How Much It Costs To Own An Airplane | My Exact Numbers | Mooney M20C

A common question, how much does it really cost to own and fly your own airplane. Here are my exact numbers for 2020. I know these costs are subject to change, maybe even dramatically year to year, but as this was the first year of ownership, it felt it important to share. Overall I love owning an airplane, and in my case the costs are manageable. I will say, if you think it's going to be a stretch financially, it is probably not the wisest decision.

0:00 - Intro
0:36 - The details of my Mooney
3:00 - Cost of Insurance
3:45 - Storage (Hangar)
4:40 - Maintenance
5:55 - Fuel
6:30 - Totals / hourly breakdown
7:10 - Is it worth it?

#generalaviation #mytimetofly #mooney

[MyTimeToFly]

Many of you have asked in the comments what my purchase price was for the Mooney, and why I left it out of the video. Below is a video going into some depth regarding the purchase.

[MrCubansurfer]

1) Insurance- $2, 074/yr
2) Hanger - $1953/yr
3) Maintenance- $2570/yr
4) Variables (Oils, nav lights) $3, 000/yr
5) Fuel $2, 025

[asw]

Several years ago, I set up a small corporation to own/operate a M20C valued at $75k (IFR, A/P, speed mods, low time engine + engine reserve). The structure made it easy for shareholders to switch out over the years. We (5 owners, 3 active) flew ~200hrs/year. Our costs were $500/mo (fixed cost: hanger and insurance, split between shareholders) plus $100/hr (variable cost: fuel, maintenance reserve, and engine reserve). With this fee structure, we had the reserves to maintain our plane in excellent condition AND fully offset the engine depreciation/prepare for future overhaul. With the right structure and partners, a very affordable way to own an airplane. Performance/cost ratio - hard to outdo a nice M20C!

[johnporter]

Having been a plane owner myself, this video is a good depiction of the experience. Partnerships are great to reduce costs. Also, ownership isn't forever. When the fun runs out, you can always sell the plane. I went on to the MS2020 flight simulator and am having a ball with it - at a tiny cost of real flying....

[robinj.]

The last time I handled a "Mooney" was in the mid 70's.
It had that beautiful all wood wing.
I LOVED IT !

[nolongeramused]

Growing up my dad always had between 1 to 3 airplanes, and only once did he ever have a new aircraft (1968 Beechcraft Musketeer) which he got rid of after a few years because the cost of maintaining it exceeded that of all his other planes combined. He stuck with old Cessna and Aircoupe for the most part, and never did upgrade the instruments past the basics. He did virtually all the maintenance himself, and rented tie-down space instead of hanger.

My brother approaches aircraft ownership the same way - owning a plane shouldn't really cost more than owning a car. Old planes are much less expensive to own.

[LNCP]

Former 1963 M20C owner here. I worked my numbers a little differently but they were about $500/mo for all fixed expenses (insurance, hangar, annual, etc.) plus hourly expenses which was about $100/hr (gas, maint, overhaul, etc.) It's expensive no matter how you look at it but I have no regrets doing it.

Edit: these are 2018 numbers and it's now 2023. So it would probably cost $750/mo and $125/hr.

[cameronbooker]

It's so cool you got into a vintage. An airframe older than yourself, such a chill time up there with her... beautiful!

[oldtanker]

I am a former plane owner. The Piper version of what you have, a Comanche 180, VFR only. I am surprised that your insurance costs were virtually the same as mine. Single owner low time to start. However I owned my plane in 1994 to 2004. I got my complex time in the bird helping a previous owner of the plane build instructor time. The ins company required 25 hours before I could go solo. My plane was in a shade port @ $65 a month (Southern AZ.) and I flew year round. Maintenance was a bit cheaper as I did pretty much all of it under supervision. Learned a lot and ended up working for my IA later on including getting my own A&P at Cochise College. Had some squacks but no real major repairs. Did replace the original prop due to a recurring AD. Went to a 3 blade scimitar blade prop, cost me about $6k but sold the old one to a pilot in Australia for $3k. Sold the plane for $4k more than I bought it. Miss the old girl but no reason to own or even rent now at my age.

[edowens]

I've owned an M20C, much like this one, and an M20K. A couple of costs I had that he didn't include was the database updates for the GPS, and recurring flight instruction. While I was IFR, I had monthly sessions with an instructor to keep sharp, which I highly recommend. I have better cost data on the M20K, where I flew about 200 hours per year, and wound up with a cost of $100 per hour. Also, have a Mooney shop do the annuals and you'll same money. I used Dugosh in Kerrville (great folks). The more you fly the lower the hourly cost. If you need to save money, get a partner or two to share the plane. It's a great way to substantially lower the total cost of ownership.

[johnhudson]

My wife and I owned a Piper PA2-250 (single engine retractable) and a Cessna 320B turbo-charged twin). It's important to read and understand just how much maintenance an owner is permitted by the FAA to do themselves. As a school-trained reciprocating engine mechanic (three US Army Schools), there were lots of engine items I could do myself. My father-in-law was a licensed Tech Inspector - so that helped a great deal! It also helped that I was a qualified military helicopter pilot (Vietnam, Bosnia, Iraq). For annual inspections, I towed the twin into the FBO's hangar (about a week before the scheduled inspection). I set up the jacks and performed required landing gear operations, engine compression tests, instruments - radio - navaids- autopilot tests, etc, under their supervision and had the FBO sign off on them for a clean and fresh slate. Early on inspection day (prior to the TI showing up), I removed ALL inspection panels on the Twin and had ALL books and materials ready and waiting. The cost of that annual inspection? $200.00 for his time, avoiding a potential $2, 000.00 fee for most such inspections back in my day and location.

[SnazzPatrol]

i think the key here to seperate ownership from renting is 2 things. one you can fly it somewhere and stay a few days and come back, not possible with renting, and two the more hours you fly it the more the fixed cost will be divided out so fuel cost will go up but instead of maintenance and hanger costs being divided into 50 hours it could be 200

[EliChristman]

In undergrad, I had a professor with two airplanes. He had few other expenses, so I think those planes were his only splurge. His Volvo was from the 70s, his house was older than that. I'm sure his newest outfit was at least 20 years old. Our class went on a geology field trip and he entered a lottery to own a third airplane ($150). He didn't win that one, lol.

[Tom-muzy]

The back of the napkin formula that used to work pretty well, back when mixtures were rich of peak, was: for every dollar you put in the fuel tank, put another dollar in the bank and at the end of the year we were pretty much covered. That was based on flying about 200 hours a year with no financing costs, no commercial insurance and no 100 hour inspections.

[johnstreyle]

The other down-side to renting is that you can’t have the plane for more than a few hours at a time. If you wanted to use it to go somewhere for a few days, the rental can’t be out that long. It’s needed for flight lessons and instruction! I’ve just got my license at the same airport, FWIW. Will look to meet you there sometime.

[ActiveAtom]

Wow we live at the Yucca Valley airport in Southern California's high-desert and were born in 1963 when this mans plane was built, not too sure I would still fly me LOL. our plane looks great we are proud you shared it and parts of your journey with us. Lance & Patrick.

[bombsaway]

I’m a fellow M20C owner. I’ve had annuals cost 10k, but most are under 2k. Periodically big, expensive stuff needs to be done. That said, I’ve always thought the cost was worth it. Great video.

[mosesdivaker]

The annual cost, in my experience, can be pretty high. I used to own a 1974 C172M and I've paid as much as $8000 for an annual. It can vary, but if a lot of parts need to get changed, then it can be pricey. The general rule of thumb to buy vs rent is approximately 100 hours a year. That, of course, varies from airframe to airframe, but if you fly less than that, it's better to rent. More than that, it's better to own. My own experience with aircraft ownership proved that number to be true.

[chrismoody]

Grew up in the 60’s with my dad owning two different Mooneys. I believe the first was a 63’ and the second one a 67’. So many great memories were made and shared. Dad at the stick, mom navigating and me watch the world go by under my feet @ 8000’.

[jamesstephens]

Many years ago I had a job as an accountant for a group of companies that had a umber of fixed wing aircraft used in the business. So my comment applies to business aircraft. Over a couple of years accounting for the costs of operating the flight department that included two Cessna Citations, and several Beach Barons and a couple of other smaller craft I developed a rule of thumb. The department had pilots for all the aircraft and they all had salaries and training, there were hangars, and mechanics, inspections maintenance, insurance, fuel and all the other stuff. The rule is simple, the annual cost to fly a business aircraft is equal to the cost of the aircraft. Now back to the video.