How do you calculate a rental rate for your aircraft for casual rental usage? I own a Piper Dakota and plan to fly it about 150 hours per year as a hobby/personal use. I am comfortable with the calculations to determine operating costs (insurance, hangar rent, loan payment, annual costs, engine/prop reserve, avionics subscriptions, misc. maint, fuel, oil).
Not planning to do a leaseback or generally rent the aircraft out to just anyone, but I know a few CFIs who I have flown with that have significant time in PA28s (and Dakotos), fly the way I'd want them to in my airplane, and am comfortable with renting to them for personal travel and time-building (not instructing!). I would prefer to calculate a dry rate. Do not expect rental usage to exceed 50 hours a year.
Seems like I should add up annual costs excluding aircraft financing payment and fuel (insurance + hangar + annual + engine/prop reserve + avionic subscriptions + oil) then divide by 200 expected hours to arrive at a dry rate. Am I missing anything or overlooking something? Appreciate the feedback!
Not planning to do a leaseback or generally rent the aircraft out to just anyone, but I know a few CFIs who I have flown with that have significant time in PA28s (and Dakotos), fly the way I'd want them to in my airplane, and am comfortable with renting to them for personal travel and time-building (not instructing!). I would prefer to calculate a dry rate. Do not expect rental usage to exceed 50 hours a year.
Seems like I should add up annual costs excluding aircraft financing payment and fuel (insurance + hangar + annual + engine/prop reserve + avionic subscriptions + oil) then divide by 200 expected hours to arrive at a dry rate. Am I missing anything or overlooking something? Appreciate the feedback!
