Steven wrote:I don't see where maintenance comes into your model.
I was thinking of an initial buy in of $1,000 for each of the guys to cover the annual/maintenance costs. It is good to know what someone with experience has been paying, I will adjust my numbers to that range...
Unfortunately I think I am arriving at the same solution... With all the headache etc renting is just so easy to wirte a gripe and leave... but I feel like I am wasting money.
I know what you are saying. I have been renting, and trying to figure out a way to make a small group work. The only thing I can see so far is find people who are willing to effectively split the costs, including purchase and maintenance. The breakeven point in terms of hours flown per year to make that works seems to vary a lot depending on how much the maintenance and annual cost. The actual flying and fixed costs are fairly well defined, as you show. Personally I am convinced in the future the overall limiting factor will become fuel costs. At least the DA-20 is good in this respect.
To me the big unknown is the maintenance. Two weeks ago the DA20 I rent went down with a dead battery. I just wrote it up, and griped about missing my flight. It got fixed, and back in the air, but if it was mine, then I would be paying the cost of troubleshooting, and fixing whatever caused the battery to go down.
The clear solution is to have enough dollars that the money is not a big factor:-)
I have been in three shared-owner flying groups and am currently 1/2 owner of a DA20-A1, actually 1/2 owner of the corporation that owns the airplane. In every case, each of the owners put up an equal share to buy the airplane or buy a share of the corporation that we set up to own the airplane. That is the only way I would do it because if you charge a guy only $1,000 to get in, he is not really thinking like an owner with $20k or so invested, so he can walk away without taking a big hit.
The relationship among the pilots is very important. By relationship I mean how each's attitude toward the shared ownership meshes or is compatible with the others. In one group I was a part of, one of the guys was a penny-pincher who complained about every expense outside the monthly overhead payment share. And he was the only one in the group had relatively deep pockets. He made the arrangement uncomfortable for the rest who were all more laid back personalities.
An essential part of a shared-ownership arrangement is to be sure that each one is aware that there could be occasional unexpected big expenses that each must be willing and able to come up with their share on short notice.
I believe you will find it more difficult than you think to get 3 or 4 guys together to do this. But if you do, and all the ducks are in a row, the shared ownership experience is the best way I know of to reduce the cost of personal flying to a level that even income challenged pilots, like myself, can afford and still sleep at night.
Thom in Buffalo
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DA20-A1
N71LV
Don't worry about old age... it doesn't last very long.
- Anonymous
I have been in Flying clubs and partnerships. I like my current program the best. I own the plane and make all decisons. Three other pilots buy their hours. All money up front at beginning of year. Been working for 7 year on a DA40.
an alternative to consider is a flying club. If you don't mind a little drive through the Hampton Roads Bridge Tunnel, the Tidewater Flying Club at Newport News/Williamsburg PHF has a DA-40 in their fleet along with two Cesna 172s. There is an initial buy in and monthly dues, but the cost per flight hour is very reasonable.
