Taking the pilot’s seat in your very own aircraft may seem like a lofty dream, but it’s not entirely out of reach. With a range of models and prices, the world of small planes is more accessible than you might think. You’re bound to be wondering, “how much does a small plane cost?” So fasten your seatbelts and prepare for an exciting expedition into the cost of owning a small plane.
The cost of a small plane varies greatly, with single-engine piston aircraft ranging from $15,000 to $500,000, twin-engine piston aircraft from $100,000 to $1,000,000, turboprop aircraft from $1,000,000 to $4,000,000, and light jets from $500,000 to $9,000,000. Prices depend on the type, age, and condition of the aircraft.
Some other important considerations are how you will finance your plane and the maintenance costs. Consider whether renting is a better option for your circumstances than buying.
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How Much Does a Small Plane Cost? What You Need to Consider
Being able to avoid flying commercially is something that many air travelers want. Flying on a private plane is an excellent alternative to dealing with delays or conflicts with difficult passengers.
Many private plane travelers have taken things further and gotten pilot’s licenses. What do small planes cost, and are they worth the expense in the long run?
What Do Small Planes Cost?
Most people think of the purchase price when considering a small plane’s cost. Some small planes have reasonably low costs compared to larger aircraft types.
Ultralight Costs
Ultralight planes fly short distances and feature a single seat. These small planes have the lowest cost, averaging $8,000-$15,000.
Single-Engine Piston Aircraft
These are typically the most affordable private planes and can range from $15,000 to $100,000 for used models. New models can range from $200,000 to $500,000. Examples include: Cessna 150, Cessna 172, Cessna 182, Diamond DA40 and Circus SR20.
Twin-Engine Piston Aircraft
Used twin-engine piston planes can range from $100,000 to $300,000. New ones can cost between $600,000 and $1,000,000. Examples include: Beechcraft 58 Baron, Cessna 310 and Cessna 337H II Skymaster.
Turboprop Aircraft
Turboprops are a step up in performance and price. Used models typically range from $1,000,000 to $2,000,000, and new models can cost up to $4,000,000.
Light Jet
Light jets are at the higher end of the “small plane” category. Used light jets can range from $500,000 to $3,000,000, with new ones ranging from $3,000,000 to $9,000,000. Example: Cirrus Vision Jet.
Financing for Buying Planes
In many ways, loans for planes are very similar to auto loans. Financing is a common way to offset the high purchase price of a plane.
The amount that you can borrow will depend on varying factors. Researching all your options before accepting a loan is a good idea.
For example, many borrowers find a high down payment somewhat intimidating. However, the flip side to putting more money down is often a better loan value with a lower interest rate.
What Are the Maintenance Costs for Small Planes?
Owning a small plane comes with costs comparable to owning any other vehicle, although somewhat higher. Even when your aircraft is in a hangar, you should expect thousands of dollars in potential maintenance costs.
The following are some of the costs you may need to consider:
Hangar Fees
A hangar is necessary unless you own enough land to keep your plane when grounded. When you use a hangar, you will want to expect to pay at least $250 a month.
Annual Inspections
Annual inspections with authorized inspectors ensure that your plane is flight worthy. Fees vary by the inspector but usually cost $600-$1,200 yearly.
Fuel Costs
Fuel is one of the highest costs for aircraft owners. Although prices may vary depending on the area, aviation fuel is usually more expensive than gasoline for autos.
In the first quarter of 2022, jet fuel’s price per gallon averaged $3.58. Your plane’s size and the distance flown will be the most significant factors in your overall fuel costs.
Insurance
Insurance is mandatory for anyone who owns and uses a plane. This insurance helps provide liability protection, for example, if your aircraft causes property damage.
Some aircraft insurance costs as little as $500 a year. However, this cost can go into the thousands, especially with a more expensive plane.
Pilot Licensing
Piloting your plane will be more practical in most cases than hiring someone else to fly it. The flying lessons required to get a pilot’s license involve a lot of time and money.
Joining a pilot’s association is another crucial step that pilots often take. These expenses can cost thousands of dollars altogether.
Standard Costs
Maintenance is an essential part of owning a plane. Unexpected repairs and more routine costs like oil changes are worth keeping in mind when you put money aside for expenses.
What Does Aviation Insurance Cost?
Aircraft owners must possess insurance. Because this insurance provides liability protection, you may want to be more willing to pay extra for the right policy.
A salesperson specializing in aviation insurance will be able to provide you with the best advice. The plane size will influence the price, with single-engine planes costing less to insure than larger luxury planes.
What About Renting a Plane?
Your average air travel frequency will influence whether renting or buying is a better option. For example, if you spend 100 hours or more flying every year, owning a plane might be a better option than renting.
How Do You Figure Your Monthly Ownership Costs?
Although repairs can cost thousands of dollars, you can quickly figure out standard upkeep costs. Finding out what the monthly payment for financing on your plane is from your financing company is an important start.
If you need a pilot’s license, you’ll want to know what flight schools charge for training. The other costs you’ll need include insurance premiums, hangar fees, and inspection fees.
When you have an accurate figure for these fees, you’ll know what you can save monthly for unexpected costs. Setting money aside saves you from frustrating situations when something goes wrong.
What Are the Estimated Costs of Plane Ownership?
The total cost of plane ownership is a combination of the initial purchase price and annual maintenance and operating costs.
Ultralight planes have average annual costs of $2,000-$5,000. Single-engine planes have higher prices of $22,000-$35,000, and multi-engine planes are the most expensive, at $400,000-$700,000.
What is the Most Affordable Way for You to Fly?
How frequently you travel by plane determines whether buying a plane is worth your time and money. Buying a plane could be perfect for you if you’re a frequent flyer and prefer not to fly commercially.
FAQs
What’s the cheapest small plane to buy?
Many pilots who want a smaller plane consider the Cessna 150 one of the best options, at $15,000. This aircraft can fly 350 mi, has a 15,300 ft service ceiling, and flies up to 124 mph.
What will you pay for a small private plane?
If you go for the smallest ultralight planes, expect to pay $8,000-$15,000. Should you decide to get a single-engine, most of these cost $20,000-$100,000 and up.
How much do four-seater planes cost?
The year, model, and condition of four-seater planes determine their costs. Used four-seater planes average $30,000-$500,000, while new four-seaters easily cost a million dollars or more.
How much do single-passenger planes cost?
Most planes that have a single seat are ultralight planes. These types of planes average $8,000-$15,000.
Final Thoughts
How much does a small plane cost? Navigating the wide skies of aircraft pricing can be a daunting journey, but remember – the sky is not the limit when it comes to fulfilling your dreams of flight.
With a balanced approach to budgeting and a keen eye for detail, owning a small plane can become a thrilling reality. Here’s to clear skies and tailwinds on your aviation adventure!
