If you just got your pilot’s license and are wondering if you should buy or rent a plane – you are in good company. This is a common conundrum for new pilots and depends on many factors. The truth is, there are pros and cons to both rental and ownership. Each pilot’s needs are unique and determine which path will ultimately be right for them. When it comes down to money, many people are surprised to learn that private plane rental can cost less over time than outright ownership. Let’s discuss the major factors that should be considered when making this decision.
How Often Do You Fly?
Frequency is widely considered the most important deciding factor – in fact, we can put a number on it. Most people consider buying a plane once they reach 100 hours of flying a year. However, choosing to buy or rent rarely comes down to just how often you fly. As a new pilot, you will want to take some time to really discover your flying habits. Initially, excitement may lead you to fly often, but that may not be a good indicator of long-term habits. On average, most recreational pilots fly about 50 hours a year. We almost always suggest new pilots rent for a while at first!
Are You Spontaneous?
In addition to how much you fly, your flying habits will help you decide between aircraft rental and ownership. If you tend to make plans in advance or have a regular schedule, you will be able to more easily coordinate reservations. On the other hand, if you want to fly at the drop of a hat, it will be harder to find availability (although not impossible!)
Private Plane Rental Is Cost-Effective
Since you are only paying for the time you are flying, private plane rental is very cost-effective. That means you are not paying for the plane to sit in the hanger whenever it is not in use. You are also not responsible for maintenance, repair, or monthly storage costs. It is estimated that annual costs of ownership (on top of purchasing the plane) can exceed $20,000. Renting will cost significantly less if your flying hours are like most recreational pilots. In addition, at FlyHigh in Lexington, we offer block rates to help you save money on your rental hours. For more information about plane rental cost, visit our website or give us a call (336)956-7774. We look forward to seeing you soon!
