Joe,
Of course - your topic is a very “loaded question”
sort of like asking “how long is a piece of string?”
There are basically xxxx categories of expenses.
Usage based - which will include expenses that are dependent on how much you actually fly… things in this category will be dependent upon and tracked based on flight time. Things such as:
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oil change every 30 hours (the POH recommends 50 hours - best practices range from 25-35) - cost dependent on if you perform this yourself (legally as a private pilot) or pay a mechanic. This would include oil, filter, and oil analysis.
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Engine reserves - some money set aside for engine overhaul - the suggested hours will vary - but the current motors are either 2000 or 2200 hours.
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Fuel - depending upon which plane - you can reasonably estimate xx gal/hour - and use a local price - for estimation - I currently use $5.00 per gallon in my spreadsheet - will adjust with the price of fuel.
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Cleaning and general maintenance - while typically not a big item - over time, there will be supplies, time, for wash/clean of the plane - the more you use it - the more this comes up… things like tires, brakes, ware items on the plane.
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the Magnetos need what is called IRAN (Inspect and Repair as Necessary) every 500 hours (times two of course) -
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Spark plugs - either 500 hours, or 1500 hours (for fine wire).
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Alternators (times two) need to be IRAN every 500 hours
Then there are CALENDAR based items: -
Annual inspection
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bi-annual pitot static inspection
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parachute repack (10 years)
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Co detector
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Seat belt controller
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Air bag controller
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Hangar rent
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Insurance fees
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State/local taxes (in some areas)
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Some folks include debt service (if financed) or cost of capital -
Many of the items listed under calendar will be included in your annual - however, you can budget if you know that these various “life limited” items are coming due. You can build a spreadsheet - and approximate some of these items reasonably - but, there are of course MANY un-forseen expenses - so you always need a slush fund. The general rule - is NEVER allow this spreadsheet of expenses to be seen by a wife or significant other - Flying is NOT a inexpensive activity, and most folks are in agreement - difficult to ever “justify” the overall expenses.
This will get you started - you have been warned… I know of MANY folks that simply don’t want to know the bottom line because it is scary - but - we still love it… and do it…
Enjoy
-J-