Hopefully, you won’t have any unexpected costs. But you might.
Typically, major maintenance or a repair that isn’t covered by insurance.
One way of avoiding major maintenance and repair costs is shopping smart.
Make sure that ongoing maintenance has been done on any used aircraft you’re considering.
Unlike cars, airplanes must have maintenance logs that tell you what’s been done and when.
You’ll especially want to know about airworthiness directives (ADs) or other notifications from the manufacturer that have been issued for the plane you’re considering.
The directives and other notifications will tell you what should have been fixed to maintain the airplane’s airworthiness.
You can find out what directives have been issued for certified aircraft by contacting the FAA.
The largest unexpected cost may be an engine replacement, typically from about $12,000 to $25,000 or more, depending on the engine.
How can you budget for this big expense?
Keep track of how much time your current engine has on it and set aside money for the next scheduled engine overhaul.
For example, if you 1,800-TBO engine now has 600 hours on it, you have an estimated 1,200 left on it.
Set aside $10 per flying hour and you will have $12,000. It’s a guess, but it’s a budget.
Ask your mechanic for more info.
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"Man cannot discover new oceans unless he has the courage to lose sight of the shore."
-- Andre Gide