I know that title probably shocked you right? But seriously in 2021, Titi and I bought a single engine airplane in our 20s! What??? It’s still a little shocking saying that out loud, but we are both very excited to hit the skies and show you guys more of our journey. In this blog post, I wanted to share with you how we were able to buy an airplane in our 20s and answer some of the most common questions I’m sure people will ask later on.
The process of buying an airplane
Just like with any big purchase, there are loans that you can get and apply for that are specific to aircraft ownership. The good thing about an aircraft loan is the fact that they take into account your debt-to-income ratio on a monthly basis, any other long term loans you may have, and income before taxes. For Titi and I, we both work full time jobs and don’t have a ton of debt on our plates thankfully.
Once you’ve secured the pre-approval loan, you can start shopping around for airplanes that are within your budget and has everything you’re looking for. We opt to go for a slightly bigger aircraft because we wanted to be able to bring our future kids along for our adventures in the future. Just remember that you want to buy an airplane that fits your needs most commonly. What I mean by that if you are mainly using the aircraft for yourself and your partner, then you don’t need to buy an aircraft that fits your entire family of 12. Buy what you need and rent an airplane in the future if you need something larger for a special occasion.
I will say that airplanes sales move relatively fast. Every time we thought we found the one, it got sold so fast. Be ready to have your heart let down a few times before you secure one that works for what you want and what the bank wants (because they have their own criteria for the purchase).
Commonly Asked Questions
What airplane did you end up buying?
She’s a 1966 Mooney M20C!
How much should you expect to put down for an airplane?
You should expect to save anywhere from 10-20% of the total cost of the plane. You’ll also want to factor in other costs that come up when buying an airplane such as an inspection cost, travel cost getting the plane to an airport near you, maintenance, storage, and other hidden costs.
Why did you buy an airplane?
The main reason that we bought an airplane is because Titi is heading back to school to become a pilot. As you can imagine, pilot school is quite expensive, and it ends up being cheaper if you own your own aircraft instead of using the school’s airplanes. With this route though, we’ll also be using the airplane to travel and see the world!
How fast does the airplane that you bought go?
Up to 200 mph with a tailwind (which means that the wind is helping push the airplane forward)
How much is the monthly payment for your aircraft?
Without going into anything specific, our payment is less than the average new car payment plus insurance.
Where do you store the plane when not in use?
Firstly, it lives at a local airport in the area where you can either pay for a hanger (more costly) and a tie down, which is exactly what it sounds. The tie down option is cheaper, but the plane is outside in the elements every single day. Depending on the airport, there may be a waitlist to get a hanger so be prepared for that. The airport that we are using has a 3 year waiting list so we didn’t have a choice and opted for the tie down option.
Can you just take off and go where you want to or do you have to plan ahead?
Nope, you can literally head straight to the airport, hop in your plane, and go wherever your heart desires. Want to head to the beach for the weekend? Sure thing. Want to head to SC for your favorite restaurant for lunch? Yep you can do that too. Having your own airplane really opens up the doors to so many adventures and luxuries.
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