurance fees, you can call the insurance agent and obtain a quote for the airplane you are to purchase. The airport where you are landing your plane is the very place where you can also get the hangar fees.
Direct operating cost is quite tricky especially in calculation. There are ways you can calculate how much will it cost you each hour to fly. Starting at the basics. Generally, the piston engines change their oil every 50 hours. The cost of the oil engines depend on where you live. The fuel consumption is dependent according to the type of aircraft. To have visit a website of the manufacturer and be able to consult to the POH to get the fuel will be a good idea. Flying an aircraft having worn-out engine must have published fuel to burn.
Engine and propeller reserves are to be calculated into the equation even if you have a new airplane that you plan on selling. The scheduled maintenance must be accordingly done but it will be another cost yet worth planning for. The airplane you are about to purchase must be inspected every year. The prices will vary but it depends on where you do your inspection. Call a service center that is good with the type of airplane you are using and have a low charge for the standard annual inspection that will be done yearly.
Items must be paid without unidentified items. the costs that are extras are not included. The airplane that is still under warranty I expected to have repair bills upon picking it up. A safe bet for accounting additional expenses for an airplane that is out of warranty is to twofold the price of the yearly inspection fee. This budgeting will cover the surprise bills that may occur on that year. You can also save money for redesigning your airplane. You can read more info. in websites about this one.