There are many reasons for setting up an aircraft rental; if you are learning to fly an airplane, you may need to rent in order to actually practice for your license. If you know that you want to take an amazing trip with your family that includes multiple stops (with multiple family members), you may actually save by choosing a rental over typical commercial airline use. At some point, though, many people want to consider the possibility of purchasing an aircraft over renting one.
Before you make the crazy purchase of your own personal plane, consider the many additional expenses outside of said purchase. You must think about upkeep, where you are going to keep the plane, and the actual cost itself. Many people want to make the initial purchase but do not consider the budget required beyond that day. If you do not have the financial stability for regular purchases, you probably are not ready for an aircraft of your own. There are certainly benefits to consider, though.
Beyond initial costs of a plane purchase, be sure to consider how much time and money you spend each aircraft rental. Many investors and finance experts claim that if you rent over one hundred hours a year, you will actually save overall by purchasing rather than renting. While you need to consider extra costs beyond the actual purchase, if you average out costs you may realize that you aren’t just coming even on a purchase, you may actually be coming out ahead.
Many experts claim that buying an airplane is like buying a home. While there is security in an apartment, knowing that you do not have to account for additional expenses beyond the aircraft rental, you also do not have the benefit of the freedom to really do what you wish. An airplane for yourself will allow you, your family, and your friends the luxury of limitless travel, exciting weekends, and more. Although this comes at a price, many will benefit from this freedom and find out that it also benefits monetarily.
If you know that you cannot afford the expense all to yourself, consider going in on the purchase with a partner or a flying club. Keep in mind the importance of a healthy, working relationship and a commitment to long-term financial openness with someone else. A flying club, on the other hand, will give you the chance to practice your craft and enjoy some of the benefits of ownership without the additional cost.
Travel is one of the most expensive things to budget into one’s life. If you are working on your pilot’s license, or know that you and your family are frequent travelers, it may be time to consider purchasing your own aircraft. Regardless, rental options may be the best bet for your family as you consider financial security now and in the future.