Airplane ownership

With my recent difficulties in renting airplanes (local renter closed down and equipment troubles in other rental aircraft) I've started thinking more and more about owning my own airplane.

Airplane ownership has been a dream of mine since I first started flying - undoubtedly most pilots have that dream from early on. So far I've kept it at bay by reminding myself about the bad aspects of ownership - being without your plane for a week or more when it's down for inspection or maintenance and, of course, the costs involved.

But I'm drawn to the idea of not having to schedule the plane, of leaving on a whim (after a little planning of course) to go enjoy good weather from 3000 feet, or of taking long distance trips without the worry of getting charged for more flight time than I used.

Watching the price of new airplanes over that last couple of years has me feeling like they are getting further and further out of reach. It seems they gain in price much faster than my salary does, making them more out of reach each month.

So I guess it is down to a few other choices for me at this point:
  • Buying used - I have no problem with this as long as the plane is nice, but the thought of massive maintenance troubles or avionics upgrades is a little scary. My idea of a used airplane stems from the beaten up old rental planes I've been in, so I probably have an incorrect mental picture
  • Partnership - buying into a new or relatively new airplane with a partner or two - seems good if I find the right people.
  • Fractional ownership - very appealing b/c it gives me access to a newer airplane while still having the burdens of maintenance, etc. taken care of. The problem with this is finding a nearby airport that has this option available.
All in all, I guess it is a good problem to have - to even be in a position to seriously ponder these issues. If rent vs. buy is the big problem in my life, then life is good. :)

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