How Much Does It Cost To Buy A Small Plane NEW!
Single-engine planes will typically cost between $15,000 and $100,000. Although single-engine planes are more expensive than ultralights, they can hold multiple people and are still relatively economical compared to other aircraft.
how much does it cost to buy a small plane
Multi-engine planes are more expensive and can cost up to $300,000 or more, depending on the features. The higher cost pays off with increased safety: if one engine loses power in flight, the other engine can still allow the pilot to navigate to a suitable landing location. Additionally, multi-engine planes generally have higher speed and performance.
If you choose to buy a factory-new small plane, J.A. Air can help you reduce the cost by negotiating on your behalf to ensure that you obtain the best value. Our team has a wealth of market knowledge and will gladly work with you to prepare a budget for a small plane that meets your needs. Reach out to us for more information on our aircraft acquisition services.
Although the initial purchase price of a small plane can be substantial, you can reduce costs by purchasing a pre-owned plane. For example, Plane & Pilot Magazine reports that a good-quality used Cessna 150 is easily obtainable for as little as $30,000.
If you choose to purchase a pre-owned plane, make sure to get a thorough pre-purchase inspection. A pre-owned plane may have hidden defects that cost thousands of dollars to repair if they are left undetected, and a damage history may lower the resale value of the aircraft. Our team at J.A. Air can assist you with inspecting a plane that you are considering; simply contact us for more information about our inspections and other aircraft acquisition services.
Planes must be stored in a hangar or outdoors. If you do not own property suitable for storing a plane, you will need to rent space from an airport. According to a 2021 article from Investopedia, the average hangar cost is $350 per month, plus $100 for tiedown gear.
Inspection costs are another expense to consider, as small aircraft must be inspected annually. Honeywell reports that annual inspections range in price from $750 to $2000, with higher costs for specialized planes with retractable landing gear.
The Federal Aviation Administration (FAA) requires all aircraft owners to register their aircraft and re-register every three years (for a $5 re-registration fee). In addition, some states have small plane registration requirements and associated fees, so be sure to look up the requirements in your state.
J.A. Air has over 30 years of experience in assisting local customers with finding the right aircraft for their unique wants and needs. Our acquisition consultations are always free! Let us answer your questions and help you navigate the specific costs of purchasing a small plane. Call us at 800-323-5966 or fill out an online contact form.
Single-engine aircraft such as the Cessna 172 are typically what come to mind when referring to a small plane. These aircraft are more expensive than ultralight aircraft and require a Private Pilot Certificate to operate.
Multi-engine aircraft will typically not be found with an upfront cost of less than $75,000. Multi-engine aircraft have the greatest price range of any small plane, with many multi-engine aircraft for sale at over $500,000.
While this cost could be much higher or lower depending on the company, it shows you the difference between flying on a private jet and a commercial flight. For bookers who prefer first or business class, it might not seem much different to go on a private jet. But for commercial flyers in economy, this price might seem very high. It depends on the type of flier you are.
The cost of a brand-new plane might be higher than that of a used plane. However, the model and size of the plane also determine the cost. In general, older planes cost significantly less than newer ones, although keep in mind any additional maintenance, insurance or upkeep costs.
With a personal loan, you can borrow money from a bank or credit union to pay for the jet up front, then repay the loan over time. However, getting a personal loan for a private jet is much more difficult than getting one for a new car. Even the cheapest private jets can cost millions of dollars, and very few lenders will approve a loan for that much money.
If so, then you should think about getting a small plane. Nowadays, owning a small plane comes at a fraction of the cost than a couple of decades ago. For the same price of owning one of the other vehicles in a garage, you could have a small plane sitting in an airplane hangar that belongs to you outright.
The exact cost of a small plane will differ depending on the condition, type, and exact model of aircraft that you are going to buy. However, there are average prices that you can use as guidelines for this purchase for each type of aircraft.
The next type of aircraft is a single-engine aircraft. This is the type of machine that most people think of when someone says a small plane. These cost quite a bit more than an ultralight aircraft and typically start at $15,000. New models can go all the way up to $100,000, but you can save a boatload of money off the sticker price by going used.
Airplane hangars for jet charters will typically run you a couple of hundred dollars a month to rent. Annual mechanical inspections cost upwards of $500 for professional staff to check your airplane (these are legally required for you to be able to fly your plane). Painting your plane is a cost-effective way to get it noticed in the skies or just in the hangar. If you buy a new plane, the paint job can be an additional expense. The price to paint an airplane will depend on its size and its type, with larger planes costing upwards of $200,000. Then on top of that, insurance will cost $1,000 a year, at a minimum for a cheap plane.
Now that you know the answer to the question of how much a small plane costs, you can answer the subsequent question as to whether or not the pleasure of commanding such an aircraft is worth it for you.
Owning a plane also gives you the freedom to go wherever you want, whenever you want, Avion Insurance reports. It gives you the opportunity to book last-minute trips to the travel destination of your choosing too and even makes it easier to bring family and friends along for the trip. In fact, if you decide to travel with friends and family, you really only have to worry about how much space your plane has to offer.
This type of escrow fund would cover costs related to engine, propeller, and avionics maintenance. It could also be used for airframe overhauls. Investopedia suggests contributing to your plane maintenance fund each time you take to the skies to ensure you save enough to cover plane maintenance costs.
Small planes must undergo annual inspections too. According to Investopedia, such an inspection can cost from $600 to $1,200. If you happen to own a more specialized plane, the cost of an annual inspection may be even higher, Investopedia added.
And when it comes to costs? Based on data collected by Honeywell, plane owners can anticipate spending roughly $420 to $900 per year to tie down their plane and $1800 to $12,000 a year to store it in a hangar.
The base price of a new plane can range from $8,000 for an ultralight aircraft model to upwards of $300,000 for a luxury small aircraft. This does not include the price of a hangar rental space, insurance, and the price of an annual inspection, which can add up fast.
When it comes to owning a small plane, the biggest question is obviously how much money you would have to spend on the plane purchase itself. Assuming you have a budget in the tens of thousands of dollars, a plane purchase price can be surprisingly easy on the wallet depending on what type of small plane you choose:
When it comes to financing, airplanes are a lot like cars. The total cost of owning a plane can be a bit overwhelming, so lenders will offer specialized loans to help cover the upfront costs of a plane purchase.
Similar to the financing point above, the costs of owning a small plane are not unlike the costs of owning a car, albeit significantly more expensive. The average small plane owner spends thousands of dollars to maintain their aircraft, even if the plane remains grounded. If you plan to buy your own plane, these are the additional costs you will need to consider:
Talk to an aircraft insurance salesperson to find out how to get the best possible coverage. The type of small plane you plan to buy will likely affect your rate; for example, single-engine recreational planes tend to be easier to insure than private planes that see regular use.
While making a budget would normally come first, it might be easier to see the average costs of planes before working it into your budget. Seeing what you can afford should be very close to the top of your list.
Buying a plane without knowing how much (or little) plane you can buy can cause you to fall into deep debt or put your other financial investments at risk. When you lay out how much you can afford, consider not only the cost of buying the plane new or used, but also maintenance costs, upkeep, fuel, storage and insurance.
When it comes to general aviation aircraft your choices are legion. There are single-engine and twin-engine propeller aircraft as well as small jet planes. There are planes that land and take-off from the water, known as amphibious aircraft. Aircraft are available new or used. The price range for planes is vast: A new general aviation jet will cost you at least $1 million, but some used single-engine propeller planes go for under $40,000.
For a weekend in the Hamptons, consider a private jet charter turboprop such as the Piper Aztec. This popular commuter plane costs around $2,400 to fly from New York to Montauk, while renting a Piper PA-34 Seneca for a 40-minute flight from Montauk to White Plains comes in at around $2,800.
If you need to spread out for a business meeting, you could go even bigger with a luxury airliner like the Airbus A319 or a Boeing BBJ. Of course, these large VIP executive airliners are top of the line, and will impact heavily on your private plane rental cost. A 13-hour journey from Boston to Dubai in a Bombardier Challenger 850 will cost around $81,000 for 16 passengers, while the private charter flight cost of a 13-and-a-half-hour journey for 12 passengers from New York to Shanghai in a Gulfstream G300 will cost more than $88,425. This means each hour in the a