Ok folks…here goes…sorry if I get a bit personal…I was wondering about cost of the sr-22 and sr-20. I have a great job…own my own business… I was wondering about the monthly cost breakdown for the sr-22 and sr-20, fully loaded, fuel, oil, hanger, insurance, maintenance, all the goodies. I’ve been trying to figure it out…but thought the best thing for me to do is ask some owners. Please help. By the way, I’m don’t even have my private yet…but I’m thinking of buying a Cirrus after 100 hours…to help on cost of insurance. I guess my main question is what kind of salary (appx.) should one make to be able to afford a new cirrus?? Assuming they have little to no debt. Obviously I’ve never owned a plane before. I’m not sure what all it entails. Please help!!!
There’s a lot more than salary that goes into owning a Cirrus (or any airplane of this price range) – first, if you finance the airplane and assume a 10 percent down payment, you’re looking at roughly $3,000 per month for the airplane. Hangering will cost you $450 - $500 per month for full service hangering. And, depending on how much you fly the airplane, figure an other $1,000 per month for fuel and maintenance reserve. Lastly, figure insurance will cost you around $15,000 per year until you get 500 hours in the airplane – so - net-net - figure $5,500 - $6.000 as a wild guess –
I’m dealing with the same questions – I have more time than you’ve quoted.
I can tell you after a extenisve amount of research, you won’t find a better value than Cirrus!
Hope that helps!
I own a SR20 that I bought new in January. Depending on where you are, I only pay $185 a month for hangar. I live in Virginia, the Shenendoah Valley. I have around 600 hours total time, (120 in Cirrus) and my insurance was $4000 a year. $15,000 sounds about right for a SR22 with low time but I bet the SR20 would be much more reasonable since it’s only 200hp. Fuel for me cost around $300-$400 a month and that is with me flying about once to twice a week. I get my regular maintance done (oil changes) every 3-4 months and they cost arond $170 each time. I haven’t done the annual yet but when I owned a Mooney before the Cirrus it was around $3000 each year. I hope these numbers help a little with your decsion. Good luck!
Todd
Any other questions? My email is DMBinHBurg@aol.com
Check out ourplane.com as an option The idea there is you buy a share of a new, fully loaded Cirrus SR22 for a 5 year term at which point the plane is sold returning some equity to you (or you can roll over to another new Cirrus). All ownership tasks are taken care of for you. Hangering, insurance, maintenance, washing… If I recall it was $57,000 up front, and $600 per month, plus around $70 per hour. Don’t quote me on that though.
everyone’s situation is very different. what i have found is that if you fly alot the fuel costs make flying a Cirrus cheaper than a light twin. i have owned both an sr20 and a sr22. feel free to email with specific questions.
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…By the way, I’m don’t even have my private yet…but I’m thinking of buying a Cirrus after 100 hours… Please help!!!
There’s an old saying about flying: “when you have the time you don’t have the money, when you have the money you don’t have the time”…this has been true for my 25 years of flying…
So, depending on your financial situation, but more importantly your time, you could buy a Cirrus and learn to fly in it. It would take some commitment, but I know that several on these boards have done just that and my hat’s off to them! And there are some pretty darn good pilots in that bunch from what I can tell…
To reduce your capital risk, you may wish to get your private and then transition to the Cirrus. Hey, you may not like flying or after you are done with the private your mission may change or a new model may come out…keeps your options open…
IMO, just plan to drop an amortized $1000 to $1500/mo on the plane. I did some extensive spreadsheets on this and depending on partners and other variables, that’s about what it takes to get into a '22. Check out AOPA’s website and cost spreadsheet - I may have even posted the one I did. If you’re interested I can email it to you…just send me a PM.
Good luck in which ever way you go…
Grant,
I have owned an SR22 for just under 3 years,…just came out of my 3rd annual last week. I fly 25-30 hours a month, with about 50% for business use. At 810 hours in 35 months, I am flying just under 300 hours per year. Here is a summary of costs (after purchase price and sales tax):
1.) Oil Changes every 50 hours - $1020 per year at $170 per oil change
2.) Other Maintenance (Avionics, airframe, and engine) - It was a rough year this year at about $5700, but I am also anal about anything that is even a bit out of the ordinary, including cosmetic issues.
2.) Annual - $3000 typical
3.) Insurance - $4600 (I am instrument rated with 1400 hours and no claims)
4.) Hanger Rent - $320 per month
5.) Fuel - averages about $3.25/gallon at my home field. I fly lean of peak and plan on 14 gal/hour. For budget purposes this worked out to $11,550 last year.
6.) GPSdatabase update, chart subscriptions, and Filtestar updates - $1100 per year.
7.) Sinking fund for engine overhaul $15/hour or $4125 annual at 275 hours.
At 275 hours per year, not including cost of aircraft, nor depreciation, my hourly cost is about $131 per hour.
I hope that this helps…Good Luck!
In reply to:
Ok folks…here goes…sorry if I get a bit personal…I was wondering about cost of the sr-22 and sr-20. I have a great job…own my own business… I was wondering about the monthly cost breakdown for the sr-22 and sr-20, fully loaded, fuel, oil, hanger, insurance, maintenance, all the goodies. I’ve been trying to figure it out…but thought the best thing for me to do is ask some owners. Please help. By the way, I’m don’t even have my private yet…but I’m thinking of buying a Cirrus after 100 hours…to help on cost of insurance. I guess my main question is what kind of salary (appx.) should one make to be able to afford a new cirrus?? Assuming they have little to no debt. Obviously I’ve never owned a plane before. I’m not sure what all it entails. Please help!!!
The difference in cost between a 20 and a 22 will mostly be insurance related for a new pilot.
What will your primary mission be if you get a plane? I’m assuming that you will start on your IFR rating after you get the private, yes?
You will also have to either go somewhere else to get a Cirrus certified instructor or convince one of the local FSM guys to go get certified. Your insurance company probably won’t let a non-cirrus certified instructor act as PIC. (mine won’t)
Jerry
Grant,
We purchased the plane through the company and much of our use is business. We use a $125/hour number to “charge back” personal use, which appears to be in the ballpark of what others are reporting.
Two thoughts:
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The Cirrus is just a top transportation system. You have a wonderful journey ahead getting your ratings and building your experience and proficiency. I just can’t think of a better overall platform for safety and utility.
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Check with your tax advisor regarding possible tax benefits of an aircraft purchase. Depending on your use profile, the benefits may be considerable. If you tax guy isn’t up to speed on this stuff, just drop me an email at tom@ahonen.org and I’d be happy to put you in touch with our guy.
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If you are serious about a Cirrus, join COPA. On the general forum you are seeing a very small percentage of available information.
Fly safe,
Tom
Thanks for the info??? Anyone Else???
Okay, so the ACOPA members (inside joke) probably have way more details than me, but since my situation three years ago was very similar to yours, I’m prompted to reflect upon my costs. For me, it was retirement so there was no business use to reduce actual costs. Also bought my plane as a newly minted private with 65 hours and no previous ownership experience. But, as in the rest of my career, amazing possibilities revealed themselves and I ended up learning about the SR22, www.sr20.org that became COPA, getting my private, buying my SR22, getting an instrument rating, and flying around the country visiting friends and family that I hadn’t done much while I was working so hard . . .
After 1,000 hours over the past 3 years, my costs were as follows:
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SR22 purchase, including toys and CA sales tax: $400,000 all-in (no financing costs included, no depreciation benefit, full sales tax paid, toys include covers, headsets, tug, handheld radio, EPIRB with GPS, avionics upgrade, engine monitoring, portable oxygen, AnywhereWX portable weather, 6-point engine mount)
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depreciated value: $250,000 approximately after three years, so use has cost me about $150/hour or $50,000 per year
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hangar: $800/month at desirable San Diego airport
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instruction: $15,000 for private, extended factory training, instrument, CPPP each year, weather, all including expenses; approximately $2,000 per year going forward
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fuel, fees, oxygen: $10,500 per year or about $35/hour
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insurance: $15,000 (some highs and lows as market changed, hull plus $1 million smooth), now $5,000 per year going forward
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maintenance: $3,000 per year (oil changes, roll-trim motor, autopilot, wing tip, tires, brakes, Garmin radio, Sandel bulb, other lights, shipping, 2 years warranty, 1 year out of warranty)
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annual inspection: $3,500 per year
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charts, subscriptions: $1,500 per year (paper charts, Garmin databases, weather, flight planning, AOPA, COPA)
Factoring out purchase and depreciation, my all-up-all-in expenses total about $125,000 over 1,000 hours and 3 years. And I love it, no regrets, personally so rewarding and financially tolerable!
Cheers
Rick
Received my private in May and bought a new SR22 G2 in August after giving up $10,000 of a $20,000 deposit on a new Cessna 182 with Garmin G1000’s. No regrets, even with the loss of the deposit,
You need a good accountant. My accountant told me to set up a single member LLC that owns the plane. I pay $125/hour when I fly the plane and my business pays the same when used for those trips. The key is that the LLC is in the business of renting the plane and so the use is 100% business. This year I get the 50% bonus depreciation, plus 20% depreciation on the remainder, plus $102,000 section 179 dedution. I will have a loss of over $280,000 to take against income, at a 35% rate, effectively paying for my down payment. The bonus depreciation has been extended until December 2005.
I financed $300,000 of the $405,000 cost at 5.8% with a 20 year amortization. Payments are $2147/month.
I am using $125/hour as a cost, but that does NOT include the loan payment. My insurance for the first year is $9800. but that was prior to my getting my instrument rating. Expect insurance to be $4500 next year. I’ve flown 200 hours in the SR22 since August, and love the plane. Overall, probably $50,000/year including the loan payment. Hard to justify I guess. Almost went in with a partner, but glad I didn’t now. Definitely would be less expensive, not hourly, but at least sharing the loan.
Any regrets about buying a cirrus???
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Any regrets about buying a cirrus???
No, none, nada, zip - but since I am a “frac” owner (w/ Ourplane) I don’t have to deal with the maintenance and administration…it’s just a great freakin’ plane to fly…I love it - and the only thing my wife will let me fly! It is just a hoot…like a flying Ferrari, but with room for the kids…only thing I wish I had was a fifth (or sixth seat)
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Check out http://ourplane.com as an option
Need to build (I believe) about 350hrs first and be instrument rated…
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Check out ourplane.com as an option The idea there is you buy a share of a new, fully loaded Cirrus SR22 for a 5 year term at which point the plane is sold returning some equity to you (or you can roll over to another new Cirrus). All ownership tasks are taken care of for you. Hangering, insurance, maintenance, washing… If I recall it was $57,000 up front, and $600 per month, plus around $70 per hour. Don’t quote me on that though.
And they base the plane at your home field?
Jerry
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hangar: $800/month at desirable San Diego airport
Rick,
Makes me realize why Mike R. laughed when I complained about the $265/month I’m paying at PRC! (Due to previous CT mentality)
Walt
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And they base the plane at your home field?
Jerry
Not necessarily. I had to wait about a year before one got based at my home field. They WERE great about working with me in the interim. They also need more than one person to sign on. Best bet is to call them and see if they are in or plan to be, in your neighborhood.
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I will have a loss of over $280,000 to take against income, at a 35% rate, effectively paying for my down payment.
I’m sure your accountant explained this to you, but just to be clear for those reading, this is accelerated depreciation; it is not a tax deduction. When the asset is eventually disposed of, any amount of proceeds in excess of the depreciated amount will have to be recaptured as ordinary income. You have to pay the excessive depreciation back; you have to pay the taxes you avoided initially.
In other words, if you were to sell the aircraft in 5 years and the sale price were, for example $50,000 less than what you paid for the aircraft, and you have depreciated $280,000 of the value as you stated, you will now be hit with a tax bill on the income of $230,000. Since airplanes typically don’t depreciate much if at all after the initial “fly it off the lot” first year hit, it’s very unlikely the real-world depreciation will match the tax treatment.
There is a lot of misinformation on this issue - a fair bit of it spread by aircraft salesmen! This technique is more like taking out a cheap loan - it is not in any way a tax-reduction technique.
(I’m not an accountant or a tax expert, but this is how I understand these issues…)
Tim
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When the asset is eventually disposed of, any amount of proceeds in excess of the depreciated amount will have to be recaptured as ordinary income.
However, you can do a 1031 exchange to roll it forward into a new airplane, potentially deferring it until the sale of the final airplane (or until you die!).