Owning an aircraft is expensive. Renting an aircraft distributes the fixed costs among many folks. Sometimes it does make sense to own and lease an aircraft. When you are faced with the decision about whether to purchase an aircraft or rent one, make a checklist.
Here are some things to consider:. Aircraft Rental. Rent vs. Own Comparison. Here are some things to consider: How often do you fly? If you fly once or twice a month for pleasure only, ownership will probably not make good financial sense. How often would you like to fly?
If you believe that the availability of an aircraft seven days per week, 24 hours a day might change how much flying you do, a purchase should at least be considered, but a word of caution is necessary: Many pilots fool themselves into thinking that owning an airplane will increase the number of hours they fly.
Aircraft rental rates are often charged by the hour, offering you temporary use of a plane if you want more experience flying one by yourself. During the rental process, you should be able to prove you are knowledgeable, qualified, and fit enough to fly an aircraft. Follow these steps to rent an aircraft. Log in Social login does not work in incognito and private browsers. Please log in with your username or email to continue. No account yet? Create an account. Edit this Article. We use cookies to make wikiHow great.
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Things You'll Need. Related Articles. Pass a medical evaluation. This should include a physical exam and ensure that you are healthy enough to fly. Get your medical certificate.
Make sure it is current and valid. Sign up for flying lessons if necessary. The cost of renting an aircraft may be included in your flight school's lesson expenses. Newer planes have lower maintenance costs, and maintenance expenses will be lower due to warranty.
Depending on the rental rate set, this may typically fall somewhere between 30 and 60 flying hours a month. Yes and Yes. There are several IRS requirements that your aircraft rental business must meet if you want to use tax incentives. However, regardless of the tax benefits you can still benefit from substantial cost reductions per hour when you rent your plane out. Work with your rental agent to set a rental price that is both competitive and covers the costs associated with your airplane, and includes a desired profit per hour.
SFC has a master policy for such purposes; however as the owner of your airplane you are responsible to pay for all of the expenses of the plane, including the insurance. For better technical support, factory-authorized maintenance facilities are preferred for maintenance. Or become a member today. This is a new high-performance 4-seat aircraft. It has a roomy interior and a HP engine and. A Plane That Pays You. Please fill out the form below in order to download the Aircraft Cost Ownership: Name.
What kind of aircraft should I consider?
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