Just on a whim, I went and punched up an insurance quote from AOPA. I'm gonna go out on a very thin limb and assume that the numbers they're giving me are annual numbers (i hope so anyway)...
If I purchase a PA28-140 (the same class of Cherokee I'm training in), insure it for $30,000, and get my private with 70hrs, insurance will run me $950/yr (about what I pay for car insurance... I'm shocked by that!).
Assuming I get my IFR ticket in a rather generous (low) 45 hours after that (115h total time), it drops to $875-$900ish.
If I buy an IFR-Rated Cherokee (which can be had for about 30,000 right here in NY (Dunkirk)), I can use it for my IFR training.
I need to amortize a few more costs into this (tiedown @ KFRG, annual inspections, etc.), but I was viewing insurance as the "OMGZ0R" expense, and it's starting to look reasonable ($150/mo will amply cover it, and thats about what I spend in ONE LESSON renting 1933H (the cherokee I seem to have the best luck in out of my 3 flights so far) at NFI, not counting instructor fees)).
What sucks is I don't believe I can secure a decent aircraft loan (looking at that now, thinking a 10% downpayment will get me about where I want to be so $3,000 toward the plane from the outset).
Continue reading "Buying Things..."