Mary and I have discussed this topic a few times and lately we have been leaning towards making the transition to sole ownership. It's not an easy decision due to the fact we have such a great deal flying 679er. I must admit we have been spoiled the last few years having 679er all to ourselves with only the occasional flight by one other club member. The owner doesn't really fly much, although he did go up recently to keep current, that was a positive thing. I keep wondering when the other shoe will drop and 679er flys out of Wilmington for the last time and goes to live with a new owner. We both have said since the owner doesn't fly much it's only a matter of time before he sells. We discussed a possible purchase and to be honest it's a buyers market out there right now.
In the last week we have made a few calls and as of this evening we are 'on deck' for a real nice plane if everything works out. Another person put a deposit on the aircraft ahead of us but we gave the owner all our info so we could be "in the wings" no pun intended in case the other deal falls through. The owner seemed very nice and stated that there was a few contingencies holding up the sale but they would make a decision by the 19th. I left a message today to let him know our financing cleared and we are pre-approved for negotiating a purchase and that we have the insurance work completed also. It's always a good thing to turn up the heat a bit. Of course the best part is still to come, the horsetrading. I love to horse trade, it's a game to me and it always makes for an interesting discussion.
I guess that's all I can divulge at this time and I hope by posting this I haven't made for bad mojo. Keep your fingers crossed that we get some good news in the next two weeks so we can share some pictures and detail the process.
Special thanks to my friend Jeff for all his help along the way answering my crazy questions about the process. Jeff has two aircraft purchases under his belt and the fact that he has "been there done that" really helps me.
Stay Tuned!!
I hope this one has two doors. Easier for old people...
ReplyDeleteI knew your big XC trip a couple weeks ago was gonna cost you more than you ever expected... ;-)
ReplyDeleteYep, two doors!
ReplyDeleteYeah, the Texas trip pretty much made up my mind or did me in, however you want to look at it.
I know we will have a payment, insurance, tie down and maintenance costs but there is something to be said for walking up to your plane and going where you want, when you want to. No more carrying bags, installing the GPS or traffic and getting on a schedule. We don't have to come back on the day we planned because nobody will be waiting to use the plane......It's crazy to try and justify this purchase, so Mary and I are just going to do it and have fun, at least until the first payment or annual. :O
Fantastic! I believe you are right, there is just no way to make the financial analysis work...you just have to want it. (That is, you BOTH have to want it.) Good luck.
ReplyDeleteNow if you could just get the zoo to let itself out...
ReplyDeleteThat's what it's all about, Gary.
ReplyDeleteSome day I hope to have the means to own as well. It's certainly almost impossible to ever justify it as a cost-savings measure. Especially when you rent at the super-low rates that I do. But it's absolutely all about the convenience.